Anyone have experiences at places down in Miami? What are the top banks, and what does comp look like? I have researched a little and see a few boutiques (CMD, Cassel saltpeter etc) but curious to hear more about them and IB down in Miami or FT lauterdale in general.
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Don’t know much about Miami IB, but I can suggest looking into Tampa Bay IB. Similar vibes and location, with lower cost of living compared to Miami.
Of course Raymond James is the biggest in Tampa. Also, both Baird and Stifel have a growing presence in Tampa.
Seems like Miami PE is a real opportunity for future years. Apollo, Thoma bravo to name a few with big operations
Yes. PE presence is growing heavily. Tons of small shops for PE and like you mentioned those big names are growing their presence. I wonder if banks may ever follow suit
As far as IB:
•Truist - Tech IB is being “built out”
•Oppenheimer- HC IB (an extension of their NY office)
•Some LatAm IBs (pretty sure you need to know Spanish)
•5th/3rd bank (supposedly)
•And some boutiques specific to this region
Other stuff:
•Some hedge fund presence for sure (just obviously really tough break into) Point72, World Quant, Millennium, Citadel
•PEs (as mentioned below/ above)
•And a couple asset managers as well, GQG for example
53rd doesn’t have IB in Miami
Hola vender tu empresa?
Boys I’m off to Miami 🎩
World Quant? Are they even a real shop I thought they were a scam of sorts with their 'university'
Rothschild is opening a Miami C&R office. They don’t take analysts now but will soon.
Can you elaborate a bit on this?
I didn’t see anything, doesn’t seem to be a big footprint there.
Don’t think it’s on their website yet. I heard about it from an analyst there I talked to who said the whole firm went to Miami or something a few months back, and they announced the new office to them then.
Seems like a better place for buyside roles
What's CMD?
Capital Markets Division
Not many established teams, just Truist (Tech) and Oppenheimer (Healthcare). Miami has a lot of senior bankers posted up essentially solo (or in offices with non-bankers). Lots of boutique banks scattered about, including a few in Ft Lauderdale. PM me if you're looking for specifics. Definitely a better environment for buyside roles, will be an absolute hotbed in 3-5 years. Excited to see how the PE market develops.
Miami is trash
Just go to New York for 1-2 years then you’ll be able to get a job in any city you want
Not nearly all that it's cracked up to be for all the commotion about MIA becoming "Wall Street South".
I think the NY Post really wanted that to be a thing to own the libs of NYC, but in reality is was mostly just a bunch of people looking to work remotely somewhere warm during the coldest/bleakest COVID winter months.
I might get MS for this, but in general I feel that people over-estimate the size and allure of Miami.
Generally agree, but without the negative connotation. Miami isn't there today. IB presence is basically nonexistent (I'd argue not even the best in the state) - the only bankers there are senior. More of a PE presence and expect that to grow, but until I see banks/funds moving junior personnel to MIA, I'll be skeptical of those claiming to move offices. Hedge funds seem to be far more interested in MIA than those on the M&A side. However, many of those who moved down during COVID have hung around - part of the reason rents are still so high (plus the influx of foreign capital, mostly from South America). I think many banks/funds had originally viewed moving to MIA as a positive due to the weather and cost of living, but now that COVID is over and MIA's cost of living is through the roof, people are getting cold feet. MIA still has potential to be a financial hub, but isn't there today and isn't guaranteed to ever get there.
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