It’s been around for about 16 years now and is definitely trying to keep expanding - though it’s headcount is still the smallest of the EBs, I believe.
How would you describe its long term outlook? Would it still be a top firm once Effron hangs it up? How have exits and comp looked in recent years? Additionally, will their whale hunting model still work with the impending recession? How have the quality of deals been since M&A activity slowed down?
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Former analyst here. Think long term outlook is very strong both relative to other boutiques and in an absolute sense. Firm has expanded at a measured rate through calculated laterals and progressively larger classes. Succession planning is a big question for most boutiques but Effron and Pruzan both have many years ahead of them. Exits and comp both top of street (top PE MF / HF if that’s what they wanted). CVP’s model is less whale hunting and more of a focus on large cap strategic advisory — will probably take a hit in this climate and they’ll have to move downmarket a little but they’ve already been expanding coverage so will be ok. Definitely a slower year so far from what my friends there say
So I gotta ask, since this is a thing that happens to other firms - how exactly do you begin developing client relationships as you move further along at centerview?My understanding is it's easier at BBs since you have a full array at products and MDs leave all the time, while at EBs, it's harder since tons of rainmakers join at the MD/Partner level.Centerview definitely poaches it's fair share, so how clear is the path to more senior roles for analysts/associates? Basically, are partners willing to help you develop these relationships and clients?It's kind of a conundrum because centerview places an emphasis on career banking but at the same time, there doesn't seem to be a clear path to the top if the seniors are going to keep their clients at a hip.
I'm just generally curious, what do you mean by "strategic advisory"? Does it expand past just M&A advice and go into corporate strategy (like what MBB provides)?
It’s free work in the hopes of a deal.
Strategic advisory encompasses everything from long-term corporate strategy development, portfolio composition, capital allocation, investor relations and messaging, vulnerability assessments, etc. There is a decent amount of overlap of the first part with MBB (actually worked on a joint mandate with MBB as an analyst).
Also, to clarify one comment below, this work isn’t free. Engagement letters for all of the above tend to be structured as retainers plus cash payments at specific milestones.
Effron is 60. He’s not a dinosaur. Moelis and Weinberg are like 65
isn't greenhill the smallest EB?
Both PJT and PWP classes are also smaller lol, although I wouldn't really consider PWP / GHL in the same league as PJT or CVP (MS me all you want incoming PWP interns)
During recruiting this year had the chance to talk to a senior at Centerview and I was shocked at the SA class size. Larger than Pwp while having about 200 less heads at the firm full time. I guess they’re really trying to expand
Haha someone didn’t get the superday
No — go on linkedin and look. Centerview has 482 employees on linkedin (though actual head count is a bit higher). That’s a good amount smaller than Greenhill and almost half the size of Perella.
An1 here. Effron and Pruzan hardly are the "core brand" of the business like at Laz/GHL in the past. While they build on a lot of relationships (Effron especially via his non-banking social activities), they don't bring in the deals themselves and CVP has had a lot of success expanding into new verticals and maintaining legacy clients. The experiment poaching the Bofa tech seniors will be really interesting. Comparing that to their more "organic" growth strategy in industrials and healthcare for example (internal growth) is all pretty independent of Effron and I believe he has built something that will outlast him moreso than the banks previously mentioned
What are the “non-banking” activities lol
Check his wiki --- he is a socialite through and through
So I gotta ask, since this is a thing that happens to other firms - how exactly do you begin developing client relationships as you move further along at centerview?My understanding is it's easier at BBs since you have a full array at products and MDs leave all the time, while at EBs, it's harder since tons of rainmakers join at the MD/Partner level.Centerview definitely poaches it's fair share, so how clear is the path to more senior roles for analysts/associates? Basically, are partners willing to help you develop these relationships and clients?It's kind of a conundrum because centerview places an emphasis on career banking but at the same time, there doesn't seem to be a clear path to the top if the seniors are going to keep their clients at a hip.
I know it doesn’t seem that way to you, but there is absolutely opportunity. CVP is small and there are a ton of firms we simply haven’t reached out to yet that would absolutely be interested in our product. Even in pharma, where we run the megacap M&A space, lots of adjacent areas some rising MDs/Principals have had success building their book. CVP is better than BB because our strategic advisory product is simply superior in my arrogant opinion
I mean Lazard Is still running strong after all these years, and this type of longevity is definitely smth the EBs should be aiming for rather than be like a greenhill
why do people only mention Blair Effron when it comes to Centerview? I know that he keeps a lower profile, but Robert Pruzan is a really really really good banker and had an incredible career before co-founding CVP. Not taking anything away from Effron obv but always weird to me that everyone on this forum only associates him with Centerview and Pruzan rarely gets mentioned.
Pruzan keeps a low profile while Effron does the opposite, hence why Blair seems to always get the credit. Will echo that Robert is amazing. In my opinion, he has had a more impressive career than Blair if you check out what he did in his early 30s.
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