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!

Comments (25)

May 31, 2018

interested as well

    • 1
May 31, 2018

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.

Jun 2, 2018

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.

Jun 3, 2018

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.

Jun 3, 2018

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.

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Funniest
Jun 4, 2018

Deutsche bank will offer you first hand experience on restructuring

    • 18
Jun 4, 2018
marc2:

Deutsche bank will offer you first hand experience on restructuring

I see what you did there.

Jun 4, 2018

Deutsche Bank for firsthand experience

    • 1
Jun 4, 2018

How is MS RX?

Jun 4, 2018

Search the board for underlying issues with rx group at bulges

    • 1
Jun 4, 2018

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.

    • 3
Jun 5, 2018

Looking purely at recent deals, Moelis seems to be killing it in London

    • 2
Jun 5, 2018

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?

Jun 6, 2018

Mostly word-of-mouth / working with them, but I think they post all their deals on their website

May 19, 2019
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