Perella/Greenhill M&A vs BB in London
How would you compare:
Perella/Greenhill M&A vs BBs in London?
This is a question that comes up often but It would be great to get an updated answer (things have changed a great deal since 2006)!
The financial press talks about the growing importance of elite-boutiques in deals.
http://www.bloomberg.com/news/2011-04-04/Lazard-l…
Is this bullshit?
Should young chimps make career decisions based on this?
Thanks for your answers guys!
Aren't elite boutiques (outside of Rothschild) pretty weak outside of America? I always thought they punched above their weight in America because of MD relationships that they don't really have in Europe/Asia etc.
That was what I thought but I think this has changed since the crunch.
cf: http://www.bloomberg.com/news/2011-04-04/lazard-leads-boutique-advisers…
I'd still stick with BB's. The league tables are a bit distorted - one big deal catapults boutique to the top and distorts their standings... Look at greenhill - as soon as ATT/Tmobile deal went away, their ranking plummeted..
I am not really aware how one classifies a firm as a "boutique" "elite boutique" and "MM". Personally I never saw Lazard as an elite boutique, it is really "strong" in Corporate Finance - especially Restructuring - in the US as well as in Europe. To me, I regard Lazard as an Elite MM. Rothschild, too. (but with a history bigger than all the BBs combined :p).
The way I see it is the BB's are simply the 9 BB's, pretty straightforward there. MM refers to firms whose clients are exclusively middle-market companies (500mm Revenue). Boutique is kind of a catch-all term for the entire world of Investment Banks outside of the BB's and well-known MM firms. Elite boutique is just a term used for the boutiques that frequently compete with the BB's for large deals, but is typically just used to refer to Lazard, Evercore, Greenhill, and Moelis (US centric term I suppose).
BB is BB....the other lines are a bit distorted. I'd go with the group that you best fit into and think you could grow the most.
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