Dallas opportunities
What kind of IB opportunities are there in Dallas? Not set on going into IB, but curious to see because I like the city.
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Equities in Dallas
Could you express a bit more on the shops name and reputation? I'm actually looking for the same answers. Appreciate it in advance!
It's a Liar's Poker joke
Just finished reading Liars Poker and this put a huge smile on my face. +1 SB
Having recently read Liars Poker, this made my day
There are some but not that many. JPM I think has a middle market practice. Stephens has something I believe. MHT midspan.
Few divisions in GS/WF/JP/Raymond James and few other MM firms. Would recommend considering buy-side opportunities at Dallas as there are some good funds/AM firms there.
Those are not easy to land, particularly if you don't have good relevant experience.
There are not easy to land by any means but I have seen some people summer and land full time at some of these places. It's always worth a shot. Also, CRE presence is not too bad in Dallas.
HL, Stephens have significant presence. JPM has a consumer, food & retail group. GS has a special sit group + some other real estate IBD/credit groups. GHL has a group there but its not M&A. Could look at some more nuanced boutiques as there are a surprising amount for healthcare/CRE/o&g.
Dallas really tends to be more of a PE/HF type town. Many of the MM groups of BBs and EBs are gone or shrunk considerably.
HL, Stephens are probably the best represented MM groups. MHT is alright for lower MM. Small Deloitte CF and Stifel teams. Cantor has an office (don't believe they do any IB out of there). Rest is a smattering of random people and mostly shitty firms.
Was a decent group called Challenger that is now defunct, but maybe trace some of the legacy bankers to see where they ended up (one woman now runs HL's SW practice in DAL).
EDIT: forgot that SRR is also down there
Second the PE/HF focus with additional opportunities coming from family offices. There are a ton in Dallas where you can get good experience. Unless you're tied to a specific asset class, a FO is a good place to get exposure to many different industries, investment opportunities.
HL has a solid Healthcare presence in Dallas
Evercore has an office in Dallas. They just hired a top M&A exec from Goldman. In my opinion, if you can get in there you have the best of both worlds. Solid IB experience with top-level pay all in a low COL state. Exit Opps are plenty with TPG, Lone star funds are in Dallas and Vista Equity Partners has their HQ in Austin.
I know people will pick NY over Texas any day but depending on your own preferences it is a solid place to start your career. Trying to make my way there myself.
https://www.pehub.com/2018/02/evercore-hires-brundage-senior-managing-d…
Looks like he was hired to establish the office. Now is probably the best time to make a move there since it is just starting up and there are many potential spots open, especially if the office plans on being big. I'm interested in what type of sectors they will focus.
My generalization from having been in all three of the below (and having lived in two) myself and having friends in each: Dallas: PE/HF/Buyside/Consulting Houston: Banking, O&G Corp, Med Austin: Tech, Asset allocation, anger at Californian transplants
Of course you can find good buyside shops in Houston and some banks in Dallas.
Anyone have any opinions on the different PE funds in Dallas?
In addition to special situations/RE IB, Goldman is starting up a MM group as well and moving their other divisions into the actual city of Dallas. There are definitely more buyside opportunities however, with a frankly absurd number of Real Estate PE funds in the area.
How are the RE PE funds doing in Dallas? Do you think employees are raking money in?
As far as I know, they're doing pretty well. A good friend of mine is at one that has a strong focus in senior housing and they've been killing it lately. A lot of the funds also offer levered co-invest opportunities that make the long term comp pretty attractive.
Specifically regarding Dallas IB opportunities (ignoring buyside for now because that was not the question), you have HL, JPM MM, Deloitte CF (former McColl partners), Stephens, MHT midspan, Greenhill's secondary group (former Cogent), Lincoln International and a few other opportunities. HL Dallas is Healthcare, Consumer, O&G Services, and Restructruing but it is a fairly sizeable and active office with several high deal flow MD's. The lady Tony refers to is only one of a handful. JPM is very tiny and consumer focused. Stephens has Industrials, TMT (really only Media), FIG, and a few others I can't name because I've been out of the industry for a while now. They took on Sterne Agee's FIG group and a few orphaned MD's. Lincoln is Education Tech focused. As far as tiny lesser known boutiques, there are several. These include names like Blackhill and Founders. Founders Dallas presence is actually headed by a former HL MD. Then there are the much smaller almost business broker type firms. These include Allegiance, Generational Equity, Vant Group, Exit Partners and dozens of others. They are definitely not as sophisticated, but you will see deal flow from them and there is something to be said for reps regardless of quality. Experience is what you make of it. Good luck in your search. There are opportunities here, just few and further in between and pretty much everything is going to be ~99% sell-side M&A.
Thanks for the color, I'm trying to land something more M&A related at the moment locally here in Dallas before moving to NYC for IB. Will reach out to some of these names to learn more.
Can you elaborate on Greenhill's secondary group? There doesn't seem to be much information about Cogent partners on this forum.
Yes, it's secondary. You're just selling off slices of zombie PE funds and such. Much higher level than company-company M&A or sell-side. It's a niche skillset, but Cogent always had a good name in the niche. HL's NYC secondary group was also pretty active at one point and I've previously worked with some UBS guys that do the same thing. Hope that was helpful.
