I’ve searched and can’t get any clarity on the difference between Equity Advisory at an independent advisory eg Lazard/Rothschild and ECM at a BB. Are these positions/departments the same? Many thanks!
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I don't have any experience in either but I can try to tell you the difference in business-processes for both.
ECM at BB's is very straightforward. The banks have balance sheets to work with for the offering, and it's simply the size and ability of the bank that makes ECM possible. In the past, they used to actually purchase all the shares of an IPO or FO and then sell them themselves, but gone are those days.
Equity Advisory is something you'd go to for much more complex situations; things you want to keep quiet, e.g. potentially distressed. It's not only analyzing which classes of capital to raise (debt, equity), but ways to minimize dilution (capped calls, fixed/floating ratios of an exchange ratio, convertible debt).
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