Restructuring Groups in 2020
Ideas to what the restructuring landscape looks like? Any groups standing out during the pandemic? Top players right now.
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Debtwire tracks advisory mandates, and this is what they show YTD. This is more than likely partial, but it still paints the picture that the usual suspects are working. Can't forget about Centerview or Guggenheim
Do I hear ranking thread?
PJT RSSG by far. Then EVR or HL RX. HL arguably has more mandates/deals and is on par with PJT but the exits, pay, and if you like the bro culture make the latter more appealing.
EDIT: This is just my personal opinion jeez. Whoever throwing MS probably got rejected from PJT first round lol
From an analyst perspective, PJT RSSG is tops, followed by (in no particular order) Houlihan, Lazard, Evercore and Moelis. PJT, Houlihan, and Lazard all have reasons to fairly claim that they're the best restructuring advisor out there, but the things that matter from an analyst perspective are pay and exits. PJT pay is top of street, and exits from the restructuring group are commonly accepted to be the best of any group on wall street. After that, people's preferences between the other 4 vary based on what they care about -- Evercore and Moelis pay more, Houlihan and Lazard have more pedigree in restructuring, Evercore and Houlihan have separate recruiting processes for rx while Moelis and Lazard make generalist intern offers. Other banks that have decent restructuring practices that people end up at include Ducera (spun out of PWP), Guggenheim (acquired Millstein), Greenhill, PWP, Jefferies, and Rothschild.
PJT RSSG is kind of in it’s own level imo, and a lot of the analysts there are more interested in HFs and the distressed space (although traditional m&a exits are still open up to them). However, PJT M&A is still very good and a great opportunity to have. Would put it pretty much on par with EVR M&A/MOE LA.