FIG subvertical
What FIG subvertical ( insurance asset mgmt vs banks & specialty finance) is best for exit to PE?
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Hi Analyst 1 in IB - Gen, any of these threads helpful:
More suggestions...
You're welcome.
AM and Spec Fin. Don’t do insurances unless you want insurance PE
All good options. All subverts could use PE capital
Asset Management is best for sure for two reasons. First, traditional managers are EBITDA companies, meaning the modeling isn't as niche as banks, insurance (carriers - will come back to this later), or balance-sheet based SpecFin companies. You'll be more easily "applied" to non-FIG deals the sponsor is working on. Second, PE is taking a significant interest in the asset management over the past ~decade. Could be a good thing to have experience in a relevant field and position yourself that way.
Insurance Brokers are also EBITDA companies, so same logic applies there, plus there's PE interest in the space as well. Insurance Carriers require more niche modeling but still draw strong interest from PE firms.
Some types of SpecFin platforms are also seeing increased interest from sponsors, but the broadness of the space adds risk that you will not exclusively cover the of-interest sub-sectors.
so Asset mgm & insurance over banks & special finance?
For what it's worth, as someone who has worked in a "traditional" M&A group, AM, HF and PE role - do not discount the benefit of having knowledge around how to analyse a bank and an insurance company (more so P&C than life).
If you move to the buyside (public or private), having a well rounded understanding on how exactly a bank generates a return or how insurers operate can be extremely valuable and set you apart from your peers.
Having said all that, I would avoid "niche" FIG M&A teams, you seriously hinder your ability to move to anything other than a FIG shop. Try to get a diversified financials team, which would include AM, brokers, exchanges etc
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