UK TMT/Tech IB rankings
How would realistic TMT/Tech IB rankings in London in 2025 look like? Which banks have the highest dealflow, best culture, etc? Was always told that MS Tech was pretty good, but now I’m hearing that dealflow isn’t great that great given the slowdown in IPOs. Thanks
Based on the most helpful WSO content, here’s a realistic view of TMT/Tech IB rankings in London, considering deal flow, culture, and overall reputation:
Top Tier (Strong Deal Flow, Prestige, and Culture)
Second Tier (Good Deal Flow, Slightly Less Prestige)
Third Tier (Decent Deal Flow, Niche Focus)
Key Observations
If you’re targeting TMT/Tech IB in London, focusing on Tier 1 and Tier 2 banks would provide the best combination of deal flow, culture, and career prospects.
Sources: 2023 UK Investment Banking Tier List, TMT Investment Banking (NYC) BB, Ultimate investment bank rankings UK/ London, Best group/team at UBS London (Incoming Analyst), Ranking Investment Banks in 2021
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Non-Tech Banker but would say its covered by virtually every bank be it BB, EB, MM, boutique etc. So given how concentrated it is, your usual suspects like JPM, MS, GS, Evercore rank highly as well as the other big hitters. Would say given UK tech is a much smaller market than the US, Arma Partners punch well above their weight, predominantly in the UMM space ie £500m-£1bn. Not sure how strong Qatalyst or LionTree are compared to the US. Raine Group are the best at media, entertainment and sports advisory
Qatalyst solid in london.
Liontree London okay, majority telecoms dealflow if that's your thing.
obvious BB and EB's at the top, with botuqiues like Arma Partners that operate in the UMM, Torch Partners in the MM and GP bullhounds in the LMM.
I can assure you Torch is also LMM, and mainly cap raises. Saying Torch is MM is like saying they compete with Jefferies.
Jefferies TMT also solid in the UMM space.
I would say Torch are “lower end of mid-market”. You can’t really put them and GP Bullhound together because GPB is a true LMM - max EV they work on is £150mn. Torch has done many deals above £150mn even if you exclude the odd mega deal they co-advise on.
There are a lot of truly LMM tech boutiques in London (Drake Star, Acuity, Leonis Partners) which Torch is a step above in all respects.
Having a quick look on their website and their deals they are middle market, just like the comment below me said looks like towards the lower end of MM, but they mainly advise deals above £150mn EV and odd mega deal.
No idea if they compete with jefferies but isnt jefferies more of a upper MM shop, especially in TMT? so that comparison is probably more justified if you compare shops like Arma Partners with Jefferies.
GB Bullhound atrocious pull lol
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Congrats on MS
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What about DB and UBS Tech?
DB TMT has been picking up with some of their sponsor deals, and good exits / laterals too.
UBS Tech is laughably bad
Citi EMEA Tech?
Is the common consensus in the UK that GS TMT, MS TMT and Qatalyst are the top TMT teams?
Then what would the next ten teams be?
Probably JPM, Citi, Evercore — after that a large gap then the likes of BofA, Laz etc
Thanks!
where would boutiques rank such as Raine, Liontree, Torch, Arma etc...
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