List of US IBs
Hey guys... I'm doing some year end work around fee pools for firms with a (meaningful) US IB presence. Trying to bucket into peer sets. Any notable ones you see me missing here?
Bulge
Goldman, Morgan Stanley, JPMorgan, Citi, Bank of America, Credit Suisse, Barclays, Deutsche Bank, UBS
Global Non-Bulge Balance Sheet Banks
Wells Fargo, RBC, HSBC, Nomura, RBS, BMO, Mizuho
Upper Middle Market - Full Service
Jefferies, Cowen, William Blair, Piper Sandler, Stifel, Raymond James, RW Baird, Keybanc
Lower Middle Market - Full Service
Stephens, Canaccord, JMP, Cantor, Needham, Oppenheimer, B Riley, Craig-Hallum, Roth, HC Wainwright, Ladenburg, Macquarie
Large Advisory
PJT, Lazard, Centerview, Evercore, Moelis, M Klein, Guggenheim, Greenhill
Small Advisory
Perella Weinberg, Harris Williams, PJ Solomon, Houlihan Lokey, Rothschild
Industry Boutiques
Allen, Qatalyst, SVB Leerink, Liontree, FT Partners, Raine
Can you clarify what "Large Advisory" constitutes? Is it by headcount? Bc MK is tiny
I think this is kinda off since the average transaction size and total fees of some of the “smaller” groups are actually much larger than some of the “Large” groups.
I don’t work there - but Rothschild is a Large (not small) Advisory.
In London definitely, literally 4th largest by fees generated.
what about Varrock and Falador Partners?
Don't forget Lumbridge Associates
pretty accurate for the most part.
Would add TD, Scotiabank, Truist and SocGen to non-bulge. Maybe RBS as well?
Move Keybanc and Cowen down to LMM.
Move Harris Williams to UMM.
Add Lazard to Large Advisory.
Move PWP here also.
Move Houlihan to UMM.
Rothschild to UMM.
DC Advisory to LMM
Move MKlein, Gugg and Greenhill to Small advisory if you want.
Move PJ Solomon to Industry Boutique (they cover 3 industries) if you want to remove Small Advisory, otherwise would add Allen & Co here as well.
Can add Adrea, Broadhaven, Ducera, to specialty boutiques
*Ardea
Harris Williams isn't full service, only advisory. Not sure if HL has a capital markets presence, but I only know them for advisory as well.
Harris Williams and Rothschild are not full service
Would not consider Harris Williams UMM, they rarely have deals in that range.
Rothschild is also not UMM in the US.
Guggenheim is pretty large, not sure if they should be small advisory anymore.
TD securities
I know there's a 99% chance this is a troll but imagine being an analyst and seeing that your MD took the time to post this on WSO
Richard Handler
This post is actually the worst thing ever to happen on January 6th.
Definitely a freshman at Williams or Amherst...what a loser
Under Global Non-Bulge Balance Sheet Banks there can more, depending on how you define meaningful US IB presence. I've seen US bankers at all the following banks, but maybe some don't meet your meaningfulness criteria
Macquarie (would put here rather than LMM)
BNP Paribas
Credit Agricole
Mitsubishi UFJ
SMBC
Santander
Rabobank
Notable industry boutiques: Union Square Advisors, Valence Group (acquired by Piper), Greentech (acquired by Nomura), MTS Health Partners, DBO Partners.
Nice list.
Harris Williams and Houlihan are typically in the upper or middle of the middle market - particularly in M&A (though it looks like you are delineating a bit based on service offering). HL recently made a large acquisition of a tech based M&A shop which also probably bolsters their ranking a bit.
For lower middle market full service, I think Capital One would be a good addition after their acquisition of TripleTree. Also, might make sense to replace JMP with Citizens since they were recently acquired by them. Lincoln is missing, not sure if you want to classify them as LMM or UMM. Blackarch/Regions as small advisory/LMM full service. Truist as UMM full service? Fifth Third as LMM full service, they’ve been growing their IB division
I would add Truist to LMM
I'd echo some of the changes mentioned above:
Would put Rothschild as large advisory. Their prominence in abroad should warrant this even if they aren't on the same level in the U.S.
Macquarie should be global non-BB balance sheet bank
Add at least TD and BNP to that same bucket
Truist and 5/3 as LMM
Perella is larger than PJT, smaller than Lazard, but does more deals (by volume and value) than both. So I think they should be Large advisory, instead of with Harris Williams LOL. Not debating “prestige” of the EBs, just the facts.
Advisory League Tables 2021:
EVR
CVP
PWP
PJT
LAZ
MOE
Outside of certain groups, Piper, Stifel, RJ, Baird and KeyBanc are most definitely NOT UMM banks.
idk about DB being a BB
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