Shareholder advisory questions
Hi Monkeys. I recently became aware of shareholder advisory/activism defence as a field, and it seems super interesting. I wanted to see if anyone has any more knowledge of this field — it seems that banks are the primary players, but do all banks have a team for this? How is the comp? Lifestyle? Exit opps? Are the teams typically within IB or Capital Markets groups? Are they separate? A bank-by-bank basis? Who goes into these roles, typically?
I know PJT has a division for this (camberview). they just posed SA applications on my handshake.
It’s pretty different from IB even though it’s an IB group.
The bank is often using the defense assignment as a foot-in-the-door for a deal assignment later on. The bank’s direct compensation for the defense work is low but a % of those will lead to M&A work later.
Lifestyle and comp will be similar to IB at the junior levels.
The biggest problem is exit options. Junior defense IB folks rarely if ever place into PE or other buy side. I know one exception personally, but he had to first do an extra year in a normal IB group and he also had unique family connections that contributed.
If you wanted the traditional IB route badly and didn’t land it, I do think these defense roles can be a good plan B but you need to be ready to transition to normal IB first in order to get credit for “time served” as a banker in the eyes of buy side firms. The defense skill set has almost no overlap with finance/valuation/modeling so don’t let a group tell you that you’ll exit to an activist fund or something.
So where do they exit to - usually a more traditional IB role or something miscellaneous that wasn’t hiring them for the experience they developed in the defense role.
Any idea how it would be from a career perspective? Would go into it for long haul instead if that's a good call
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