CS Acquisition - New Boutique Potential?
Could anyone imagine a scenario of current CS MDs forming a new boutique firm over the next few months?
Could anyone imagine a scenario of current CS MDs forming a new boutique firm over the next few months?
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No - because most of the strong MDs have left already. Most boutiques in the past were formed with a strong core group of rainmakers (eg. Moelis with UBS LA, PWP with Joe Perella and his lieutenants at MS, PJT with Blackstone RX and Paul Taubman).
Very tough market to try and form a boutique right now. No one wants to start up a new competitor and not get any deals for a year + and start settling for LMM just to pay the bills.
Also as said above, most of the MDs who have formed successful boutiques were rainmakers at top groups, not MDs that are getting fired. Think the best CS MDs will (or already have) jump ship to another brand
Guggenheim was formed by a bunch of Bear MDs who didnt want to deal with the JPM merger.
However, those MDs were still with the firm when Bear failed. CS has been dying for awhile so most the rainmakers left. I dont think there are any all stars left to do the same thing.
Thought big rainmaker MDs in FSG, LFO and CS's strongest groups are still with the firm?
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