Updated RX tiers
Tier 2 - GUGG, PWP, MOE, CVP
Tier 3 - LAZ, GH, Ducera,
Tier 4 - Miller Buckfire, Rothschild, JEFF
Based on updated mandates for 2024 and 2025
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congrats on gugg rx!!
ngl think this is pretty accurate based on what I’ve seen, Gugg and pwp have really been pulling their weight and raking in the fees quicker than I’ve seen before. but wouldn’t discount jeff so much considering their volume (quantity over quality though, and more you would expect from an mm oriented shop)
no way HL is equal to EVR
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Not dramatic enough, most on this site would drag themselves through glass for a Tobin offer.
pretty solid list imo. would move LAZ down a tier, they recently had a lot of turnover with senior guys getting poached by other shops. also would switch PWP with Ducera. they've been punching out of their weight class on a lot of the big ticket deals over the past year.
bro hates LAZ 🤣
There's no shot you think LAZ should go down more than tier 3 lol. It should be on tier 2. Its exits are better than every other firm on tier 2/below lol. Don't know why LAZ gets so much hate on this site.
How many times per week are we going to learn who the best Rx advisors are?
Why is it "EVR/HL" and not "EVR, HL" is it also ranked left to right on each tier? also would be interested in firms' rankings below tier 4
I think probably left to right
HL RX is not compared to EVR RX tf 😭
Lmao HL analysts bombing your shit.
Surprised no one ever gives shit to cvp- I barely see them ever on any deals lol. Great brand name tho XDDD
yea their model seems to be only doing big headline deals with very few rx partners- when you compare them to like laz based on number of rx partners its pretty justifiable
HL Rx is superior to the rest of their business it is actually known to be a top shop
i strongly disagree, have u seen HL’s exits?
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It’s Roth really that low?
I thought Moelis had finally gotten to tier 1 in RX and Jefferies was easily in the second tier? I read a bankruptcy league table that validated that conclusion but could be wrong… PJT undisputed #1 in RX at least reputationally. Can someone explain why the big banks don’t compete in the space? Just regulatory restrictions?
Edit with source: https://pipeline.thedeal.com/leaguetables/bankruptcy
EVR is in tier 1 so not sure what you mean. jeff is nowhere near t2, their mandates are primarily UCC which inflate their transaction sizes similar to right bookrunner vs lead left. rx leagues can vary alot by quarter, what time period were you looking at? you should look at FY and you also have to look at OOC tables, not j bankruptcy
big banks can't really compete because they can't play advisor in any situation where they are also a lender, and since most corporate loans get syndicated it's likely they have some piece, it's not worth the time and money investing in rx teams
My mistake - meant Moelis. Had Evercore on my mind for whatever reason... Thanks for the explanation on the bigger banks.
Idk much about Jefferies but took a quick look at their website and their big mandates look impressive to the untrained eye. Agree that several of the mandates look like they are UCCs; idk the space enough to comment.
That bankruptcy league table timeline I was looking at starts in Q1 of last year. Looks to me like they are always in the mix for top 5. I think/thought their banking franchises are taken much more seriously now that they have been on a tear in M&A last few years. Could be mistaken, someone who knows Jef better should comment but I think they are much more respected today than they used to be.
Alexa, play Three Headed Goat
one of these goats are not like the other
gang how we feelin about gugg rx?
GUGG is racking in fees rn with super strong deal-flow, def deserves #1 spot in tier 2 compared to other players that are carried by M&A groups
How do you find RX fees for specific banks?
I work at one of the shops listed in tier 1. PJT is the undisputed number 1. Evercore is the undisputed number 2. HL is the undisputed number 3. Frankly I couldn’t even rank the shops beyond that because they aren’t even in our ballpark but the ones we work across from most often, in no particular order, are CVP, Laz, Moelis, PWP, and Gugg.
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