Hey Monkeys,
Sitting here late trying to crank on a deck & the thought popped in my head - what are the up and coming LMM & MM shops or groups? Following the “Fall of William Blair” post got me thinking who could step up and take their place.
Some IBanks that come to mind -
Would love to hear what you guys are hearing / seeing in the market.
What books from the PE side you are seeing cross your desks more frequently?
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Oppenheimer's Technology Team brought in MDs from JPM, Bofa, Moelis, and William Blair during the last 1-2 years. I would say they're on a good trajectory.
Looking at lateral opportunities in the MM for a better lifestyle. I thought Oppenheimer was TMT or is it only tech?
Would recommend against moving to MM for better wlb. Not sure who started this myth but I can tell you that it is not much better at any name brand MM shops (your HLs and Bairds). Obviously team dependant but have heard of some long hours at Opco from friends and would assume any group that is doing well will be busy. Definitely do a lot of diligence and you might have to move to LMM if you really want wlb.
WLB isn't really better at a MM. Just wanted to echo that.
Yeah, Oppenheimer Tech as in TMT.
PJT
PJT is WELL established already lmao
Bro said PJT 💀
Heard a lot ab Ziegler
Incoming “Wells Fargo” comments
Tidal
-Axom (new, former Qatalyst guys)
-Tidal (CVP guys, been around for 1.5 years I think)
-Baird (competes with BBs / moving up to EB tier)
-Oppenheimer (Poached a lot of tech MDs)
Assuming you’re at Baird?
Yes and we compete with BBs, at least within my coverage sector.
I guess now that people push back I would agree that it's misleading to use BB and Baird in same sentence. We don't have nearly the capital markets capacity that those guys do. On an advisory basis within my coverage group though, watchout Goldman.
Congrats on Qatalyst.
I think it's a bit too early to crown Axom and Tidal.
For Baird and Oppenheimer, I think they're a bit too lopsided with some strong groups (Industrials for Baird and historically HC for Oppenheimer) but have some weaker groups also, no?
I'd argue Oppenheimer has been on the decline for a while now
I think this is very group dependant. Tidal and Axom are pretty niche so its obvious what vertical they are good at. Looking at Opco, the tech group is on the upswing.
For MMs like Baird they have some groups that compete with BB/EB and some that definitely don't. It's a little misleading to say that Baird as a whole is going to be on BB/EB level, but they do have some groups that win pitches against these rivals. Groups like industrials are top notch, the government services team is insane, but like every other bank they have some weaker groups. Not sure what weaker groups are at Baird as these aren't my industry, but maybe something like HC or consumer that isn't talked about much.
del
Cowen has done very little in the past few years. Why do you think it’s growing?
I was strictly thinking about the TD deal. Probably could help propel them up the ladder. Haven’t kept up with their deals, so I could definitely be wrong here
Upcoming: my bank
On the downtrend: your bank
Texas Capital Securities ;)
Once Truist matures post merger a bit they will be going up in the ranks, they are laser focused on growth
They don't need to "mature" they need to poach some real MDs with M&A backgrounds to get it poppin'. I have heard they are somewhat "cheap" and IB is not a cheap industry to buy growth in. Bankers are expensive, if you want in to the big leagues you've got to shell out for some BB guys (Think Goldman Sachs, Morgan Stanley, Brown Gibson & Langely)
Congrats on BGL
Bro threw in BGL like we wouldnt notice LMAO
Piper Sandler for RX after they acquired TRS
Speaking about Piper, how have they been able to acquire high quality boutiques (DBO, TRS, Valence, and Sandler) in a relatively short period of time? Is their strategy of integrating these shops really gonna work in the long run?
Not sure as I don't work there. They paid $39m for TRS with I think $25m cash and the rest in stock.
I feel one of the big risks with acquiring boutiques is there isn't much holding some of them together once the partners cash out their equity. Some of them wanna stay and run it up at their new overlord bank but in other situations they take the money and stay as long as their contract says they have to but take up working from the boat in Palm Beach. Like honestly for the amount Piper paid for TRS and the deals that TRS does, I feel like if they were really focused on running it up as much as possible they'd have stayed independent.
Kinda like GH and MIzuho. GH clearly sold out once past its peak and realizing they're better off taking cash today than trying to ressurect their earnings power. 10 years ago I doubt they sell out to Mizuho, because they're better on their own.
Who gives a flying fuck?
del
Lol stephens? Congrats on Stephens!
Tobin - all other answers are objectively false
Leerink
Firm is almost dead.
.
It’s gotta be Mizuho, UBS, and Wells Fargo.
What about Lincoln International
Fifth Third honestly
OP - This has got to be one of the worst takes I've seen in the last few months on this forum.
Stephens? Really? F*cking what are you smoking.
People saying Tidal need to chill. One big relationship deal doesn't a contender make. Give it time and let's see.
Fuck sake my bad man. Was just a general discussion asking who people think are up and coming
BTIG on the come up
Heard good things about Ziegler and Stephens, but would still imagine they are a step below Piper
Raine group on the come up - TMT boutique that has been crushing it recently. I think they helped with ARM IPO and a few other major deals.
Also a healthcare boutique called MTS Health Partners seems to be on the rise - advised Seagen in their $43bn sale to Phizer. Apparently it is very sweaty though.
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