PJT 2020
What is the current view on PJT for 2020? Have seen some older threads but how are they doing in today’s market?
Any other information besides it’s strong RSSG group?
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Well they are advising the treasury dept on the airlines deal so yeah, I’d say they’re doing okay through this.
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Being at another EB, how do you view the learning experience at competitors like EVR & CVP given expanded analyst class sizes?
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Hey thanks for the detailed response. I’m mostly leaning towards HF in the long term and now becoming more open to IB option, so forgive my question if it may seem naive.
I get a first advisor, but what can a second or even third advisor offer to a M&A deal, IPO, or Bond offering?
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Understood, thanks for the patience and informal response. +1
Whoever is trashing PJT above clearly is insecure and most likely couldn't land an offer. Let's recap a few of the firm's (M&A) accomplishments: * Top 10 in US M&A league tables last year, despite having the smallest headcount by far. * Dozens of landmark deals, including Abbvie, TD Am, Danaher, Caesars and every deal in the gaming sector, and other headline deals in nearly every vertical (clearly not a "whale hunter" along the lines of Liontree or something) * Highest deal value per analyst (proxy for complexity) by far + highest revenue per analyst. * Highest pay on the street (if you don't include CVP's huge sigining bonus) * Strong culture, great perks and senior refs * Lights out buyside placement (last class went to BX, Carlyle, Apollo, TPG, Centerbridge and a couple top UMMs plus several big name HFs - keep in mind, we're talking an analyst class of 12-13 per year - others did A2A, etc.)
So yeah, it may not the best group on the street, but it's competitive with EVR/MS/GS among top candidates which is undisputed. And I don't have a dog in this race - I was at MS/GS and my roommate was at PJT so I hope that's helpful perspective. ymmv.
Thanks for that detailed response - SB'ed. How would one compare PJT to, say Moelis (higher volume, smaller deals), in terms of experience from an Associate/career banker perspective? Headed to an M7 this fall which is a target for both firms and hoping to recruit for EBs
They're both strong, as you've probably heard, Moelis has a reputation for being sweatier. I think given PJT's trajectory thus far they've got a lot of runway yet.
Pay should be in line, Moco maybe a tad lower but not a lot in the big scheme of things. They're both public, so some comp may be in stock at more senior levels.
The deal size aspect is just a tradeoff; at PJT you'll work on fewer deals at a time, and they'll be more "prestigious" headline deals that have a lot of complex nuances. On the flip side, those deals can also have a lot of headaches with administrative issues, regulatory/antitrust issues, activists, etc. which can be a drawback. Since both are strong boutiques I think you could carve a niche for yourself at either place and it'll come down to luck/where you get an offer (tricky at PJT since it's smaller) and given the choice, who you like better at each place. Hope thats helpful.
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This is the kind of information I wanted to find, glad I started this thread and thanks. +1
You're right the M&A group isn't the best on the street. It's second to their RSSG group. PJT is objectively the strongest place on the street, don't know why anybody would deny this. Only reason to go GS/MS over it is if you don't plan on doing finance in the long-run.
What are your thoughts on PJT SF? Exit opps?
Could anyone provide information on Park Hill specifically in relation to competitors/peers? It doesn't seem that there's a lot of information out there, but it seems to be a relatively strong subset overall that serves a somewhat unique function of investment banking/capital markets.
Park Hill is essentially the best at what they do globally. The private placements business is top of class. The Secondary Advisory business is also #1/#2 globally depending upon what factors you're considering.
I know the Camberview (activist defense) part of their business is humming as many companies looking for advice to keep the sharks at bay with their stock prices in the tank and activists pushing for M&A and buybacks (once the feds & media look the other way and allow buybacks again). Already seen a few copanies adopt poison pills and change their nomination deadlines to make it hard for investors to nominate for this year. Suspect Camberview advice is behind many of those.
Yup, and suddenly secondaries are huge as established funds are forced to divest certain investments for liquidity or mandate reasons and other funds look to capitalize on that. The firm made a huge commitment to being top in the secondaries space through the Park Hill practice and it is paying dividends.
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