HK BB vs HK EB
Curious to see how EBs in HK do vs BBs. Boutiques in APAC appears to not carry the same weight as they do in US / EU.
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Elite Boutiques (EBs) in Hong Kong generally have a smaller presence compared to Bulge Bracket (BB) banks. Based on the most helpful WSO content:
Presence and Deal Flow:
Perception and Prestige:
Exit Opportunities:
In summary, while EBs in Hong Kong can offer niche opportunities and high pay in specific areas like restructuring, BBs dominate in terms of overall deal flow, brand recognition, and exit opportunities in the APAC region.
Sources: Q&A: HK IBD, Regional Boutiques are vastly overlooked in IB, https://www.wallstreetoasis.com/forum/investment-banking/eb-vs-bb-long-term-and-exits?customgpt=1, The Case for Elite Boutiques over any Bulge Brackets in 2022, BB vs EB in London
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specifically in m&a, believe MOE has the strongest presence in HK among EBs. EVR has zero deal flow in asia ex japan and HL/PJT are rx focused. pjt has a really strong secondaries track record too
CVP/Q/GUGG/PWP nonexistent
in terms of rx hl/pjt are the strongest on debtor side, not too sure whos who on creditor side
against BBs per headcount they do quite well - BBs in HK are bloated with all their sector teams (10 juniors + couple of seniors per cov team) sweating and pitching for MM deals which created a lot of pressure on junior paychecks past few years. personally work at a tier 2 BB (think BOFA/Barc) and have observed longer promotion cycles thanks to excess headcount
This is really insightful! Do you have any knowledge on Jef/Roths?
JEF - fast growing in the past 2 years but seems to have tapered
ROTH - asia base is singapore, havent heard much about hong kong
This is very helpful. How are EBs in terms of deal flow / exit ops? Any insights on Moe?
not too sure on MOE, ive heard a couple of their exits to SWF and one MF a while back
wont have a good sample cuz their analyst class is literally 1 sometimes 2 per year.
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