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Mate... in NO world are RBC and Nomura elite or boutiques. Not being a dick either - RBC is a balance sheet bank.
So in regards to my question…can you comment on their deal flow, culture, etc regardless if they are elite, boutique, or neither?
RBC tend to get on a good infra deal every now and then. Nomura has a good S&T arm in Aus - I'd assume their IB is purely just balance sheet tho.
So Nomura isn't well regarded for IB, specifically M&A? I have heard they do a lot of private deals with sponsors due to their BS capabilities and strong LevFin divisions.
Honestly, none of those banks would be considered EBs. Of the banks you mentioned, Greenhill is renowned for being a bit of sweatshop.
Would you know what their presence in Aus is like? Would any of them be worth going to?
GHL definitely has a solid franchise in Australia (Melbourne/Sydney) and should still be a good place to learn M&A compared to the rest on your list (probably pay better than the rest as well). Not shitting on Nomura/RBC but it's inaccurate to label them as EBs...
Know nothing about Rothschild in Australia so can't comment.
Rothschild typically only has experienced hires and rarely hires grads.
Imo doesnt matter where you start out given how much movement there is in Aus IB.
RBC Infra team good deal flow but hours are insane, Nomura WLB alright but not much deal flow from my understanding, GHL have an insanely small team so would be a great opportunity to get thrown in the deep end on deals as an AN1.
Heard GHL analyst pay is awfully below market, cannot comment on their culture. Hours are bad aswell.
Green hill use to be considered an elite boutique I guess but people don’t call it such anymore. Because most people are in the states on this site, Rothschild also isn’t considered an EB even though abroad jt has a powerful reputation.
If you would’ve mentioned FT partners - that would’ve been more accurate
Does the term EB even apply to Australia?
Greenhill and RBC are the strongest out of the firms you mentioned. Roth’s just lost one of their key MDs (went to Luminis) recently and I don’t see them on many deals at all frankly. Think Nomura is mostly debt (in IBD) and I also don’t see them on much here.
Note I’m a 2nd year analyst in Sydney that doesn’t work at these firms so hopefully that’s a very general (and unbiased) perspective. Getting into IB in Sydney is hard given how many graduates/big 4 CF guys want to do it and how few seats are available at entry level - any of the above firms would be great to start at but if I had my choice of the four I’d go with RBC and pray you get into their infrastructure or NatRes coverage teams so you do some actual deals.
Hope that helps and good luck 👍
Greenhill is a pretty good EB in Australia. They've been mandated on a number of prominent high-profile assignments and have a good leadership there. Rothschild does mainly MM M&A but is still considered an excellent shop (not as good as their status in EUR but a good place to work at for M&A deals and reps). I'd also highlight Lazard, that has an active team here (Culture is a bit sweaty from what I heard. Pay is good).
Other than these, Evercore and Moelis have some presence in Sydney/Melbourne through strategic alliances. They are also pretty active, and do a range of M&As from MMs to multi-billion dollar deals.
Got an intel on what the analyst comp is like at GHL aus? Would be interesting to see the bonus figures aswell
bump
My two cents:
GHL - typically not great, but pop up quite randomly on megadeals (see: Brambles / CVC; Liontown / Albemarle) which bodes well nonetheless
Nomura - Bottom of this list. All debt
Roths - Don't waste your time. People join and leave in 12 months which says a lot. As someone else eluded to, they also just lost their main MD to Luminis (tnat got them on Zimmerman and Cura)
RBC - Infrastructure powerhouse. If you love real assets (and the longest of hours), then this is for you. Extremely sweaty but you'll get great reps
The one you're missing is JEF. An elite Sponsors franchise in Aus (have arguably one of the best MDs at the helm, and can finance ANYTHING). Would rank them head and shoulders above every bank you've mentioned here.
If you've got any other questions, let me know. Happy to answer or elaborate.
Thanks for your comments:)
Can you please comment on other Sydney-based M&A boutiques such as listed below?
Moelis Australia
Lazard Australia
Luminis Partners
Houlihan Lokey
Gresham Partners
Grant Samuel
Allier Capital
Stanton Road Partners
Ad Astra Corporate Advisory (formerly Investec Australia)
Highbury Partnership
Record Point
Greenstone Partners
Miles Advisory Partners
Sure thing, see my thoughts below. Of the names mentioned, Gresham and Lazard definitely the standouts imo. Worth calling out that since my last comment Citi's Head of Aus is joining Rothschild, which definitely bodes well for them. Open to what others think too / happy to discuss
Juggernauts:
Gresham Partners: Top of this list imo. Aligned with PWP offshore. Have seriously bulked up at the MD levels with some big hiring
Lazard Australia: Currently punching quite hard in real assets (specifically energy / renewables / mining)
Between juggernauts and MM:
Luminis Partners: Historically were very strong and focused on board / strategic advisory roles (see: Perpetual and Endeavour). Hired Rothchild's big swinger in previous months as well. Aligned with Evercore offshore. Used to be notoriously one of the sweatiest places to work as an Analyst, however unsure if this still holds true
Moelis Australia: Play in a weird space in Aus - do some smaller cap M&A, but definitely more focused on principle investing
Houlihan Lokey: Historically won some good mandates with distressed / RX focus (see: Rex, Healthscope), however last year or two have started taking a fair bit of mid market M&A share back. Definitely one to watch
Mid market:
Stanton Road Partners: Strong mid market, do a lot of sponsors sell sides
Miles Advisory Partners: Strong in the mid market, lots of sponsors sell sides
Record Point: Not what it used to be. Had a joint role on TEEG which fell over and was a whopper deal. Have some other pretty cool deals on it seems
Highbury Partnership: Did all of Afterpays work and has seemingly dried up since it came off the boards. Did Silk as well
Allier Capital: Good for mid market, very healthcare focused (they also produce some great interns)
Mids:
Grant Samuel: Pretty mid, historically known for writing IERs
Greenstone Partners: Pretty mid. Good internship program that places kids well into BBs
Ad Astra Corporate Advisory (formerly Investec Australia): Pretty mid
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