I know the LevFin group is based primarily in Charlotte, but I heard they are really trying to build the team out in NYC and I'm just curious if anyone has any insight into deal flow, culture, exits, etc. Also, what would be the implications of potentially choosing LevFin over M&A or a strong coverage group? Any advice is appreciated. Thanks in advance.
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LevFin is ranked fairly highly on league tables (usually top 3). They were #1 in corporate acquisition financing last year as well. They aren’t so good at LBOs/Sponsors activity (can argue if that is their fault or Financial Sponsors Coverage), though they have led some large LBOs. Deal flow is high, but that’s the case in any product group.
Exits are decent, have sent people to HIG, Ares, MM and LMM PE, other stronger banks, and B school.
NYC office has ~30 people, mostly juniors and I think the new co-head.
Overall, the group was one of the few bright spots at WF, along with REGAL, FIG, and DCM. Now, other groups have gotten stronger as well.
Super helpful. Do you know anything on the Leveraged Debt Capital Markets (LDCM) team at WF?
Leveraged debt capital markets team is a separate team within LevFin that does capital markets facing work. They are like a hybrid with sales and trading. Very small team.
Thanks for your reply, couple other things if you have time, does FIG exit typically to FIG focused PE or can you exit to generalist if you network hard and also how would do cultures look across the usual top groups (REGAL, LevFin, M&A, FIG)
FIG can result in narrow exits, but not as narrow as regal. FIG bankers are well regarded as highly technical.
Is it still possible to land non FIG focused PE or is it likely going to exit to financial services focused PE
Hard to be definitive. It can definitely be done though. If you’re so worried about it/you definitely want to leave the FIG space, why bother doing FIG IB?
I've had experience with it before, and I found it decently interesting, and I know it's one of WF's top coverage groups, but I want to have some optionality with exits. I know that probably sounds like wishful thinking but honestly you're probably right
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