What are the best PU&I groups in the US? I always here about RBC having a good practice but are the other players in the space like?
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Based on the most helpful WSO content, RBC's Power, Utilities & Infrastructure (PU&I) group is considered one of the best in the space. It has strong deal flow and is highly regarded for its niche expertise. However, it’s worth noting that while RBC's PU&I group is strong, it may not always compete with the top-tier bulge bracket firms in terms of deal size or prestige.
Other notable players in the PU&I space include bulge bracket banks like Goldman Sachs, Morgan Stanley, and Bank of America Merrill Lynch, which often dominate larger deals and have broader global reach. Additionally, firms like Citi and Credit Suisse are also recognized for their capabilities in this sector.
If you're looking for a strong PU&I group, RBC is a solid choice, especially for those who prefer a more focused and niche experience. However, for larger-scale deals and broader exit opportunities, the top-tier bulge brackets might be more competitive.
Sources: Best groups at RBC, The rise of RBC Capital Markets, https://www.wallstreetoasis.com/forum/private-equity/private-equity-private-investment-divisions-minneapolis-stpaul?customgpt=1, https://www.wallstreetoasis.com/forum/investment-banking/best-ib-groups-in-canada?customgpt=1, RBC PU&I Review?
bump
Jeffries, PEI
Congrats on Jeff
energy? yes. power? decent but not amongst the top groups
Citi & Barclay’s. GS might tie soon since they recently poached the rainmaker MD that started at Barclays, went to Citi, and now is at GS.
He presided over the death of a once great franchise at Citi. I wouldn’t read too much into it. Barclays also a shadow of their former self.
The only team I could genuinely say is good is Lazard. Everyone else is in transition or has big ambitions but failed to deliver the revenues. The sector is genuinely in flux and the winners yet to emerge.
Moelis? They've been on a lot recently
Good utilities business, weak in power gen where most of the opportunity is
JPM, Lazard, BofA, GS, Barclays
BofA is not at all top power contender
Morgan Stanley too
Citi JPM GS
.
Follow where the rainmakers go for PUI. In my opinion, a lot of senior bankers have spread out to build out practices at other banks. RBC still definitely on top. Barclays also has a very good practice that is growing. Issue with lots of PUI practices is turnover, which the brutal hours have hurt once stellar groups like at Citi and Jefferies.
You see any future change in the PU&I hours getting any better if all talent is leaving?
No - energy in Houston and power in NYC have always been rough/sweaty groups that are super technical
Issue with this thread is people keep giving rankings for “power” as if that’s one group. Some banks are strong in utilities - others are strong in power gen (gas/renewables)
Nomura Greentech has fallen off tremendously. PEI hasn’t been doing much either. Marathon always did small deals nobody wanted.
Lazard / EVR / BAML / Citi / Jefferies (Dolezal) are all pretty good. Culture at BAML is rough.
don't know about how good it is, but I do know barc's team has one of the best cultures on the street.
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