MT NY or Tech NY?

I'm an incoming associate that's going to a BB with a split MT & Tech group. It seems that I have to choose one or the other.

What are people's thoughts in terms of deal flow for each sector over the next few years? Tech in NY seems to be primarily BPOs, payments and some East Coast tech (IBMs etc). I also want to be cognizant of exit opps, which I assume will primarily be CorpDev at the associate level

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I would go with MT for MS. Solid deal flow and great exit ops. East coast tech like you said is more fin tech and east cost tech firms. If you are dead on tech try to get into Menlo park

 

If this is for MS, Media & Comm x 100. The Technology NY group works hard but I am not really sure on what (given that MS Menlo leads all the tech transactions,more or less, the group is effectively a satellite). MS Media & Comm got hit a bit with some high profile exits, particularly to PJT, but is still very strong and is on many of the larger deals in the space.

From a secular perspective I can't comment on what deal flow will be like, but MS Media & Comm NY and MS Tech NY are miles apart in terms of analyst quality / exits

 
Best Response
"Kazimierz"

If this is for MS, Media & Comm x 100. The Technology NY group works hard but I am not really sure on what (given that MS Menlo leads all the tech transactions,more or less, the group is effectively a satellite). MS Media & Comm got hit a bit with some high profile exits, particularly to PJT, but is still very strong and is on many of the larger deals in the space.

From a secular perspective I can't comment on what deal flow will be like, but MS Media & Comm NY and MS Tech NY are miles apart in terms of analyst quality / exits

I echo this, and can add some anecdotal data points as my alma mater places several kids into MS annually. (Note that these are spread across a few years.) Silver Lake, Warburg, TPG, and Carlyle, all friends or friends-of-friends. MS Media & Comms places well.

The 'satellite' comment is spot-on. The group takes a distinct second place to Michael Grimes, the rainmaker running the show out of Menlo Park. They do a ton of pitches and (at least used to) business services deals, which is this odd sector that different banks lump into different coverage groups (Goldman places it within FIG, for instance).

Rob Friedsam was the highest profile departure -- to PJT, as mentioned above -- he teamed up with John Trousdale so they could stop fighting over all the best deals and pair up against Aryeh Bourkoff at LionTree (who's absolutely crushing it -- had a banner two-year run, fell a bit out of the limelight after Comcast's counterbid for TWC pushed him/Liberty out of pole position, and resurged the other month when Liberty managed to close on TWC -- now >$300bn in advisory work).

If this is CS (only other BB I can think of that splits TMT into two), you also want Media/Comms over Tech.

I am permanently behind on PMs, it's not personal.
 

East Coast tech groups are not going to enjoy heavy IPO flow ... think that one through a bit more fully.

I am permanently behind on PMs, it's not personal.
 

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