Thoughts on MM shops in Canada (Canaccord, Stifel, etc...)
Not much information about them on here. Canaccord seems like they punch above their weight but wonder how they rank in comparison to other Canadian investment banks like Big 6 and other boutiques. What does comp, prestige, progression, exits, etc look like at MMs?
Based on the most helpful WSO content, Canaccord Genuity is one of the notable middle-market (MM) investment banks in Canada. While there isn't a direct comparison provided in the context between Canaccord and the Big 6 Canadian banks or other boutiques, there are some insights that can be shared:
Compensation: The context indicates that in September 2023, the average total compensation for various positions at investment banks, which could include MM shops like Canaccord, was as follows:
Prestige: While the context does not provide a direct ranking of prestige, it's generally understood that the Big 6 banks in Canada might have more brand recognition due to their size and history. However, MM firms like Canaccord could be perceived as "punching above their weight," suggesting they are competitive and may have a strong presence in certain sectors or deal types.
Professional Growth: The context mentions professional growth opportunities rankings for investment banking firms, but does not specifically list Canaccord Genuity. However, firms that provide strong professional growth opportunities are likely to be attractive to candidates considering career progression.
Exit Opportunities: The context does not provide specific information on exit opportunities from MM shops like Canaccord. However, working at a reputable MM bank can offer solid exit opportunities, especially if the bank has a strong deal flow and a good track record in the market.
For more detailed information on Canaccord Genuity's ranking, compensation, and other specifics, it might be beneficial to look at the individual reports or threads on Wall Street Oasis that focus on MM banks in Canada.
Here is a question that you might be interested in and I can help you with: What are the professional growth opportunities like in investment banking in Canada?
Sources: Toronto - Boutique Investment Banking Compensation, What is Canada comp like?, US Banks With Satellite Offices in Canada, https://www.wallstreetoasis.com/forum/investment-banking/best-ib-groups-in-canada?customgpt=1, Canadian BBs in the US? Pay structure, Presitge?
Good shops IMO. Likely less brand-recognition than big 6 Banks, however, pay is generally in-line with street. Typically operate lean deal teams and are volume based banks, so become sweaty when equity markets are hot. You’ll find most of them at Ki trying to win Bought Deals during that week.
Don’t know much about what Stifel has closed closed the past year, and on top of that you can’t forget to mention the terrible way they issued bonuses. Canaccord arguable has one of the better mining teams on the street (volume wise) and in good years pay will be above B5. Others like Greenhill, Cormark, Raymond James, Infor, etc can’t speak too much on.
I think Canaccord is probably in a league of its own (in terms of quality deal flow and prestige) among boutiques in Toronto anyway.
Stifel is not good - entire thing fell apart once GMP was parcelled off to them. It’s a shame.
Canaccord does some interesting deals (eg Future Electronics sellside which was over $1B EV), but does the usual random BS in the smaller space (cannabis, junior mining, crypto). You won’t get the training you would at the banks, but you get paid and it can be a good experience, particularly for mining.
Would you say Infor & Greenhill > Stifel consistently?
You can remove Greenhill out of that equation because they rarely recruit and the ones who get the jobs There are encouraged to recruit for other opportunities because growth within the company is limited - exits are amazing but this is another conversation.
I wouldn’t say that Stifel is trash, it’s just overrated. In the US it’s one of the bottom of the MM’s.
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