Regional BB Office or Mid-Tier RX Shop
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Well, based on the most helpful WSO content, both options have their own merits.
A regional BB office like Goldman CIG or JPM RIB group can offer you a broad exposure to various industries and a strong brand name. This could be beneficial if you're looking to stay in finance but not necessarily in a distressed field.
On the other hand, a mid-tier RX shop like Guggenheim, GLC Advisors, or Greenhill can provide you with a more specialized experience. This could be advantageous if you're interested in gaining deep knowledge in restructuring, which is a highly specialized field in finance.
Ultimately, the choice depends on your long-term career goals and personal interests. If you're not interested in distressed fields, the regional BB office might be a better fit for you. But remember, it's not just about the firm or the group, it's also about the people you'll be working with and the culture of the office. So, make sure to consider these factors as well when making your decision.
Sources: 2018 best RX shops on the street?, Top BB M&A vs. EB RX, BB (NY) Vs. Boutique Restructuring
Depends if it’s Guggenheim take Guggenheim. Hands down. Good shop, great trajectory, good exits.
If it’s Greenhill I’d consider Goldman for the name brand but not JPM. Depends on how strong the regional group is but in most cases those regional shops are one MD/ partner, so deal flow is very dependent. Greenhill for all intents and purposes has declined in reputation and deal flow. Now the acquisition from mizuho will provide additional conflicts as mizuho is a balance sheet bank so they’ll have to pick up a JPM RX or a Jefferies RX model where they either do DIP / refi and act as a distressed lev fin desk, or have to pick and choose their deals depending on what’s on their balance sheet.
GLC is a fine shop sure, don’t kill me, but it’s lesser known, it’s exits are less prominent, and it’s transaction sizes are smaller than Gugg. But they do have upward trajectory.
What if it's a different mid-tier RX shop like Rothschild, Jeffries, or Piper Sandler. Generally, whats better RIB or a T2/T3 RX shop.
Generally only go RIB if you way to stay in that area. If you have dreams of anything beyond.. meh.
Rothschild took that retired Lazard MD, so we’ll see how that pans out but they’re not what they used to be. But you still see them around, atleast on my level. Their exits range, I think it takes you where you want to go, probably not megafund like the other T2’s. I’ve never heard of anyone hating the place. The culture is naturally more friendly and I’ve never spoken to such sharp folk. But also be careful as the rainmaker left for Piper Sandler.
Jefferies is doing well from what I’ve seen, poached a guy from PJT a few years back and most MDs seem to be from from other EB’s. You’ll see them a lot more on UCC engagements for the really notable stuff but can’t be mad for the analysts getting 5bn dollar deals on their resume. No idea on exits but you can LinkedIn that. Saw one person left for Marathon, and one left for Ares SS when I was trying to get an SA a few years back. I am curious how they use coverage groups though, or even function since they have a balance sheet. only other shops like that is HL and Piper.
Piper Sandler needs to prove itself from my perspective. I never even see them on pitches. But I’m interested how the TRS guys are performing. I’d probably put them closest to GLC, maybe under. They get a lot of ad hoc mandates.
**I cannot speak to any of their out of courts and liability management since RX is very hush hush. ***
I’d say rankings would be the following no order beyond tiers.
1. PJT, Evercore, Moelis, HL, CVP (cash moves everything around me CREAM)
1.5 PWP (I have beef, these are my personal rankings)
2. Ducera, Guggenheim, Jefferies, Rothschild, Greenhill (GH has legacy affect, but partners got bought out and the franchise isn’t what it used to be).
2.5: GLC, Piper( I’m sorry y’all I just don’t see you anywhere)
3. RJ, Baird, Lincoln (Baird is new they gotta prove themselves)
Oh before any downvotes, let’s hear people’s arguments instead. It’s a forum for conversation, let’s hear it rep your bank!
dude are you serious putting cvp at tier 1? do you have any clue about rx...
TRS with Genereux has no reason to be below GLC, and if you’re looking for deals, I can see SVB and Signature Bank as credits. Sounds like T2 to me.
I've been out of the RSSG game for a minute, but I agree with your take on Piper and I have a bit of a suspicion there. The TRS guys had some landmark deals and probably made an absolute killing as an independently owned boutique. They probably sold out to Piper because they were past prime a la Greenhill/Mizuho. From my understanding the total purchase consideration was minimal and I can't imagine the economics of selling to Piper are more lucrative in the long term than staying independent and continuing momentum unless the rainmakers are looking for an out or stuff is slowing down.
Acquiring single-focus boutiques with a tight-knit group of rainmakers is always a risky thing. People want to believe they can buy and grow anything into its own platform but the history of M&A is pretty rife with examples of that not happening, especially with small acquisitions where the hopeful "platform" to be acquired is really just 2-3 lucrative employees, who are past their prime and looking for an exit, and without whom, there is no actual "platform".
bump - curious what the outcome was as i’m currently deciding between chicago BB (DB/UBS/WF) or mid tier RX nyc (miller buckfire, GLC, ) offer. which should i take?
I would take the BB, it’s gonna give more consistent reps. MB has really fallen from grace and GLC doesn’t work on anything relevant
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