Similar to the Moelis vs PWP thread..do people have any thoughts on HL RX or Moelis and where they would rather work? HL is top in RX, but Moelis has grown a lot in the past years in RX, and you have the option to work on M&A too, so it seems a more holistic experience.
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Moelis
Moelis for the ability to get cross-staffed in M&A or RX. Moelis was also IFR's #1 RX advisor last year, so even if you only want RX there's plenty of dealflow to do those deals exclusively.
HL RX is known for great culture and it’s reputation is RX is still greater than Moelis. But considering you don’t know what you want to do, that does blur what you should do. Of course you can’t go wrong with either but I suggest if you networked at both, think about who were the analysts you’d rather work with. And whatever decision you do make, don’t regret it, the grass isn’t actually greener.
I would argue Moelis is better in RX as well, considering results alone. And would consider the difference in 'culture' negligible. Hours are gonna be the same, just depends where you fit in better.
No brainer. Moelis
Went through the SA recruiting process for RX and the top candidates I spoke with were mainly interested in either HL, EVR, or PJT - all 3 had similar exits into both distressed (Centerbridge, Apollo, distressed HFs, etc.) and vanilla PE, solid culture, and powerhouse analysts. Especially in this current environment, I'd rather be in RX at one of those 3 than a generalist shop like Moelis or PWP, especially if you're actually interested in RX. Not sure what data people are citing about "results" considering most RX deals go undisclosed but both HL and Moelis should have plenty of deal flow going forward, wouldn't base my decision on that. Congrats if you have both offers OP, it's a good decision to have to make.
Quite familiar with the RX industry here. PJT and HL are the top restructuring advisors and HL is probably the largest global restructuring bank out there. To say either are miles ahead of each other is flat out inaccurate.
Given that RX is niche and there aren't a ton of RX junior bankers - you will have opportunities to recruit at similar shops at most top banks (PJT, HL, LAZ, EVR, MOE, etc.) if that is what you are interested in. Go with where you feel more comfortable.
HL culture is good but in this environment you will probably get worked hard anywhere you go in RX. MOC i've heard tends to a have a rougher culture from what I've heard but I'm sure it will be deal team dependant at both shops.
Moelis LA has an insanely strong reputation that the analysts there can still recruit for distressed. They always send one kid each year to Centerbridge, know a couple to Oaktree, and I'm sure there's more I'm not aware of. HL RX will lean towards distressed opps though, and Moelis LA will give you better buyout PE.