Hey guys, I figure with results season underway this might be a good time to ask. I was just wondering what, if any, shops in the EB/MM space you would see as primed for growth in the future for IBD. I realize this has been asked before but the conversation has revolved only around the US, would be nice if someone in Europe or Asia could add some color too. Thanks!
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I would say among the EBs one place standing out is definitely PJT since its spinoff from Blackstone, they have been massively poaching top senior bankers.
Other places that could grow in headcount if they want to are shops like Zaoui and Robey Warshaw that have been doing massive deals with about ~10 people. Centerview is another EB with a relatively small headcount (~40 people) in Europe relative to the work they do.
In the MM space I see Alantra (formerly N+1) growing - they have also been doing quite well YTD. HL is another boutique that has been growing in Europe, especially since they acquired Leonardo & Co.
PJT is top tier.
Robey Warshaw has legit 10 people and does massive deals which IMO is super impressive and makes me want to work there.
Alantra has also been crushing it - they had an article in business insider (I usually hate BI) the other day.
Houlihan has been pretty solid for a while - strong RX practice and foods coverage group.
If you consider them a "sleeper," absolutely PJT.
They combined the best RX practice and arguably the best global alternative asset advisory practice on the street (both Blackstone's), with arguably the best M&A banker on the street (Paul Taubman). On top of this, M&A was Blackstone's relative "weak" point due to conflicts of interest (though they still were arguable the #1 spot for college graduates), and now they have the best M&A banker who has also "poached" top M&A bankers at BB's, making their M&A business incredibly elite. Essentially it's a lean firm with a world class 1-RX, 2-M&A, and 3-Alternative Asset Advisory, without the conflicts of interest of Blackstone holding them back from tackling massive deals. These 3 top groups all balance each other out with revenue fees too. From a recruiting stand point, according to these forums here, they appear to have recruited the "top" target talent too (which was my biggest concern compared to BX).
As I'm sure you can tell, I'm excited to watch it unfold. I see nothing but upside for them globally.
+1 SB for foresight... Just read some comments on their earnings, seems like they're doing well.
Thank you
Agree with all the above. I'd throw in Ondra Partners too.
Agree with everyone else. Would also add Moelis, which has been doing impressive deals and has been growing pretty fast, particularly given its increasingly global presence
A bit of a stretch to consider PJT a "sleeper"...they're already a top boutique: great deal flow, recruit top talent away from the BB's. Same with Moelis - everyone already knows knows these firms as top shops.
Here's my personal list:
Lincoln International - Seem to be recruiting some good talent and their deal flow is always getting better. Their analysts seem to love working there- definitely a good sign, and would be a great place to start out IM. I wouldn't be surprised if this name starts getting tossed around more often on this forum in 3-5 years time.
Raymond James - They seem to have great deal flow, and gaining bigger deals at that- the Mobileye deal was impressive. I'm not sure if they're really considered a "sleeper," but I don't see their name tossed around too much on this forum. Neat culture as well- sharp guys, and they play hard.
PWP seems to be having a pretty big resurgence/revival after their restructuring team departure and rough 2015. After all of their moves I would definitely count them as a sleeper that has set itself up well for the future.
1. Lead advisor on AT&T/Time Warner, largest 2016 transaction 2. Currently top 20 Global <abbr title="mergers and acquisitions">M&A and top 10 US M&A for 2017 3. Walter Isaacson joining their advisory practice, also poaching other senior MDs over the past year or so 4. TPH acquisition putting them in top position to capitalize on energy rebound
Haven't heard anything about Guggenheim for a bit, but I remember them advising on a few big HC and TMT deals in past years.
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