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ad an interview with them a couple of weeks ago.

The team consists of an MD (former Deutsche Equity Derivatives Head), a Director/VP and an 3rd year Analyst and is based in Zurich.

The strategy is mainly focused mezzanine investments with highly customized terms, however they also do pure equity (minority) stakes. Recently wrote a USD20m ticket in a Turkish restaurant chain, which has the Burger King franchise rights for China (Bloomberg article). The money comes from the UHNWI of the CS Private Bank, with CS taking part with c. 10% of the AuM which have a total volume of around USD500m. They tend to investment only if they are 100% convinced about the high risk adjusted return of an opportunity, which I guess every Spec Sits investors is telling you.

Regarding Exit Opportunities or Comp I can't give you much of an insight as I have only interviewed with them. But the team does not have the same credibility as BX Tac Opps or GS SSG (although they were co-investors in the Turkey deal) and the people might not have the same profile of the ones at the two named competitors.

The culture is a bit difficult to describe, but the interview was one the strangest I had (and I had quite a few over the time...). However, after only one interview it is hard to access the culture anyway.

 
Best Response

One thing to watch out for with this team is their lack of political connections within the division (International Wealth Management) that they operate out of. For those of you who haven't been following CS, the bank is in a mess and management is desperate to cut costs to boost profitability. The two main players on this team (a Polish guy and a Russian girl) are not Swiss and have not been with the bank for a long time. I suspect that if the IWM division needs to trim RWA's or cut costs, this team is politically an easy one to get rid of. Swiss banking is nothing like the anglo-saxon world where you succeed or fail on merit, it's all about connections and being inside the local Swiss circle. The Swiss were able to get away with this as long as they could hide other people's money from the tax man and not have to worry about performance. Although banking secrecy is dead thanks to FACTA, the culture hasn't changed and probably won't change any time soon.

As a junior not a bad place to start but I would take a proper job in London over this job if you have that option.

 

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