I've been stalking these forums for years, first time actually posting
I'm curious as to the top IB groups covering infrastructure & natural resources (I notice that they tend to be grouped together)? Focus is on the infrastructure side
I've been in the infrastructure industry for the past 5 years (3 years at a ports developer-operator, 2 at a major GCC infrastructure developer - PE but with house money - in a PM role; basically managing portfolio companies). Looking to apply for my MBA next year (targeting M7).
Helpful to know which groups I need to keep in mind or perhaps I've already interacted with in the past!
Entire point of going for an M7 MBA is to recruit for the best infra & NR groups to get that global exposure to my two favorite asset classes (infrastructure & natural resources). Would naturally look to move into Infra PE after a few years.
bump
Speaking for NYC on the transportation infrastructure side specifically, BofA and MS have led most of the higher profile deals over the last few years in this space at the BB level. MS has a dedicated transportation group but it falls within industrials at BofA. For the boutiques, Solomon Partners, Rothschild, Guggenheim and Evercore all have dedicated infrastructure groups that are pretty active and competitive as well. Can't really speak to the Power/Renewables/Utilities side however.
Thank you! Two follow ups please:
-EB coverage as part of their broader mandate or do they have specific sector teams covering transport/infra?
-Thoughts for groups across the pond (London teams covering EMEA)?
No problem, I believe all of the EBs listed have specific sector teams and senior bankers covering transport/infra in NYC, unfortunately can't speak for London.
Would also add that Macquarie and RBC are both pretty active players in the space with dedicated infrastructure coverage in NYC as well, but a bit different platforms than the BBs and EBs.
There is some level of overlap between the two but best Infra players in London would be MS, BofA, Macquarie, (Citi?), Roths, Evercore and UBS. For NatRes GS, Barclays, Macquarie, Lazard, MS (O&G)
Incoming analyst At a BB Here(ignore title) and looking to lateral to an eb almost immediately. Interested in evercore. Seems to be mentioned in most threads when talking about top groups(e.g. this and the recent fig thread) and there was a thread basically saying most groups there were strong yet i've also seen older threads saying its London operations are weak? Has there just been a lot of development there recently?
No I don't think they are weak, just weaker than their US franchise which is true for all EBs except Rothschild. That being said Evercore Infra is probably the weaker team from those mentioned above
I wouldnt say BofA is great power/infra in London - pretty mid tbh. Nomura is one of the top banks. RBC, Macquarie and Rothschild are also good in renewables but they focus more on sponsors - so high volume / low fee, not very sexy and not much corporate client work. I think Barclays is still good despite the problems in the bank overall.
For NatRes, agree with those names but would add BofA, Citi and JPM with JPM probably the strongest overall.
Good point, forgot both Nomura and RBC. But Nomura is practically a PE buyside house so churning through lost buysides for months is hardly fun...
Can’t speak to London but for NYC, it is basically dominated by the BBs. NR / Infra is super broad, so hard to drill down super specifically, but would say JPM is top (especially power / utilities / renewables). Then you have GS / MS / Citi. They are all pretty bunched together here — all compete with JPM, but lag slightly behind. Barclays is still pretty good, but a half step down from others. Definitely some other good banks in the space, but would say the aforementioned are the best.
GS is dominating energy this year
Do most BB/EBs lump mining into I&NR, or is often separate?
3 schools out there for mining coverage: 1. Mining-only group (RBC, Rothschild, BMO, other CAD Banks) 2. Subvert in Industrials (MS, BofA) 3. Subvert in NatRes group, which covers PU&I, O&G, Chems & Mining (GS, JPM, Barclays).
CVP does high profile mining as well out of London but i think the juniors/mid-level just drafted out of the generalist pool
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