i know this is going to sound stupid but i just finished reading the predators ball and i’m genuinely wondering if there’s any firm/group in todays world that resembles drexel burnham lambert’s junk financing group. a precursory claude ask spits out apollo, ares, and jefferies.
bring back the beverly hills financiers
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Based on the most helpful WSO content, there isn't a direct one-to-one successor to Drexel Burnham Lambert's junk financing group, but there are firms and groups today that embody certain aspects of its legacy. Here's a breakdown:
Apollo Global Management: Apollo is often seen as a spiritual successor to Drexel, particularly because of its roots. Leon Black, a key figure at Drexel, founded Apollo after Drexel's collapse. Apollo's focus on opportunistic and distressed investments, as well as its aggressive approach to deals, mirrors some of Drexel's strategies.
Ares Management: Ares, another major player in the credit and private equity space, shares some DNA with Drexel in terms of its focus on leveraged finance and credit strategies. While not as directly tied to Drexel as Apollo, it operates in a similar space.
Jefferies: Jefferies has carved out a niche in leveraged finance and high-yield debt, areas that Drexel dominated in its prime. While Jefferies operates differently, its role in the junk bond market and middle-market financing draws comparisons.
Independent Advisory Firms and MM Banks: Firms like Houlihan Lokey, Lazard, and Moelis have also been mentioned in WSO discussions as modern heirs to the spirit of old-school investment banking, focusing on advisory and restructuring, though not specifically junk bonds.
While these firms share certain characteristics with Drexel, none fully replicate the unique combination of innovation, risk-taking, and controversy that defined Drexel Burnham Lambert and Michael Milken's junk bond empire. The financial landscape has evolved significantly, with stricter regulations and a more fragmented market. However, the influence of Drexel's strategies can still be seen in the practices of these firms.
Sources: Investment Banking Evolution, Who’s the new Drexel Burnham?, Another way to look at league tables, B Riley, Blair, Stifel, Baird, Lincoln - Any Insight?, Payback: From Michael Milken to HFT
Apollo lol
I have just started reading it! Also finished Barbarians at the Gate not too long ago. How did you like it?
it’s definitely entertaining, and i’m now reading den of thieves as the chronological sequel in the milken/drexel arc. i will say though, i’ve read a fair bit of books pertaining to wall street history and none come close to barbarians at the gate in terms of narrative, detailing, or characterization. sad to say but barbarians at the gate ruint a lot of other similar books for me. still great though, but definitely an A+/B situation.
To me, being a Drexel guy is being a leveraged lender who will chew your head off "Saturn Devouring his Son" Goya-style and revel in it all the way. The Drexel guys of today are those who best embody the Goya instinct while also having the direct, demonstrable pedigree:
B-Tier:
Apollo
even their PE investing style in the earliest years was capital structure centric (HY mindset) instead of the more vanilla revenue/growth/multiple, which made them very visible in distress for control
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