23 Comments
 

Not all mandates are public. Lot of out of court and etc distressed exchanges etc. Would move MB down a tier and JEFF up a tier especially with derrough. Also is this tier in terms of exits, prestige, something else? PJT still in a league of its own.

 

Agree with other commenters, PJT on its own, then EVR/HL, then move down Gugg and MB respectively. HL is good but at the size they are they frankly should be on more mandates. Can’t have 2-3x more people than everyone else and be on less.

 

As someone on the EB industry side, HL always ranks too high in these IMO. They do a fine job on volume, T2 is fine, (but not differentiated vs. others on that level) but they have a higher proportion of creditor-side mandates and often win on cost (creditors are cheap and they will take sub $2M fees that PJT, EVR, MOE, CVP won't do).

Never really see GUGG on stuff, certainly not same tier as those other banks. After T2 there's a big drop-off IMO (at least from a US perspective)

 

HL has still been on some of the most topical LMEs + Ch.11 of the past few years but at the end of the day all of these t2 places are great places to work with similar buyside opportunities for analysts

 

gugg had a breakout 23-4 in terms of mandates, rite aid/lumen/first republic/svb/MLB and multiple (other) bn+ dollar debtor sides. they def had a slower 25 besides the continued rite aid debacle and an interesting california pensions fund advisory but putting them lower feels wrong

 
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Few comments below thx.

  • Tier 1: PJT, EVR
  • Tier 2(a): HL, MOE, LAZ
  • Tier 2(b) PWP, CVP, GUGG

 

Can’t comment on the above, as not in the US.

Biased, but my impression is that HL does very well internationally. Huge mandates in Europe and Asia eg Chinese RE, Ardagh, Altice (France and International).

Would rank them higher at Tier 1 on an international level, alongside PJT, in a league of their own vs the rest I.e. EVR doesn’t have a great RX team outside of the US

 

Analyst 1 in IB - Restr

Can’t comment on the above, as not in the US.

Biased, but my impression is that HL does very well internationally. Huge mandates in Europe and Asia eg Chinese RE, Ardagh, Altice (France and International).

Would rank them higher at Tier 1 on an international level, alongside PJT, in a league of their own vs the rest I.e. EVR doesn’t have a great RX team outside of the US

if you're at EVR RX in the UK are you poorly setup for learning/comp/exits to distressed later? Is it a big leap vs. HL? Can you share anything in terms of expectations on hours/comp/exits at these for EU? 

 

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