Anyone have any info/insight regarding Stephens IB division in Dallas?
Any info with regards to comp, culture, hours, exit ops, would be greatly appreciated.
Also wondering what % of deal flow is comprised of energy transactions across upstream, midstream, ofs.
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I’m in Houston but I have a few friends that have worked in the Stephens Dallas office. Exit ops will mostly be smaller PE groups in Dallas. The better move might be to try and jump over to a stronger IB in Dallas like Houlihan. Dallas is a great city but not a big IB scene.
The best way to see what the real exit ops are would be to go to LinkedIn and search “Stephens investment banking analyst”. Look where former analysts have moved on to
I appreciate the response. What you said definitely makes sense with regards to PE exits in Dallas. I’ll check out HL, have heard they’re one of the larger groups in Dallas.
Did you receive an offer?
Nein.
I'll echo that Dallas really doesn't have any IBD presence (pretty much none from bulge brackets). As mentioned, HL has the largest presence and I believe their Dallas office focuses on Healthcare.
It sounds like you are interested in working in energy, if so you should definitely shoot to do a few years in Houston at a strong energy platform. I'm not into the energy scene but I know EnCap has a pretty big presence in Dallas from the PE side.
Appreciate the insight. I should’ve noted that I’m currently an IB analyst at a smaller boutique, thinking about possibly lateraling. I did Corp banking at a BB for two years, so I’m not really fixated on going back to a BB tbh. But your point is well taken; Houston is deff the bigger IB city relative to Dallas.
Are you married to energy (still assuming here)? I think in Dallas the PE scene is much more diversified (RE, Healthcare, O&G, Consumer, Family Offices) with funds mostly on the smaller side - so that's another consideration when you think about exiting.
I do believe that GS has a SSG in Dallas as well but I don't know too much about them.
Here is a link to a post with PE Firms in Dallas (I believe its pretty comprehensive): https://www.wallstreetoasis.com/forums/dallas-pe-funds?page=1
Any idea on the Evercore office in Dallas? They got an ex-Goldman MD to set up shop in Dallas in early 2018.
Don’t know anything about it. Though I’d assume it’s just a regional coverage group without a specific industry focus. But it’s Evercore all the same.
Also interested out of curiosity and what industry or product focus the Dallas Evercore office would have.
Run away from O&G and then when you look back and think it's safe, keep running.
Haha, it’s tempting at this point. I’ve heard multiple mds say they’ve never seen this amount of skepticism towards the future of oil and gas before. Deal flow is slow af too. No capital markets cuz investors have no appetite. Though seems like it’s hard to pivot to another industry group when all your experience has been o&g specific.
Someone has been following energy fintwit today :p
The shale E&P business model is simply broken. It doesn't work. But I think it could continue if interest rates remain where they are, if not lower.
Well it turns out the model is not broken. Combo of $100 oil and mgmt incentives to not grow production / pay down debt / pay divs / buy back shares.
Could be in for a rocky next 6 months though with supply creeping up and demand disappointing, but personally I'm bullish longer term
Blackhill Partners, a Dallas-based restructuring advisory firm acquired by Stephens, placed an associate in KKR this year. Appears to be one hell of a shop with solid senior bankers.
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