BEST Restructuring experience in London
Hello monkeys,
I wanted to get an impression on the best restructuring experience in London in terms of skill building and exit opps. I assume that specialist programs like Evercore/HL/RS prep analyst better for distressed roles than generalist places like PJT/Laz/Moelis, even though PJT is top notch in RX.
Another thing that caught my attention after a quick linkedin search is that the London offices of Oaktree and other loan to own / distressed for control places hire mostly from GS/MS and not candidates from restructuring backgrounds. Is this simply a statistical phenomenon since the analyst classes at these BB are larger or do GS/MS place better at a distressed PE than a RX guy from HL/Evercore?
Appreciate any replies!
interested as well
I would say HL first as they do not leverage their M&A contacts to get serious deals and always rank top. Re the exits no idea and I would also be interested.
I think that focusing solely on RX (vs. RX and M&A) does not necessarily prepare you better for destressed roles. As an investor, it is important to have a bigger picture mentality and while there are certain key skills / knowledge you must have of the distressed space, having M&A experience might also be valuable. While all the mentioned shops are great, I would personally opt to be a generalist across M&A and RX if given the option. Also, I believe Laz is not generalist.
From my understanding Laz is a generalist program in the sense that you spend 1 year doing m&a and 1 year doing rx exclusively, so after 2 years you will have done both. Different to the likes of MoCo where you are part of a pool and get picked out for rx or m&a work during your whole analyst tenure.
Not quite. There are specific groups and there is an indeed a rotation program in place. However, given the RX group is much smaller, there is no guarantee you can be placed into it to have a "generalist" experience like you suggest. Chances are much more likely that you'll do 2 industry groups rotation.
Thanks for this. Can one recruit specifically for the RX team or ask for guarantees to be put in that team? I imagine this should be possible by networking and being recommended by some people in the team?
There is no way to guarantee this. Trend seems to be that more and more people want RX experience as well. Plus, even incoming analysts don't even know their groups and rotations until day 1 of their job. Networking is a must if you want that placement but everyone will do the same. That's why if you want RX, it's best not to go to Lazard because there's no way to recruit in advanced for that. True generalist programs like PJT, Moelis, Greenhill are better since it's easier to network to get work being in the same pool.
Which of those generalist programs would you say are the best / get the best exits?
Easily PJT in my view.
Deutsche bank will offer you first hand experience on restructuring
I see what you did there.
Deutsche Bank for firsthand experience
How is MS RX?
Search the board for underlying issues with rx group at bulges
Rothschild probably top RX firm in London over the long-term.
RX experience not necessarily required for buy-side distressed roles. It's probably more valued at leaner shops though.
Looking purely at recent deals, Moelis seems to be killing it in London
Sorry if this is dumb but how do you see recent deals in the RX space? Is this based off news articles / press releases or is there another free resource you use?
Mostly word-of-mouth / working with them, but I think they post all their deals on their website
1) PJT 2) Lazard, Moelis (great mixture of M&A and restructuring and generalist pools gets you to work in all industries) 3) Rothschild, Houlihan Lokey (represting mostly creditors which is less prestigious)
Have a friend at PJT London and it sounds like the best analyst experience period
Roth at the bottom with Houlihan because creditor is less prestigious lmao?? And where is Evercore in this ranking?
please don’t listen to this ranking
Outsider question: how do the Big 4 compare for RX in London?
I'm sure it highly depends on what group you're in but they aren't too far down in the latest league table I've seen.
Deloitte really is top notch in restructuring. They used to compete with EBs, but nowadays they can’t compete with the EBs specialism. Deloitte usually takes 5-7 people each summer in RX. Then come PWC and KPMG, who are relatively good in RX. KPMG have recently launched a Special Situation M&A group, which should beef up their rx division. EY are generally quite poor for corporate finance.They have a very Lean team, of course this gives you great exposure, but this results in you often being in the office to 1/2am for pretty rubbish pay. If your willing to stick through it, you will be able to get a decent exit, but would choose any of the other big 4 firms instead. Ultimately, Big 4 Rx is a decent path to take, as you can do your ACA and shortly after qualification you can lateral to MM PE or an EB, who will appreciate your technical background. Lazard/Rothschild take 6 each from the big 4 every year. Greenhill usually take 2. Other firms are very receptive to big 4 Rx. You will come in at Analyst 3 or associate 1. This will almost quadruple your salary.
How are the Big 4 in London for overall M&A? Is the ranking you've described pretty much the same?
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