London- Houlihan Lokey vs UBS
Specifically the M&A/industry groups in both. This is only UK specific, not US, though all options allowed. I have heard that EBs are less powerful compared to BBs in UK. I know Roths tops deal count and HL ranked 4th for UK in 2022, UBS wasn’t in the rankings. HL wasn’t part of the deal value rankings, UBS was 10th in 2022. And, again, interning at UBS just mean more opportunities and prestige. Though, have heard HL is good for buy-side exits. Is that true? Or any BB>>>any EB in UK, except Roths (in terms of deal exposure, comp, culture, brand value as an intern and most importantly- exists). If there was an option for UBS intern vs HL M&A- what would be a better pick? Genuine insight appreciated. Thank you.
HL not an EB, just a volume LMM shop for the most part. UBS >> HL unless you want to be in RX
No need to make it look worse than it is: HL is a solid MM shop with deals >$1bn (they regularly reach $1bn though...)
But yes, UBS >> HL.
A browse of MergerMarket for deals advised by HL in geographies of EMEA shows barely any £1bn+ deals....
Seems most deals in which value has been disclosed have EV of £100-200m. Several sub £100m as well.
Looks like a very LMM shop to me?
HL if RX, UBS otherwise.
/thread
This appears to be the consensus, thanks a lot!
1. HL is no EB.
2. Industry groups in London cover EMEA, not UK. So you might want to redefine your scope (To be fair: This is especially true for UBS, HL has industry groups in other EMEA countries as well, nevertheless, the London team is on numerous deals outside UK)
3. You wouldn't look at deal count for a BB, volume and fee is what counts!
4. Any BB >>> any EB in UK definitely not true (wouldn't choose Roths though - no hate)
Personally, I'd choose UBS over HL
You mean deal value ($$) is what counts right?
I don’t have access to fees data.
I got confused since Roths keep priding themselves on deal count.
Exactly, deal value is the right metric if interested in large-cap, deal count if interested in mid-cap.
Roths is a great firm but they operate in the UMM rather than in the large-cap space. That's why they pride themselves on deal count.
League tables by fees is dominated by BBs only (just google "LSEG M&A scorecard 1H23" and you should find your source).
Heard UBS London average bonus has been 40-60% for some time now but curious to hear from other insiders
Which EBs would be preferable to UBS for exits/exp?
Lazard and some groups of Centerview and PWP
Definitely not Lazard. Centerview and PJT
Is this for UK?
I’d 100% take HL
They do a$&%¥ ton of deals and ALL MM shops know them very very well recently
The amount of volume and deals they have is crazy. Taking UBS for a small chance at MF is a bit stupid to me. Look at ranking tables recently
Source: im in the industry, ignore title
Push. Any new opinions on UBS vs. HL in 2025? Specifically in terms of culture, compensation and exits. Heard that HL pays AN1 65k with 40-70% bonus while UBS pays 60k + 20-30%. I have no MF PE ambitions so leaning towards HL, since compensation and Deaflow is better. Is that crazy?
HL much much better in 2025
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