Saw they poached quite a few senior MDs recently. Any idea on how they stack up against other shops in Houston? Any info on dealflow, culture, etc would be appreciated.
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They’re about to get really good with the top guys from Citi recently moving there
I doubt they are able to see any success out of that partnership.
Citi’s entire selling point was “Come to us for the balance sheet”. The upstream team left because of one, main reason in my opinion:
Unfortunately the reason the move doesn’t make sense is because Guggenheim doesn’t have a balance the same way Citi did so the bankers will have to pitch something else to stay relevant. Esoteric structures come to mind given Gugg’s strengths but again that’s not what the ex-citi team specialized in.
Another reason I have doubt is Steve Trauber was the real upstream rainmaker at Citi. I don’t know how good Muhammad and team is but there’s a real possibility that the success they had at Citi had something to do with Trauber and he didn’t make the move to Gugg.
If anything this helps other top groups since they get to take away Citi’s businesses. Heard the upstream group at Citi has been in real shambles lately.
Agreed. I think they realized without Trauber they can’t survive at Citi so they left to Gugg. Problem is if all of the deals you did included the entire bank and not just your group, you are in trouble at a boutique. I’m especially skeptical of Muhammad. The guy gets promoted in his early 30s to head of upstream and gets 50+ deals done. How much of that was Trauber? Pretty much all of it.
Agree - ppl hired Citi bc of Trauber - all of the industries I can’t see the old school upstream guys hiring some mid 30’s guy for his “advice” / advisory services
Trauber was really an OFS guy, but made it rain everywhere
Deal flow is great if you want to work on a few ABS transactions per year
They’ve thrown a lot of money at Upstream. Let’s see how it goes.
Had high hopes because we really liked the team at Citi and expected a similar level of coverage once they moved to Guggenheim....but the coverage has been lacking and in what's been a pretty active 1Q'23 in the upstream A&D market, have not seen Guggenheim on any of the sell-side mandates....maybe they've been the runner-up on a few buy-sides, but hard to make a living that way...
Bump
Still no deal flow
Upstream's already so competitive, personally think it'll be tough for Gugg Houston to crack it among everyone else.
Bump
Still no deal flow - thanks for bumping 10 days later after the first time
Bump
You need to stop bumping this every week. You got your answer bro
I think it’s perfectly reasonable to bump. This thread got side tracked by a discussion on ex-Citi bankers.
What’s crazy is I overheard some of their analysts… instead of saying “Guggenheim” they were saying “Assenheim”
Really tells you something about the culture over there
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Stop bumping this - for the 4th time
nobody has additional thoughts
$5 BB deal in the Permian which Guggenheim advised on announced today. More deals in the pipeline.
bofA / JPM / Jefferies did the deal - nice try
BofA and Guggenheim advised Civitas.
Yep, WSJ Investment Banking Scorecard just logged it into today -- 5 bil bump for Gugg.
They did a pretty convulated one (purewest or something) few weeks ago too
The people who joined from Citi ~1 year ago are now leaving to Moelis (including Laghari).
That’s hilarious…Moelis just ate the guarantee at Gugg and gave him another guarantee?
Rumors were these guys did not get remotely close to targets at Guggenheim
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