We just went through our recruiting process and had some current Harris Williams analysts submit resumes. From speaking with them, they are pretty much all getting crushed right now. I'd expect hiring to be robust this season.

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Honestly Eye Bank, all of them appear to be getting slammed. Harris Williams, Baird, Houlihan Lokey, you name it. We're seeing a massive inflow of CIMs -- it's absolutely crazy. From my understanding a lot of PE shops, mine included, are turning down good investment opportunities simply because they are out of capacity (this happens in PE, another reason PE is better than IB!). Even the lesser known boutiques are churning out deal flow. It's actually a pretty exciting time to be an investor right now.

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CompBanker:
Honestly Eye Bank, all of them appear to be getting slammed. Harris Williams, Baird, Houlihan Lokey, you name it. We're seeing a massive inflow of CIMs -- it's absolutely crazy. From my understanding a lot of PE shops, mine included, are turning down good investment opportunities simply because they are out of capacity (this happens in PE, another reason PE is better than IB!). Even the lesser known boutiques are churning out deal flow. It's actually a pretty exciting time to be an investor right now.
Agreed, ton of companies in the market right now. I believe it's a direct result of the impeding cap gains tax increase. Nearly every book we've received has listed that as one of the reasons the current shareholders are looking to get liquid, and all the books list certainty of close by year end as a key competitive factor for any bids.
- Capt K - "Prestige is like a powerful magnet that warps even your beliefs about what you enjoy. If you want to make ambitious people waste their time on errands, bait the hook with prestige." - Paul Graham
 

Has anyone heard anything as to the effect tax hikes are going to have on this deal flow though. I have heard projections that a major fall off maybe down the road and thats part of the reason its so slammed right now.

If I had asked people what they wanted, they would have said faster horses - Henry Ford
 

A drop-off in sellers is more than likely, all else in the economy/market being equal. Right now, business owners want to sell before the end of the year in order to avoid the tax increase. However, there's a lot of demand coming from MM PE that will likely continue through the tax change. That will likely persuade some to sell even after the tax change.

 

That's interesting Spartan, I've heard just the opposite about Harris Williams. Several folks said that they pay at or above the Street average. Maybe Richmond is slightly lower due to cost of living?

Anyone hear back from the Oct 1st or Oct 8th superdays in Richmond?

 

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