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.
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.