Background in distressed debt investing. In at top B-school. Looking to recruit for restructuring boutique and wondering how recruiting for these shops differs from the BBs. Also any thoughts on what the demand is from these shops as the economy is beginning to subside. I realize there is still a huge backlog of restructuring yet to be worked out, but the growth rate is slowing substantially.
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well as far as restructuring boutiques go, you can't go wrong with BX or Moelis (they are doing EXTREMELY WELL). I have heard Moelis had some amazing placement (both NYC and LA).
I'm starting SA soon in restructuring; not a top restructuring and/or M&A specific shop but rather the restructuring group of a good foreign bank. Upon my request, they have sent me some background materials, especially pertaining to the 'maturity wall' of the next few years (which has 'shrunk' significantly in the last few months).
Although the economy is recovering, it looks like it should be a pretty active space for the next few years. I'd assume (/hope....for FT after SA purposes) that hiring will be steady.
Look at Houlihan Lokey, Miler Buckfire, Moelis, BX, Rothschild; all known for restructuring.
Evercore, Greenhill, and Jefferies also have good restructuring groups, as do Imperial Capital and Broadpoint - the latter two not being as well known as the ones already mentioned.
Evercore's restructuring group kicks ass and does not get as much mention as the top tier shops (BX, Lazard, HL and Buckfire) although they are clearly on the cusp of becoming a premier restructuring practice, if not already. Greenhill has, at best, a subpar practice and the Jefferies group has done quite well, given the large defection to Moelis.
Its much more difficult to actually recruit into these shops than the BBs unless you are at Harvard or Wharton (obviously different for HL), since the groups are relatively small and will usually hire a maximum of 4 associates per office. Obviously a distressed background will help you significantly. Have you tried leveraging your pre-MBA network? I would imagine that is the best way to go about the recruiting process. Otherwise, I would say it is a very uphill battle getting into one of these programs.
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