MM Firms

Based on the most helpful WSO content, here's a breakdown of the MM firms and standout groups for your consideration:

1. Piper Sandler (NY Office):

   • Standout Groups:
     • FIG (Sandler O'Neill): Known as one of the strongest FIG teams on the street, with analysts regularly exiting to hedge funds (HF) and private equity (PE), including some mega-funds (MF).
     • Chemicals (Valence Group): Considered one of the best chemicals groups on the street, handling several multi-billion-dollar deals annually. Analysts here have solid PE exits and work with senior specialists.
     • Tech (DBO Partners): Post-acquisition, this group has seen phenomenal exits (Upper Middle Market/Mega Funds). Seniors are ex-MS tech, and analysts come from top schools like Stanford, Haas, Penn, and Dartmouth.
   • Opportunities: Piper Sandler has been growing aggressively through acquisitions, which has bolstered its reputation. However, there is an imbalance in group strength, with some groups punching above the firm's overall MM reputation while others remain middle-of-the-road.

2. Raymond James (RJ Financo):

   • General Insights: RJ is a solid MM firm with a strong reputation in certain sectors. However, it doesn't have the same standout groups or deal flow as Piper Sandler. Analysts here may find good opportunities, but the exits might not be as robust as those from Piper's top groups.

3. Oppenheimer (Tech):

   • Tech Group: While Oppenheimer has a presence in tech, it doesn't stand out as a top-tier group compared to Piper's DBO Partners or other leading MM tech groups. The exits and deal flow might be more limited in comparison.

4. Solomon Partners (NY Office):

   • General Insights: Solomon Partners has been growing its presence in the MM space, but it doesn't have the same level of standout groups or consistent exit opportunities as Piper Sandler's top groups. It could still provide a solid analyst experience, but the opportunities might vary depending on the group.

Recommendations:

• If you're looking for the best experience and exit opportunities, Piper Sandler's FIG, Chemicals, and Tech groups stand out as the strongest options among the firms you mentioned.
• For NY offices, Piper Sandler's aggressive growth strategy and standout groups make it a top choice for analysts aiming for strong exits into PE or HF.
• While RJ Financo, Oppenheimer, and Solomon Partners can provide solid experiences, they may not offer the same level of deal flow or exit opportunities as Piper's top groups.

Let me know if you'd like further insights!

Sources: Piper Sandler up and coming MM??, Piper Sandler up and coming MM??, BAML IB Groups (NYC), EB Comparisons, Request for Restructuring League Tables 2018