What's good with Allen & Co?
I understand that Allen & Co. is a big player but what is up with that shop? They have little to no online presence and are notoriously known for being in the shadows. I'm genuinely curious to learn more of the dynamics of how they operate and how any junior banker finds themselves an opportunity there. I can infer that any sort of recruiting that occurs is solely relationship based - but I'm having trouble understanding how such a well known EB has little to no information out there. Any perspectives would be appreciated
Because god said "thy gods work shall be executed in thus silent and peace "
They shut up and work, having no PR and a don’t talk about it work culture means they don’t have to care about anything trivial. No shareholders meetings, no donations to causes they don’t care about. Just some good ol’ banking.
Yes they are 13-3 rn
They are a firm which mostly hires lateral MDs with a small set of super strong relationships at blue chip firms. They do a lot of work in Media. Their MDs function as “consigliere” to CEOs and boards (at least that is the goal) and assist with strategic thinking. Contrast this with a BB MD who is constantly bringing in different product leaders and corporate bankers etc, thus diluting the relationship.
they are an OG white shoe firm - when they do a deal, they are in the league tables, if not, then not. Their MDs don’t cover many clients, so they don’t close many deals.
Great insight - it’s clear they are taking a niche approach here. Any insight into what a stint as a junior banker looks like at the firm? Does it compare to a traditional EB experience that has some what of a training infrastructure or do they just throw AN1s into the fire?
Have heard that although they do have summer interns, the return offers are extremely low/non-existent. Assuming that implies that are are likely keen on bringing on strong/trained talent who have demonstrated ability and deal reps
I know one kid who was a summer intern and did not return (not sure why). I don’t think there is a clear path to MD since they generally want people with relationships.
the firm generally takes mandates in concert with another bank. The other bank often does lots of the work since Allen has little infrastructure. Allen is the bank you bring in to convince the target to sell to you, not the bank you bring in to comb through the data room. There is less work for the juniors as a result.
Allen is not mostly lateral MD hires. It’s the opposite.
They have a very long tenured merchant banking background and do both banking and investing. Herb Allen is on the board of Coca Cola, his father was before him.
They take a very long term view to client relationships, and are incredibly well connected in high society.
Have had a friend of two work there out of school. Generally people well-connected / family connected to the industry prior to school it seemed. That firm runs like an annual mega billionaire CEO conference in Idaho or whatever every year. That conference generally leads to some mega deals every year from what I have seen. That client base generally likes the bankers who are private and probably appreciate a nice weekend in the middle of nowhere as far away from the spotlight as possible. Probably a nice vacation from them from being super tracked and followed executives / billionaires. I hope that helps. Good luck
also fwiw, I have seen them advertise a job opening on LinkedIn or whatever from time to time. It’s rare and was only up for a little bit from what I remember
well respected in media and tech space from what I know about them
They have a guy on the west coast Ian Smith who is a beast. Can find his deal sheet on his LinkedIn
They use SG Partners to recruit laterals if anyone's interested (along with Ardea and CVP).
Would you happen to know which headhunters cover other firms? It all seems pretty hush until they have something open and if you happen to chat with the right headhunter at the right time. Or at least which IB lateral headhunters are more "legit" than the Pinpoints, Selby Jennings, etc.
I've had friends placed/introduced by GQR to PWP, Guggenheim, Lazard, Raine, Evercore, JPM, and Cowen
My understanding is you have to ping someone there and network if you want in; no postings to really speak of.
Im just wondering why they don't have a London office yet despite being active on global deals - Any ideas?
Their business model is relationship driven only. It is incredibly difficult to open an office in another country as a) they will not have those connections and b) their name carries little to no value in Europe so MDs will not lateral there. Even if they offered said MDs a lot of money, other banks trying to grow would offer just as much, so they have little to no edge.
Now, in the case of London specifically, given how the city is a hub for all of Europe, these issues will be magnified many, many times. Good luck convincing a German, Spanish, etc. MD of joining A&Co. At that point they might open their own shop.
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