Why does GS FIG place so well to megafunds?

Based on what everyone says FIG is not the best coverage group for private equity as they focus mostly on non-EBITDA based businesses, but GS FIG is apparently a top group for placement. I know it's GS, but why is FIG at Goldman, rather than GS healthcare or GS industrials or GS consumer or the usual suspects, the best group for placement after TMT?

Best Response

From what I know dealflow isn't the answer--MS and JPM FIG both work more of the higher profile deals (both RBC deals, Wachovia sale, Visa IPO, Carlyle IPO, Conversus, just to name a few of the biggest ones post-2008).

From what I know about FIG at GS you get a much more substantial experience because A) the group is much leaner than the other two groups in analyst size and B) the other two groups do a lot more client servicing. The reality of it is that people are going to recruit at GS no matter what and when you can make the case that you're the most technical group in IB coverage you're going to have people be interested. Not having been at JPM or MS I don't know exactly why that doesn't happen there but one guess could be that they both have M&A groups.


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