Latin America Investment Banking
WSO,
I am a rising junior in the states, and I am interested in hopefully beginning my career as an analyst at a LatAm coverage group at one of the BB's out of New York City.
Was curious to see if any of you had information regarding the top groups, exit opportunities, deal flow, and experience in comparison to domestic IB groups.
I understand that CS does very well on Brazil (Old school Banco Garantia) and that Citi does well in Mexico (Banamex). JPM/Baml also have good presence on the region from what I've heard.
I understand this site is predominantly focused in USA banking, but any info would be appreciated!
Thanks
Let me give you a perspective on Brazil
CS did well 3-4 years ago in BZ. Now top M&A/ECM places are BTG, Itau BBA, JPM and MS. Comps came down over the past few years and today is very difficult to find a way in (besides entering after grad from Business School). I know some guys in Citi and Moelis in BZ were moving to NY. Exit opport is limited and for you to keep the same comp you would need to move to other M&A firm.
Thanks!
Have you seen people that work in LatAm IB move to other groups? / domestic funds after their analyst years?
The moves I saw were from M&A to debt reestructuring. and also to PEs
Thanks for the input!
Still on Brazil:
I think CS is still a great house in terms of deal flow. Sure, they used to dominate, but some groups (F&B, for example) are still doing fine.
Regarding comp, CS, Itaú BBA and Rotschild (led by a former Garantia banker, pay top dollar on the street) are first tier, while JPM, MS, GS would be behind. BAML, Citi would follow.
BTG Pactual has been really lagging behind and lost a lot of talent after the Esteves scandal, even though I heard they paid well to retain whoever was still left there.
Exit opportunities: PE openings are extremely rare. There are very few funds here and some have recently shut down their local operations (KKR, Apax, TPG).
Some global funds with local offices: Advent (doing well), Warburg Pincus (recovering from a tough start), CVC (opened offices 1.5 years ago), Carlyle (mixed performance), EIG (bad performance), Blackstone (real estate only), HIG (mid-market, large portfolio, performance unclear).
There are some local funds (Patria, Gavea, Kinea and others) but they are basically mid-market focused and you will probably take a (rather large) hit in comp compared to banking.
An interesting alternative would be to move to direct investments teams of SWFs: CPPIB and GIC are growing their local teams, for example.
Since the PE market is really small, most of the junior bankers I know end up staying in banking or pursue an MBA in the US. Direct promotions to associate are rather common.
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