Top RX outside of NYC
What are the top RX groups outside of New York?
I know:
Houlihan Chicago
Houlihan Los Angeles
Houlihan Minneapolis
Moelis Los Angeles? (Thought they focused more on M&A)
Any others?
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As put to me by a HL LA principal (perhaps some bias but hopefully it's right), Moelis LA only has one MD who focuses on restructuring, everything else is cross staffing when capacity needs mandate it (not often)
Bump
HL Dallas, Ducera LA
For what purpose?
If you're a student looking for your first banking gig, you can go to a credit fund from any of these places. Worst case scenario, you do a year at HL Minneapolis and go to Evercore like all the other Canadians.
If you're a career restructuring banker, deal flow wise, Lazard Chicago can't really match HL LA's deal flow today. No other office is close to those two. If I was thinking about developing client coverage for a long-term career, HL LA will put me in front of recurring credit fund clients far more than Lazard, where I don't know how many of these deals are being sourced from coverage banker relationships.
At a NYC RX Group (PJT/HL/EVR), have friends at HL, EVR, PJT, LAZ, GHL, and MOE RX, and by far the best non-NYC bank for culture and exits is Lazard Chicago. OP is a college student and I am giving him the best bank for an analyst experience. Juniors don't get grinded (in RX terms) and have top notch exits. In their 2021 exit class, their 3 exits were to KKR, Permira, and Evergreen Coast (Elliott). In 2022, one person exit after only 1 YOE to Crestview. Other 2022 exit I know of is to Centerbridge. Not sure about others.
HL LA has great dealflow obviously but juniors will get absolutely railed. One of the toughest groups in banking. Additionally, their exits are sub-par to my knowledge (in RX terms). Only 1-2 people a year going to less interesting groups at Ares and Oaktree. If you want PE from HL LA, it will be LMM PE guaranteed. Having any exits to Ares and Oaktree is obviously fantastic but definitely not on the level of NYC RX groups at EVR, PJT, HL, LAZ, MOE, and even GHL.
^
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