Bulge Bracket Healthcare Group Rankings in SF? Deal Flow/Exit Ops/Comp?
Would like to know where BBs rank in terms of deal flow/compensation/exit ops within Healthcare in San Francisco. Where do the majority of biopharma guys recruit to? Much appreciated.
Being honest, HC is one of the most equally matched sectors amongst the top 3-4 banks. That being said, JPM probably is the top group in terms of deal flow and consistency. BAML was absolutely killing it, still is, but lost some MDs about a year ago. MS does well too of course. GS healthcare is actually relatively weak but it's GS so they still get good work. Past that, not much in the way of competition from Citi, Barclays, etc.
TLDR; JPM, BAML in terms of total volume and of course MS and GS are who they are in terms of prestige and exits etc, so......
Do any specific verticals among these top few stick out in comparison to the others? Also, would the remaining BBs all fall within a tier 2 category being ranked pretty evenly across each other? Thanks for the insight.
Honestly, I don't know that much about HC so not sure you want me shooting from the hip on this one. This also isn't SF specific, but general deal flow based on what I've seen coming from HC to M&A and CapMarkets at my bank and others. From what I've heard from my friends in HC though, the top 4 banks (GS, JPM, BAML, MS) do a good amount of HC volume across the different verticals and it changes a lot year by year. There might be proficiencies but I'd have to get back to you on those since I just don't know.
The other BBs yeah are all a bit behind. I think Barclays does okay and I've seen them on a decent amount of HC stuff. Citi has gotten on some stuff recently, not sure if that's a stable development though, have heard their dealflow is very volatile. Don't know for DB, CS, others.
In my opinion, if you want HC at a bulge bracket, you definitely want BAML, JPM, MS or GS if you can get them. I'm sure all those groups must place really well in HC related CO/PE/CF if their deal volume, exposure, talent pool, etc is any indication.
JPM HC = GS HC = MS HC > the rest
Also interested.
Bump
I am in technology sector PE, but from what I have heard - Lazard SF absolutely kills it in the game.
GS > Rest
Healthcare groups in SF - need FT offer advice (Originally Posted: 10/15/2013)
I was wondering if anyone has extensive knowledge of SF offices and in particular, their healthcare groups. Deciding between Lazard and RBC right now for FT. As a summer from outside of SF it's a hard decision because I don't know much about the individual street rep of each of these groups. I really enjoy the guys at both groups culture-wise and see the pros in joining either. I really value the prestige that comes with the Lazard name and practice but am also really attracted to the rapid growth at RBC and where the firm is going (including the SF office).
I was hoping someone here with SF knowledge could provide a little background on their knowledge of each of these specific groups. Also, anything regarding exit opps would also be appreciated.
Thanks.
dunno about laz sf's hc group, but laz nyc's hc group is killing it.
Lazard. Didn't know RBC had a San Francisco office. They certainly don't get looks for PE.
Lazard SF HC was buyside lead on Amgen-Onyx. This discussion over.
Lazard.
To elaborate just a little- you're attracted to the growth of RBC and where it's going. The end result of that will be...prestige and exit ops. You can already get that at Lazard. Why wait?
hospitalER - yeah that is definitely part of it. however, when i mentioned growth i think i was referring more to the fact that their HC coverage is rapidly growing at RBC (SF office definitely has more of a tech coverage presence than HC right now) and it seems like that could provide a new analyst with a ton of experience.
as a west coast kid who lingers on this site a lot, i fully understand Lazard's reputation. However, i have always heard it being discuss with regard to the NY office (and in particular it's RX group). That's the main reason i am curious to get some inside advice regarding SF healthcare groups.
Lazard and don't look back. RBC does have a lot going for it, and I have heard that the culture there (at least in NY) is exceptional. However, even with its recent growth, Lazard is just the far better and well-known name at this point and would be the smarter choice.
Thanks for the advice Black Jack and hospitalER. Talked it over with a few older friends in the field today as well and definitely have made up my mind. Really excited to be moving from a BB satellite in LA to SF for this.
Congratulations- which are you going with? Lazard?
hospitalER - Making decision by end of day since Laz explodes tomorrow. Definitely taking that over RBC...however just got an offer from Houli down in LA for their M&T group. As an LA kid it makes the process of isolating location preference from my decision a lot more difficult. I am way more interested in Healthcare and I am fairly sure the deals Laz does in SF are consistently larger with this Houli group in LA, but I can't lie to myself saying location (and preference for LA) isn't being considered right now.
Lazard hands down.
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