What is the current consensus on the M&A group at Duff & Phelps? They obviously aren't competing with the top MM players, but I've heard that they want to build out their M&A business. Anyone have any insight?
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IMO Up-and-running.
Do I think they can compete with a half way decent MM? No. Will I take the role if I am out of jobs? Yes
Agreed. Wouldn’t lateral there from a BB or well-established MM but if you’re trying to get into the IB universe it’s a fine opportunity. Traditionally they do more valuation work and I think their strongest practice area is RE, which isn’t the heaviest M&A industry to begin with.
Been struggling lately, some turnover at the senior levels and questionable hires IMO. Mixed reviews on processes where they led.
Materials I've seen of theirs aren't bad though and they have some good insights into valuation b/c of the val group.
So if you can choose, valuation > M&A at D&P 100%?
No, always easier to lateral to MM shops if you are on corp fin side. Just expect mandates to be hairy, to lose pitches against top MMs, etc.
No. If you want to do banking, do banking. If you want to do valuation, do that. You will have a much easier time lateraling from DP M&A to MM IB than DP Val.
Makes sense. But it should be super hard to transfer from D&P M&A to EB/BB/PE, right? I am talking about London office, but you can provide a general response as I don't think that D&P's culture differs drastically between US and UK.
Probably harder to go D&P M&A to EB/BB than MM but I've seen it done. PE maybe a bit more challenging if you're focused on MF/MM funds but if you're OK with smaller LMM funds, D&P is probably a fine place to be. Use linkedin to see previous exits so you can get a flavor of the opportunities.
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