FYI Blackhill was acquired by Stephens late last month
Wow...I would not have expected that.
Route to Investment Banking in Dallas (Originally Posted: 06/25/2017)
I currently work in a back office ops role at a BB in the Dallas area. My goal is to land an IB role Dallas, either at a boutique or mid to large if possible. I was a military officer for 5 years before getting the banking ops role and I have a B.A. (non business or finance related) from a semi-target in the northeast. I know I have to get an MBA. Should I do a part time MBA in Dallas since I am next door to where I want to be? Or try for a top 10 full time program?
1st: why the fuck did you tag me in this?
2nd: There's very little ib in dallas and I don't see why you'd want to break into an ib associate after an mba since I'm assuming you're already close to 30 now.
3rd: Yes. Ops people can get into m7 mba programs but you'd be stupid to want to do banking after a top business school. People who break into banking post-mba are either 1. non-target ug outcasts determined to prove the world wrong or 2. Deplorables who struck out at consulting, PE, HF, etc.
Side note: I think I read somewhere on poets and quants that the average post mba ib associate only lasts like 2 or 3 years.
Dallas investing? (Originally Posted: 10/16/2014)
Exit ops for PE out of dallas?
Take PIA. You are actually taking on principal risk (aka doing a buyside role). Despite the fact that you're regional, it's still Goldman. Also, after 18 months you can do transfer via internal mobility to 200W HQ. The work itself is more applicable to PE, and you are actually analyzing opportunities from the perspective of an investor, instead of IBD where you are trying to cram bullshit down your clients' throats just to get your fees.
Not to mention lower cost of living + no state tax=super win
Goldman IBD and headhunters will come knocking at your door for PE/HF opps...
I would go GS IBD. Go with PIA and you'll be region constrained and also limited in other opportunities. GS IBD will open up more doors. Plus, you can't put a price tag on spending your early 20's in a big city (my opinion at least).
Although it's not NYC, I think you could classify Dallas as a big enough city..
This is a very close call. For PIA in Dallas, the pro's and con's are:
Pro's 1) As someone already mentioned, you are starting off your career in essentially a buy-side/investor role while still having the training and brand name associated with a sell-side investment bank. If the decision was between middle market PE firm in Dallas vs Goldman IBD in New York, I would tell you to take Goldman IBD in New York in a heartbeat. However, the fact that you kind of have the best of both worlds makes this a challenging proposition. 2) In my limited experience, it's much easier for someone who is already in the buy-side to move around or into another role in the buy-side compared with going from the sell-side to buy-side (even though there is a well-defined process in place for doing so) 3) Big fish in a small pond vs being a small fish in a big pond. Pure speculation on my part, but since the office is smaller, your contributions are more visible and that could mean a fast-track towards advancement. I personally know someone in a regional office of a BB firm who already holds the title of "Vice President" at only 26 years of age. 4) As someone already mentioned, Dallas has a lower cost of living, but this should be a relatively minor point when you are young and don't have too many expenses
Con's 1) Most of the major headhunters for PE/hedge funds are based in New York 2) Dallas isn't the center of the financial universe
As an added note, Goldman has a pretty good mobility/internal transfer policy, so I think it's relatively feasible to start in Dallas and later transfer to New York if you wish to take that route.
PIA in terms of experience, no doubt.
Isn't GS winding down PIA (in terms of corporate PE)? I thought they were no longer raising buyout funds, and just investing into REPE and growth equity strategies.
I was talking to an IB MD/Partner I know there earlier this year and he mentioned this. He wasn't totally sure about PIA but didn't think they were raising any more money. I think it had to do with becoming a bank and Volcker. He even mentioned that he didn't think they were doing anymore REPE and the last deal they did was 200 West itself. I could be completely off on this but I used to see Whitehall all over the place and really haven't them since the recession.
PIA will offer you a better job experience, but your post makes it seem like you're more focused on exits. On that note, there is no doubt that IBD in NY will set you up better for the traditional exits (large-cap PE / HF).
Do they still have big hair in Dallas?
I think a few years in PIA, even in Dallas, would provide you with more useful technical skills and advancement ops than the same time in NY IBD where @mrchow accurately says:
However, what's your long term game?
If you're looking to get out of Texas and aren't planning on focusing on the industries you'd cover in Dallas PIA longer term, I think you'll still come out of the buy side experience with more valuable skills than a few years of preparing pitchbooks in NY IBD.
Whether that will be recognised and valued by your target exit ops depends on what and where those ops are. That's probably the most important question.
If you're more a charismatic than a technical and are looking to cultivate relationships, particularly outside the Dallas industry focuses, then I'd normally suggest NY EXCEPT here I assume you're talking about a grad role. In that case, you'll never get close to forming an external relationship in NY IBD and probably won't even be allowed into client meetings except to hand out the freshly printed pitch decks. PIA is much more likely to see you closer to clients at an early stage, even though likely still at some distance.
