Info on Haywood Securities?
They recently restructured a lot on their energy team. Does anyone have any insights on their investment banking team?
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It's an entrepreneurial shop, great boutique environment, lots of interesting deals. Strong retail, with institutional trading/research. That being said, it's very cyclical, hard for certain teams when the market is off. Very much eat what you kill mentality, internally a lot of people do not get along. The job is really easy and unchanging if you like that consistency. It's still below average pay for IB sector even with bonuses. If you're not an IA or a manager then they don't care about your needs and conditions. They have outdated offices and tech, but not a big deal if you'll be remote.
Would you say it's good for a sophomore summer if you're tryna do b5 for junior summer?
Yes, considering the market right now and the fact that it's only your sophomore summer, I recommend you'd take the opportunity. It's not perfect, but a pretty darn good opportunity.
What would you say is perfect? (Not diversity, so don’t say B5 😭)
Generally typical MM / LMM Canadian boutique where the bread and butter is small to mid cap equity deals. More RTOs than IPOs and mostly as syndicate, not lead. More process / execution than modeling. M&A work would generally be fairness opinions.
To position for big 5, you could do better but if that's your only option, it's not bad experience. Will likely see more mining equity deals, tech and others in the small caps are pretty dead right now.
What would you say is a better option to position for big 5?
From a transaction perspective, I would say anyone who does bigger deals that are more institutional and less retail, and do more M&A / advisory. The M&A / advisory business of a lot of boutiques are either small-cap execution only sell sides but generally almost all fairness opinions and some 61-101s.
The other important piece is the background of the bankers. I would never go to an investment bank that's run by an equity sales person, which is a lot of Canadian boutiques. There are others where the bankers are former big 5 or BB.
Probably easiest from a Canaccord, RayJ, Stifel type. There are a ton of shops a tier below or at the bottom end of that rung, and some of them do a few big mid-cap financings or real advisory work a few times a year. Bit disconnected from that tier tbh, but I've run across a few alum from INFOR and Paradigm at the big 5, BBs and Canadian pensions.
When you say ex institutional sales guy what kinds of problems would you have if you worked for one. And why did you mention that as a case? Is it run by an ex institutional sales guy?
Would this opportunity be something to stay away from? What kinds of problems can you run into working for one as your md?
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