What is the difference between a boutique investment bank and an investment bank that advises on deals? Can someone please provide a few examples of firms that fit into either category if they aren't the same thing.
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a boutique inv bank is an investment bank that advises on deals
an investment bank that advises on deals is a boutique investment bank
if they are the same thing
hope that helps
they aren't mutually exclusive
a boutique is simply a smaller bank that works on arguably less complex transactions
transaction advisory is most common with boutiques because they dont have the infrastructure to support capital markets operations, or the balance sheet
i thought it was the size of the deals... boutique banks could work on complex deals too...
note arguably, dont hate
Boutique could imply narrow focus. This could involve an investment bank focusing on one product (for example : M&A) and having an expertise in the field. It could also imply an industry focus, as in the case of Sandler O'Neil. This is a financial institutions focused firm, but not just restricted to one product. It is possible to get close to seeing the full spectrum of corporate finance at such a firm.
Some people also use the term boutique to refer to small firms, as measured by headcount.
Lastly, some would say BB = big deals. MM = mid-market deals and boutique = small deals. I think this explanation is problematic, while being reasonably accurate due to the vast amount of smaller boutiques out there. Exceptions include (not exhaustive, but representative list) firms like Greenhill, Evercore, BX Advisory, Moelis and PWP.
Every firm doesn't fall neatly into one of these three buckets. Lazard :Not a BB, not a narrow industry or product focus, not small in terms of head count = NOT a boutique in the true sense. Does big deals = NOT MM.
Hope this helps.
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