Financial Sponsors Groups 2021-2022
Looking for some updated info on financial sponsors groups for recruiting. Threads from a few years ago talked a lot about BAML/CS/JPM having great groups. I think 10x Leveraged provided some good info before. Curious if anything has materially changed since then. Would really appreciate if someone could post the relevant BBG league table for sponsors or levfin
Bump!
Thanks for posting this. In a Sponsors group now so can provide some thoughts (already shared a lot of this on another thread).
Sponsors groups are one of the least talked about/underrated groups out there. We get to see every industry and every product the bank has to offer all while having a much better lifestyle than other groups. We wont go super deep into the industry/company/structure of deals, which I enjoy because I can see many more deals. We’re a very relationship focused group of people - from the analysts up to the MDs. Our group does little pitching, besides helping out another coverage group pull together Sponsor overview pages.
Bread and butter is financings for my bank (balance sheet focused) so LevFin League Tables are going to be most applicable.
Happy to answer any other questions and hear about sponsors groups at other banks.
Could you speak to the exit opportunities for this group?
Believe this will depend on your group. As pointed out in another thread, PE is a common exit but will most likely depend on your experience - are you just doing financings or are you also doing M&A advisory deals.
My group’s exits have been promotions within (majority), lateral to other BBs or to other groups within the bank.
Can’t understate enough how my group is very relationship/career oriented. Overall the sentiment is this isn’t a stepping stone to some “greener pasture”. I have zero exit plans because it’ll be hard to find another group where I enjoy the work more, get to have (somewhat) of a life and get paid well.
Other banks might be different and would love to hear from others in sponsors groups about their experiences.
In my group 90% of exits are PE / GE. I think the last time someone junior left to a non-investing role (except for personal reasons, e.g. doing a Master's in an unrelated field) was in 2018.
CS lost head of fin sponsors to Citi recently
Sure about this? Think the FSG leadership is intact.
Yeah, Citi poached Dhiren Shah in the US (this guy was head of fin sponsors) and Matias Brechner in the UK (head of sell-side sponsors)
Inaccurate. He was a tech MD not head of Sponsors (FSG core leadership is all still there)
Find him on LinkedIn pls
He writes “Head of Financial Sponsors M&A, with a continuing focus on Technology M&A”
The head was this aussie Malcolm Price who is now (with his core team) at Wells Fargo
In Sponsors at BB. Echo above comment - relationship focused (I talk to funds every day) and see every industry, LBO financing is bread and butter, get pulled in on M&A advisory / equity issuances every once in a while. Hours materially better than other IB groups. Exits are obviously PE, we send kids to MFs almost every year (analyst class of 3-4 people).
Does materially better hours mean you work under 70hrs a week? I'm looking for a lifestyle group myself.
Yes. I work mid-60s on average. Have had 50 hrs, but also a few 90+ when on live deals in an execution role.
Sponsors at CS / BOA / JP.
Which city are you in?
I was the poster above (have since moved on to PE). BB NYC.
Bump - what are the best FSG groups for PE recruiting?
How is Barclays or Citi Sponsors?
Barclays is a blank check for a number of Sponsors (e.g. Apollo) since it's a cornerstone of their strategy in the U.S. Would say it's a good experience.
Citi is not aggressive in LevFin (see league tables) and it can frustrating to be a GAM banker getting shut down by Risk all the time. Great lifestyle role however.
How’s CS sponsors? They have associate openings and I’m trying to lateral over from another BB industry group.
Arguably the best sponsors group on the street
In terms of what? Looking to lateral as an associate so not interested in analyst exits to buyside. Would just want to be in lifestyle bank/group with decent pay and promotion trajectory
CS obviously very strong at LevFin given bank's risk appetite. Unsure how recent developments (fines etc.) have affected this but LevFin aggressiveness translates into LBO strength and good Sponsor relationships.
CS FSG is widely regarded as the leading sponsors group on the street and has been on the top of the tables for 10+ years.
League tables are a good reference, particularly on lead left mandates (since they lead the bank group). Google search suffices but here’s a link for convenience, check out page 2 bottom right - https://data.bloomberglp.com/professional/sites/10/Bloomberg-Global-Syn…
BofA and JPM lead followed by GS, CS, and Barclays. Not surprising, all great groups.
If anyone has more recent tables for sponsor syndicated loans, pls link
What are bonuses at FSG groups like?
Bump
same as other IB
Knew a kid at one of these sponsor groups (BofA, JPM, CS) pull ~$100k top bucket bonus last year. My boi got PAID.
Any thoughts on JPM FSG group?
amazing WLB, solid exits
BofA FSG is one of the best on the street. Consistently 1 or 2 in LBO financings, holds the pen on the model, and has very strong exits to PE firms.
Some FSG teams do not model so be aware
What have you heard about CS FSG?
That it’s impossible to get into unless you went to Harvard.
Seriously though they’re a top of the top group, everyone I interacted with there during recuriting was extremely sharp but also kinda cocky.
Do you happen to know which banks don’t model?
This. I really want to join a non modeling fsg group
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