Elite Boutiques London / Europe

t1993h's picture
Rank: Monkey | banana points 64

All,
the recent posts about Elite Boutiques in Europe didnt yield any detailed results. So I thought I would give it another try, I was wondering if anyone has some insights on how the EBs rank in London, among themselves and against BBs especially in terms of dealflow and culture. If someone could provide some insights, these would be highly appreciated! Any other information are also welcome :)
Thanks in advance!

Comments (35)

Best Response
Jun 16, 2016

Rothschild and Lazard are the strongest. Houlihan Rx is well regarded in that specific space as well. Evercore is decent, being strong in FIG and Utilities/Infrastructure.

I would say Moelis/Greenhill/PWP is not as strong as their US counterparts. In general, BB experience trumps that of EB in London offices (except Laz/Rothschild). You might also be able to get a good experience at firms such as RBC/Macquarie/Jefferies/HL M&A etc, which have some presence in London.

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Jun 14, 2016

Thanks for your reply! Would you say that the experience at the mentioned firms (RBC, Macquarie etc.) trumps the name/prestige of e.g. Greenhill/Moelis for potential exits?
Do you have any insights on Centerview Partners?

Jun 16, 2016

Greenhill, Moelis and Centerview Partners all will most likely provide you with a better learning experience than RBC and Macquarie and alikes.

Jun 14, 2016

Totally agree with potatohead123,

Take my comment with a grain of salt because I may be a bit biased because of my personal background and also the fact, that the observations I made can change easily due to market circumstances, seniors switching banks and so on...

Rothschild is probably the EB with the highest dealflow in terms of number of deals, albeit they are less mandated on the really big deals. Lazard follows with fewer, but oftentimes larger deals in Europe. Both offer a similar experience to BB's and I would personally definitely prefer Rothschild over some of the BBs that announced major headcount cuts...you know the names.

The other well known EB's like Evercore, Centerview, PWP, HL, Jefferies and so on get fewer deals in Europe. So a BB MAY provide you with a better learning experience, but I am not too familiar with how lean deal teams are and how the firm's culture is in one of those EB's.

Note: Check out the most recent M&A league tables from dealogic from Jan to Jun '16. They also have a "European Announced Deals" section that could probably help you with this.

Hope this helps!

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Jun 15, 2016

I disagree with the prior 2 posters (btw Jefferies is not an EB...)

Note that the EBs have smaller teams in Europe than they do in the US. No good comparing number of deals in Europe to US or of EBs to BBs, focus on deals per banker.

Rothschild is a mid-market advisory firm, which is fine, but you would 100% rather be at Moelis/Evercore/Lazard.

Moelis and Lazard are top for restructuring, Moelis has a historic focus on it in London. HL does not dominate here like it does in the US. PJT gets mandates too.

PWP and Greenhill definitely below the other firms mentioned but Greenhill still gets on some good M&A, it is just on a decline.

Moelis/Evercore/Lazard/CV/Zaoui/RobeyW: on par with (or above) GS/MS/JPM
Greenhill/Rothschild/PJT: on par with CS/DB/BAML
HL/PWP: on par with Barc/UBS/Citi

All the EBs in London absolutely demolish the likes of RBC and Macquarie.

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Jun 15, 2016

I agree with some parts of your post. Very accurate!

I would just disagree in terms of team size and on your ranking. PWP has around 90 IBD/RX bankers in London, Moelis around 70 (probably more now). Just Evercore is a bit smaller, but in my opinion the weakest of the EBs (but advised on one high profile deal and did a nice fairness opinion on the other).

Lazard lost some very prominent RX guys and I do not really know if their presence in Europe is still stat strong. Especially if you take into account that beside the London office, there is Frankfurt with sound 50 bankers, and all the other offices in continental Europe as well - this is nearly the size of a BB...

The ranking is more or less useless and seems very biased. PWP did some very nice deals in the past and you put them in the same bucket as HL and below Evercore? Moelis presence in M&A is weak in comparison to the RX practice and why would you say Moelis is top for RX but HL is not? You should differentiate between credit and debit advisory.

I have been with a BB and an EB. The difference is not that big, and all comes down to the team you are working in.

In the end, it totally depends on what you want: A fast exit -> go with GS/JPM/MS; a lot responsibility: go with one of the EBs (especially CV, can not commend on Zaoui or RW). You want a bonus of around 100% -> go with Moelis, PWP or GHL. and so on...

Jun 15, 2016

Thanks for all the replies!
As some have mentioned Robey Warshaw, does anyone have some insights on them? I know that they worked on some very high profile deals in the last year, but there website e.g. does not give any information away..

