Best “pigeonhole” teams
Starting a thread because curious about which banks have good teams that are typically seen as pigeonholey (fig, regal, etc.) lot of forums on here about hc and tmt, but not much on the more niche groups. Which banks are good for those?
Stifel/Gugg SPG
BMO M&M
TPH Houston
At least for FIG, theres a lot of Independent FIG-Specialist Boutiques (I think more so than other groups less maybe Tech). Ardea, Broadhaven, Fenchurch, IAP, Berkshire Partners, Howden Tiger, KBW (Stifel). As well on the PE side. Aquiline, Lovell Minnick, GTCR, off the top of my head. Idk the prestige ranking bs but anecdotally all the above are competitive for their FIG niche. And for full service IB bank teams, for their respective calibers, GS, Citi, WF, Piper Sandler, are strong in FIG in different areas of the market. I believe FIG is an area of growth for DB and TD/Cowen, and WF too if I'm not mistaken.
IAP sweatshop. Burn and churn analysts and associates
Does Natural Resources (Energy, Metals, P&U combined) count as a pigeonhole-y team. People have differing opinions. Same thing with FIG. Depends on which MD I ask, they all have different opinions
Yes, those definitely count as pigeonhole-y teams lol
At my bank there have been 3-4 exits into Tech PE across FIG and Energy. Guess it's bank to bank dependent
FIG is broad but basically Insurance & Banks/Depositories are pigeonhole-y because of the regulatory capital requirements, FinTech, Asset Management, Financial Services are EBITDA-driven and a bit more generalist
Evercore GP Stakes
To take it a step further — GS FIG financing
Evercore / PJT / JEF Private Capital Advisory (although I have seen plenty of exits to really top flight traditional buy and sell side roles from these groups, so not as much of a pigeonhole as you might think).
PCA is basically sell-side M&A for sponsors, particularly GP-led side.
A lot of things under the ABF umbrella are going to pigeonhole you and won't provide you with traditional exits, but are pretty lucrative because the space is growing relatively quickly. TC is also very nice for not having nearly the same hours as traditional groups. The EBs, especially Evercore, do very well in the space under PCA (not sure what exact team is called). On the balance sheet bank side, Wells is good within this space among many groups. Believe MS has a good Esoteric ABS group as well.
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