Interested in Aerospace and Defense banking... Could anyone provide some insights on which banks have these groups and if any are located in NY (Ik there are a few in DC)? Understanding industry drivers like DoD spend, conflict, etc. would be helpful as well. Thanks is advance!
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Typically housed within the Industrials group. Curious to hear which banks have the best Industrials coverage?
GS is good, in terms of A&D JPM sucks, Houlihan had a strong team
Didn't the head of A&D just moved to EVR?
HL still has a pretty solid team (based in LA), but it’s one of the sweatiest groups at the bank.
DB pretty solid
Dont think so last I checked it was 1 newly appointed ED covering
If you're part of the deal team that's advising Raytheon they let you take the private jets for a spin, which I think is pretty cool.
Since you mentioned DC, there's a couple groups out there, best is Baird who focuses on government services and defense, less aerospace I think that would fall under their industrials team. HL has a good group there, but the best seniors left to start the group at Baird. RayJ has a group as well but not on the same level and focuses a lot of govtech.
For NY offices, Evercore, GS, Gugg are top players in the ADG space. GS did have Tarulli leave for Evercore so could be a balance shift towards them especially in aerospace where he was a big hitter.
Overall, as you look for groups to work in, see if you'd rather be on the aerospace/defense side of things (closer to industrials) or in the government services/govtech side. There's obviously a good amount overlap here but groups do tend to lean a bit in one way.
Where does Citi stand? Ik they have an NYC A&D vertical
Nahhhh, DC Advisory runs shit in DC. Last I checked A&D companies are based out of Washington, DC not Washington, Baird.
underrated comment
Hey, was curious if you knew whether to be a junior on an A&D team, would you need to be US citizen/need some sort of security clearance?
I believe Lazard has an aerospace and defense team in LA. Not sure how strong they are.
It’s dead now. The key players left for PWP LA.
LA banker here, intern clearly has no clue. The MD who left for PWP was not the BSD in the office and took two completely useless guys with him. He’s a great dude and everyone likes him, but he hasn’t won shit since going to Perella. You’d never be able to tell given how hard the juniors there are cranking on useless shit.
LA office is branching out to do interactive media now.
Everyone thinks A&D is so cool and going to be selling missile companies when in reality you’re usually just doing FBO (private airport terminals basically) roll ups for PE firms. Just a warning…
That's possible, but i've worked on some pretty cool mandates for defense companies.
Nahhhhh. Commercial Aerospace parts manufacturers and fixed-base operators and shit are lame, but Space Exploration, Arms Manufacturing, Missile Systems Development, Simulation, etc. companies are pretty cool and also have FIRE deal toys.
I worked on the research side covering A&D for a couple years before shifting to M&A in a different sector, happy to answer any questions.
I’d love to get some insight into what type of companies specifically you spent time researching/working with
Sure, we covered about 40 companies during that time, including the big defense guys (LMT, UTX/RTX, GD, etc), BA, TXT, Airbus, several large aerospace parts and systems suppliers (TDG, HEI, WWD), “defense IT” (CACI, PSN, etc). Im probably forgetting a subsector, but that covers most of it.
Can you point to any research / publicly available sector reports that give a good overview for the Government / Defense sector landscape, trends, KPI's, etc?
Most top banks in the sector publicly publish at least a quarterly/yearly review. Should be able to get good insights there.
what do you think of the industry? i am currently being asked to join an A&D group for ER. Long term I want to move to buy-side. Would you say it’s a desirable/in-demand industry to be in?
I am curious about this as well…my thoughts are that a lot of people are attracted to the idea that they’ll be some sort of corporate arms dealer haha but in reality you’re dong sell side M&A on a deal with a company that makes the lever release for the cover of the brake mechanism. Am I wrong?
Definitely not a corporate arms dealer. There are a very wide range of deals you could be working on. There are definitely some component manufacturers, but you can get into some really complex engineering stuff which can make that interesting if its your cup of tea. There's lots of cyber, services, and tech so not just productcos. I like some of the really cool shit where companies do some really secret things and they don't even let you know everything about the product/service.
But yes, you will be a banker this isn't War Dogs.
Is it possible to make it far in this industry group (Rainmaker Managing Director or Group Head) without previous military experience?
I just noticed a lot of senior bankers in A&D have some background in the army. Do companies like BAE systems or RTX take you more seriously if you have been “in the tranches”?
in the tranches lmao
CLO boys right now
Nope- no need for prior military experience and theres a number of top MDs with none. Can verify this through linkedin. I think this coverage group attracts those with prior military experience because it can be an easy story to tell/feel natural, but you can go look at ADG groups as a whole and see that there are more juniors/seniors without military experience than with.
Do you know if citizenship/security clearance is a requirement to join as a junior in A&D coverage?
Jefferies has an ADG group that’s grown a ton lately and is hiring like crazy.
Key players in the space:
GS - we recently lost one of our seniors to Evercore but we're GS.
MS - strong seniors in the space, good coverage of blue chip clients.
Citi - traditionally has had strong financing relationships with the large primes which has allowed them to win some notable deals here and there.
Evercore - already had a strong senior and just added another to the ranks, very present across the A&D space.
PWP - NY is large-cap focused and they own the Northrop account, LA is ex-Lazard, very strong team that leans more towards commercial aviation and structures.
Baird - they run the MM government services space and also do well in the mid-to-large cap space.
Jefferies - very strong commercial aviation team in NY, solid Defense & Government Services team in CLT that's a bit more MM-leaning but still gets on big deals.
HL - MM shop, they do a lot of volume.
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