TMT Boutique Rankings
Rising sophomore at a target and I'm interested in working in the TMT space. After speaking with upperclassmen at my school going into banking, I think I'm currently leaning more towards a boutique experience. With that being said, I'm still quite young so I don't necessarily want to go into a specialist shop (Raine/Liontree/Allen) because my interest might change in a couple of years. So how would you rank the following firms in terms of the strength of their TMT group?
Evercore, Rothschild, PJT, Moelis, Centerview, Lazard, Greenhill, PWP, and Guggenheim
PS I'm still planning to recruit a lot of banks but I just want to get an idea of how I should prioritize them.
If you're a sophomore in college, it is a bit late given that most of the recruiting for Sumer 2023 internships is wrapped up but the following list is good if you're wanting to explore options after a possible internship for FT. The list below is more tech-heavy, given that's where most of the market cap in TMT is concentrated, but should give some guidance. Can update later
Top Tier: Qatalyst (tech), LionTree (media), Lazard (telco)
Second Tier: Evercore, GS TMT, MS Menlo
Third Tier: Centerview, BofA, Moelis, FT Partners, UBS
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Found the FTP analyst.
Isn’t UBS tech team gone?
Could be completely wrong but heard from someone that many departed to Leerink last year
Someone correct me if wrong but I thought they did a pretty quick turnaround by poaching a lot of CS and CVP TMT seniors right after their original group got poached by SVB
CS and Barc over UBS
Barc Tech is a level above CS and UBS tech
Just curious but did you rank GS TMT / MS Menlo in T2 because they're not boutiques like the OP originally asked for?
I'm in a GS TMT / MS Menlo group and other than Qatalyst, no one even comes remotely close in 4th. Like we don't even consider Evercore/LionTree/Lazard as real competition. Sure LionTree may get on a major deal every once in awhile but idea still stands, plus half the time its just deal creds so the relationship gets them "on the deal" but they earn 0 fees from it.
How are your hours at GS TMT/ MS Menlo? Heard awful things from both groups regarding brutal culture and terrible hours, but wonder if things have changed post GS memo
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Brother LT doesn't really do tech
what about Raine?
EVR/CVP/PJT/MOE/PWP/LAZ all the same but way better than the others
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as someone who has worked with their tech group before on opposite sides of a deal, they are pretty solid ngl
In a tech group so can only comment on that side of things (not MT), here’s how I’d look at things:
EVR/LAZ/CVP are the top tech boutiques. Q and Allen obviously in this list as well but are specialized.
MOE/PWP/Greenhill/PJT just don’t do a lot of tech. MS me all you want but we never see them on pitches / big deals. Obviously all great banks but just don’t do as much in tech space
Next tier would be places like Gugg, Jeff, and WB - any of these three do more tech deals than MOE/PWP/Greenhill.
Interned in SF Tech last summer and this seems right
How do places like Gugg/Jeff/WB compare to BBs like BoA/CS/Barclays would you say? In terms of experience, exits, and culture.
Normally boutiques are better but for tech I think BBs offer a much better experience given equity is such a huge component. Wouldn’t overlook that, you’re much better off at GS/MS than you are at any boutique excluding Q
Canaccord Genuity in terms of pay apparently lmao
In fairness, TMT is as broad of a category as something like Healthcare. I'd look at firms that are sector specialists, without being niched into particular verticals. Arma Partners is a strong player in that space worth looking into.
I don’t consider independents (Evercore, Lazard, etc.) boutiques. The top true tmt focused boutiques are Qatalyst, Allen, Liontree, DBO, Raine. All are solid, but Allen is on a good one this year.
Is PWP SF tech fine? Have heard a lot of people talk about lack of deal flow but was wondering if the analyst experience and exits will still be top notch or comparable to NY for the west coast
hard to tell when they only take like 1-2 people a year. you're better off at a BB or almost all other EBs if you're talking tech banking in Bay area
PWP SF isn’t as bad as everyone makes it seem in terms of exits, have seen people go to PE firms like Francisco Partners and other corp dev positions. It’s a fine option if you strike out at other places
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