Also, would you say that there are major differences between the above mentioned EBs (GHL, Moelis, Lazard, PWP etc.) in terms of exit opps?

Jun 17, 2016

Any chime on Ondra Partners? Heard they are a solid shop flying under the radar.

Jun 17, 2016

It looks quite interesting to me, I just found this article, which despite being a bit dated describes their business model quite well! It's seems like they keep 20-25 clients which also pay a monthly retainer.
http://m.efinancialnews.com/story/2013-10-30/ondra...
However I couldn't find much evidence on latest deals, as their website doesn't provide much information..

Jul 17, 2016

its interesting to see how well regarded the boutiques are. i mean in europe, everybody knows Rothschild, Lazard but then I think especially in continential europe, it drops.
Evercore, Moelis, Greenhill are good houses but if you are not directly involved in M&A, you barely heard of them.
But I think they are growing because some ppl I know just joined them in London but also Frankfurt.
Do you guys see/experienced the same? Or what is the impression of the growth and especially hiring of these shops in Europe?

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Aug 10, 2017

I am a student at a non-target university and am thinking about applying for summer internships 2018 in london and frankfurt. I have a pretty good CV (one finance related internship, strong GPA) but coming from a non-target and coming only into my second year of study (penultimate year of my bachelor) I will probably focus on boutiques. Any suggestions?

Aug 10, 2017

Apply to everything.

Aug 10, 2017

Thanks for the reply. Was only a little worried about applying this year and not getting an internship, because I heard some firms won't take your application a second time? Any thoughts on this?
Thanks a lot!

Aug 10, 2017

Very interested in this as well. Is there is a strong strategic rationale to go to a top EB from a mid tier BB after a year? Anymore input on CV, PJT, RW and Morelia highly appreciated, comp, lifestyle etc.

Aug 10, 2017

push

Aug 10, 2017

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Aug 10, 2017

bump

Aug 10, 2017

I asked a friend who intends on going into IB and he told me that they are practically like BBs, at least base salary wise. 3k+ for an UG joining them..

Aug 10, 2017

For the lack of other answers, I'd post the limited info I have as an analyst at one of the elite boutiques.

To cut it short - on the analyst level they are not going to be really 'chasing' after you, so your best shot is simply to 'network' your way into it. Reach out to your connection working there and see if any groups have spots to be filled. Once you find it out, ask for a referral to the HR.

Alternative route might be, of course, contacting various IB HR houses, as they do tend to get urgent requests as the groups are faced with unfilled positions.

Hope it helps.

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Aug 10, 2017

thanks,

I was also wondering what kind of transaction experience would they require a.k.a # of deals closed

Aug 10, 2017

They do recruit through head hunters. Open to big 4 trained accountants and I am sure also of people from Jeffries ec. (Which is a damn good firm btw).

Interviews ver American style for what it's worth. Know your technicals cold. HL and Evercore have very similar processes.....sure others do too.

Evercore very good guys IMO.

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Aug 10, 2017

any particular headhunters in mind?

Looking for a long-term career in banking... so I'm planning a move to the boutiques known for retaining staff

Aug 10, 2017

Rothschild is very highly thought of in London, as is Lazard.

I'm talking about liquid. Rich enough to have your own jet. Rich enough not to waste time. Fifty, a hundred million dollars, buddy. A player. Or nothing.

Aug 10, 2017

Basically Lazard and Rothschild.

Aug 10, 2017

Lazard for sure. I also heard some discussion of William Blair while I was working there...

Aug 10, 2017

Cool, those do seem to be the big names here. But any input on how say Greenhill or Evercore would come into the mix?

Aug 10, 2017

Greenhill, Lazard, Rothschild, Hawkpoint does some nice work.

Aug 10, 2017

Hey guys I'm curious about this as well. Specifically how do NM Rothschild, Lazard, Greenhill and Evercore stack up in comparison to their NY offices?

I would assume the latter two are fairly new in London and might be spending a lot to grow. What about for PE placements? From what I understand the process is a little different than in NY.

Thanks in advance..

Aug 10, 2017

The same names that are solid in NYC are also well rated in London. Lazard probably carries the most kudos, followed by GHL, Evercore, Rothschild. Moelis office is a bit iffy at the moment I understand (but I get the feeling this is throughout the organisation, both in London and elsewhere).

William Blair is a bit of a non-entity here. Harris W. same. Thomas Wiesel same. Piper J. and HL have offices also, but again very small operation in London.

So, overall, you won't go wrong with a super boutique in London....

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Aug 10, 2017

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Aug 10, 2017