Top Investment Banks in each industry 2018
I have not seen a comprehensive list of the top banks for each industry. So many people new to the banking industry have this "GS is king" mentality without realizing that GS is outclassed in many industries. I think it would be really helpful to have one thread that lists the top 3-5 banks in each industry. Please share your knowledge. Thanks!
Mod Note (Andy): Don't miss the top comment below by user @lapike", and see our IB Industry Reports in our Company Database.
Bump
Thanks!
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+1
I love that I got 10 monkey shit for that
http://graphics.wsj.com/investment-banking-scorecard/
No idea what you said. I gave you MS because I love the pile-on.....herd mentality i guess
BB, EBs, boutiques or any?
Healthcare: Centerview (EB), GS/MS/JPM (BB), Leerink (boutique), Cain Brothers (boutique), Ferghana Partners (no-ish name boutique)
Don't know about other industries that much
You missed Jefferies, Piper, etc.
Yep, forgot the MMs.
jefferies
All of the below are based on either league tables, hearsay, my own prejudices, or things I learned in history class.
Energy is definitely TPH, Evercore,or Jefferies.
Agree, but Houston-wise, Citi & Barclays kill it too
Citi did ~100B in energy deal value alone in the last month. They're tops. End of story.
Adding Evercore, definitely a top contender
No MS for TMT?
This is obviously my own opinion, and I don't know what much about every sector but (just a few top banks, not a particular order):
Tech: GS, MS, JPM, Qatalyst, Centerview Media & Telecom: MS, BAML, Evercore, Moelis and Guggenheim (media) Industrials: Citi, JPM, BAML, Lazard Energy: Citi, Barclays, Evercore, TPH Healthcare: MS, Lazard, JPM, Evercore, Centerview Consumer & Retail: GS, MS, JPM, BAML, Moelis, Evercore Real Estate: JPM, BAML, Evercore, FIG: GS, JPM Sponsors (Financing): JPM, BAML, CS, Jefferies (if you're looking for whack leverage) Sponsors (Actual Advisory): Evercore, Moelis, Lazard Large-Cap Restructuring: PJT, Lazard, Moelis Shareholder Activism / Defense: GS, Evercore
Obviously the top overall banks have strong groups across coverage teams and products, but thought I'd list a few groups that are well known / respected in each and try to cover many of the top banks' best teams.
Would add JPM media & telecom to the list. Strong deal flow (did the Disney and Sinclar deals recently).
Well-taken, yeah they should probably be on here as well
How much does group matter other than for deal volume? I assume most F100 companies and MBA adcoms don't know which groups are strong. Probably some people in high finance wouldn't even know.
What makes the group "strong" is the relationship the a senior banker has with the executives of companies (e.g., Byron Trott bringing GS mandates from Warren Buffet).
Would agree with most of this. Would probably add Jefferies for their healthcare team.
Also need to add Houlihan and maybe Rothschild large-cap rx
Agree on HL and Rothschild for RX (although both much more MM focused which is why I didn't initially include them), but is Jefferies HC team really that strong? Asking because I genuinely don't know much here, not trying to be a dick.
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Interesting, Shareholder Activism isn't something I'd ever think about. Did you get that through word of mouth or is there a league table somewhere? Not criticizing, just honestly curious.
We do a lot so just what I know about the top groups on the street. But yeah, it's increasingly important these days and is a growing business, so worth keeping an eye on which firms develop good practices.
I'm not an expert across all industries w/r/t bank rankings but:
For Tech - GS, MS, Qatalyst seriously dominate all the sell-side M&A mandates. Like as in I've yet to see a sell-side M&A deal of a minimum size (>$100m) that isn't represented by one of them. Rest of the banks are all lined up for buyside financing
Media & Telecom - I would add PJT (M&T is Taubman's forte), and JPM (they dominate the Media space)
Sponsors (Financing) - you may find this surprising but JPM is not as as active in the sponsor financing area (LBO) as you would think. At least in the US, the bulk of JPM's levfin deal flow is from corporates, not from sponsor LBOs. It's not that they are incapable of doing it, but they are very conservative when it comes to terms/leverage (relatively speaking), but you will see them often in M&A financing (not highly levered LBOs). When it comes to Sponsor LBO financings, I would put it as CS/Barclays, Jefferies, DB/BAML, in that order. European banks take the torch here
Restructuring: any RX related league table needs to include HLHZ...
I think you have the right idea here in looking at sell-side M&A mandates of a certain size. Sell-side M&A fees are by far the most lucrative in the sense that they are 1) massive as a % of the deal 2) don't require significant S&T infrastructure like Capital Markets transactions and 3) don't require any balance sheet commitments like LevFin work. Buy side mandates are not as lucrative and can almost be won on institutional relationship/balance sheet alone independent of the quality of industry group working on them. As such, looking at the number of sell-side mandates a group has closed over a certain period of time is probably the best way to measure the strength of the group. Rankings based on $ values can be distorted by large transactions, which while impressive, may not speak to the ability of that group to consistently win sell-side mandates. Additionally, winning numerous sell-side mandates increases the ability of that group to win more sell-side mandates as their experience in the sector is broader as opposed to "deeper" by having won one really large mandate which will only be useful in that particular sub-sector (e.g. GS representing DuPont in Dow/Dupont vs MS with 9 sell-sides in Chemicals vs GS's 6 over the last 3 years).
Would not sleep on Jefferies Energy, doing way more A&D then most shops, most A&D flow in Houston
JEF over TPH any day on upstream, agreed that Evercore and BBs like Citi/Barclays are also tops because they do all the cap markets / many midstream deals
This is nice and all but league table position does not equal prestige/exit opps. If your goal is buyside, you are probably better off working in one of the legacy exit opps groups.
Well that's true, there's a strong link between them. Leading the league table is a good way to get exposure to either a lot of deals or the "biggest" deals, giving you a better shot at an excellent exit op.
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