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Lazard isn't that great, they lost a bunch of MDs including one in Telco that effectively was the rainmaker for telco paris (he went to BofA). Now arma is a good sell-side tech shop but doesn't play in telco (which has been driving M&A this year with Sunrise/Liberty, Liberty/VMed JV - and Liontree as been on both deals) and usually focuses on smallers deals, futhermore most the sponsor Sell-sides that Arma is running have been put on hold due to Covid as sponsors focus on their portfolios. I think BNP is making it to the top thanks to Masmovil and maybe another large deal placing it above MS (Masmovil as well).

I think the key takeaway from this is 1) Telco is driving 2020 rankings, 2) Liontree is doing very well in telcom in Europe and has solid creds.

 
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This is not entirely accurate. Lazard is super strong in telco and their main rainmaker (Le Stradic) is still there. His sidekick left to BAML but that has not really impacted their ability to be successful as all senior level relationships were with Le Stradic and not his execution team and this will always be that way. JPM will be high as they were on two largest deals in telco. So were LionTree, who are quite successful but focus on a small number of clients and situations relative to the likes of JPM, GS and MS. Also, 2020YTD is too short of a timeframe to draw any conclusions. If you think about broader picture and longer-term horizons, the strongest teams are MS, JPM, GS (all three are strong across all three verticals), followed by UBS (very strong but mainly telco and have not been able to build a sustainable tech franchise), Citi (also telco heavy, but expanding into tech) and maybe BAML. Arma is a strong player in small to mid-cap tech and does an occasional large deal here and there. IMHO, the banks mentioned above will not take vast majority of the mandates that Arma executes, even if offered.

 

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