Overall, I'm biased towards PIA, even in Dallas. But the exit ops your chasing could change that.
Unless you're very interested in real estate, I would take IBD. The work that the merchant bank does is technically PE but different from the work done at a PE shop because it's mostly GS investing alongside a mega fund like KKR and not on its own.
REPIA is also extremely specific and isn't as broad as IBD CRHG would be.
PWM Dallas? (Originally Posted: 06/03/2012)
Is anyone with PWM in the Dallas area?
How about Asset Management in Dallas?
Anyone currently residing in Dallas? (Originally Posted: 03/06/2013)
Is anyone currently residing in Dallas? Would love to inquire for some information. Please PM me. Will also chuck as many silver bananas you'd like after a conversation.
P.S. - Will start FT stint in Dallas this summer.
Would appreciate your help, thank you.
I am in Dallas. In college though. You can PM me
bump anyone?
My sister lives there and I have been down there a few times. What area are you looking to live in? I'd recommend being close to the DART train, it makes getting to downtown a breeze.
Any places you recommend that is perhaps in between Irving and uptown Dallas? For rent cost, I'm looking at a range between $600-700 as I don't need anything extravagant.
anyone else? would appreciate it!
Im north of the metroplex.
you wont find much for that price range unfortunately.
just up the george bush turnpike(20min from irving) you can find places in Carrolton, Plano, Addison (night life is real good in Addison off beltline.)
I just moved to Dallas area as well but I can second the nightlife in Addison. I haven't explored everywhere yet but the places on beltline do offer anything from upper mid scale places to the college style bars. Complete with chicks dancing on the bar tops in their bras.... Apparently its a "tradition", no complaints here. I live right by beltline and the turnpike. If you want to pm me feel free, I have roomies so if I cant answer I can ask them (they all grew up around here)
I live in Uptown and you won't find anything that cheap unless you find a cheap 3 bedroom. Probably have to live in Las Colinas
Starting FT in Dallas (Originally Posted: 04/19/2015)
I'm graduating in late May, and start full-time in Dallas in July. I've only been to Dallas once, so if anyone has any insight on best places to live for recent grads, I'd love to hear.
Also, if anyone else is starting FT in Dallas, I'm definitely interested in finding a male roommate, so just let me know.
Where is your office going to be? Good places to live with a good amount of nightlife close by would be Uptown, Addison Circle, Shops at Legacy, etc. But it all depends on where you'll be commuting to - if it's downtown you'd much rather live in the Uptown/Design District/Bishop Arts area otherwise you'll be stuck in traffic forever.
Equities in Dallas?
Agree with above. Uptown is the place to be for young professionals, especially if you are new to the area. Awesome young vibrant area with easy access to downtown and the major highways. Dont look anywhere else.
Hey moving to Uptown in the next couple of months. I've got the roommate situation figured out but let me know if you want to grab drinks!
ER in Dallas (Originally Posted: 09/11/2007)
Does anyone know of any shops in Dallas with a large enough ER department to hire "junior" analysts? By junior I mean 2 years out of undergrad having passed all 3 CFA exams.
how many jokes about equities in dallas will follow, guys? Please spare us. Dont know the answer, but congrats on CFA...impressive.
You may want to try Southwest Securities. I don't know if they have ER but they are a full service brokerage that may offer this to their clients. I'm not sure what you have been doing for the past two years but if your experience is relevant you may want to try HBK or Carlson Capital. Both are respectable HF groups in Dallas.
brutal.
Hiring in Dallas? (Originally Posted: 06/25/2010)
Does anyone know of any firms hiring in Dallas for IB, PE, Trading, Research etc in an Analyst role?
Check out equities in Dallas... this forum will love you for it
There are a couple relatively big hedge funds out there - HBK and Carlson.
Still, it will probably be difficult to land a job out of undergrad without experience. Most of the banking and PE is in Houston.
Ton of shops in Dallas but can't think of many that hire straight out of undergrad. Even if they did you would need a connection as they don't often advertise positions.
Q Investments in Fort Worth does hire undergrads though and has an internship posting on my alma mater's career board.
Hi, my firm is actually hiring some people for equities in Dallas. Let me know if you need a referral.
check out Archon for GS...they take ugrads but you need to show a bend toward real estate. As for equities in Dallas...a hedgie made 500 mm there shorting CDOs.
NEED SOME INSIGHT ON DALLAS!! (Originally Posted: 12/05/2012)
I might potentially be receiving an offer for an analyst position in Dallas. Can anyone shed some light?
Cost of living (compared to NYC)?
Entertainment?
Overall living conditions?
Hypothetically speaking, if I were to make around 55~60k in Dallas, what kind of lifestyle could I live?
Thanks in advance.
Cheaper than NYC but not cheap. I hope you will be working with the big boys at The Crescent, in which case you will want to live close by in one of the nice high rises. Looking at over a thousand a month for a single in one of the nice ones.
There is plenty to do. Tons of restaurants bars and good looking people.
Live in the right area and it is really nice, it is a big city though so you can find some sketchiness.
You should be able to get a nice place and party as you wish.
Nice! Equities?
lots of 30k millionaires
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