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No, I don't think I will.
Well I appreciate you taking the time to write that comment… you should consider getting a hobby, mate.
Based on the little I know about each of them and the experience I have had with all of them since college and beyond (about 10 years or so by now), all have things that they may be better in than everyone else. Beyond that idk
nomura has green tech which I understand is a leader in green energy last time I checked. Also seem active in dcm / lev fin
hl strong in rx and Mm m&a (biased since I worked there 2x)
RJ I have interacted well with their C&R team (former financo) and asset management / FS team. Seem to be growing. I think they also acquired another industry boutique fairly recently maybe
Stifel also good in IB. Have been impressed with their tech services type practice
ducera strong in RX. I believe former pwp RX team. Seniors also were at hl RX before that potentially too.
That’s just business strength. Culture and fit and all that should matter too maybe even more as it’s important to try to do a good job and set yourself up for success no matter where you go. Hard to do that if you don’t enjoy the people/work/firm and have them appreciate you, too
good luck
It’s really only a toss-up between HL or Ducera, depending on what HL group it is.
HL any group.
1-HL
2-RJ
3-Ducera
4-Stifel
5-Nomura
Deleted
.
You likely know this but Ducera is a clear cut above the others in terms of exits, especially to credit funds, but WLB is terrible
The most constructive answer here is probably that ranking these doesn't make a lot of sense. Less sense than these rankings usually make. For one you have a restructuring only boutique (Ducera) as well as some banks where prestige/exits etc is extremely group-dependant. I will attempt to rank some of these, but keep in mind any ranking likely has biases.
For rx: HL, Ducera, Stifel (Miller Buckfire), RJ
I don't think this ranking is very controversial, will likely see others say something similar. Most rx seats will allow you to place into solid credit/distress shops. The top seats will also give you MF exits, but generally the difficult and technical nature of rx can help in credit or equity.
Otherwise ranking these based on M&A is extremely dependant on your coverage group. Everyone knows greentech is great at Nomura. The other shops I would research groups and form my opinion off of that. HL is generally understood to be a top player in the middle market. Stifel and RJ are generally understood to be top players in the lower middle market. Keeping in mind certain groups at MM/LMM banks will be punching above their banks level doing some UMM+ deals at times.
I don't personally have a lot of insight to specific coverage groups outside of this. Again, this ranking will be extremely group specific.
What do you consider MM vs LMM? My group pretty much reps out $250 million equity value sell-side M&A deals, wondering if we’re competing in LMM or MM.
I don't know if there's any exact answer to this. I will list out what I see as different sizes, but I have no real reason on why. Generally the breadth of the entire middle market seems to be up to a billion.
UMM: 750 million+
MM: 250-750 million
LMM: below 250 million
I guess this would put you right on the edge of MM and LMM. I have also heard of microcap which is apparently below 50 million. I think that these various ranks are assigned based on a general consensus, for example if you poll 100 bankers, I'd think most would say HL is MM or that RJ is LMM.
Would take HL (if RX) or Ducera; rest are fairly meh
HL if RX otherwise Ducera
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