Evercore Restructuring vs. Evercore M&A
Hey guys,
I wanted to know a little more about exit opportunities out of Evercore's restructuring and M&A groups. I know both are highly regarded, but what is the analyst placement into PE/HF like for each group? Any idea on deal flow over the last year and what the landscape looks like going forward in the next two years?
Also, I know that the restructuring group is a lot smaller (roughly 40 bankers vs 360 bankers in M&A), so does that make restructuring more attractive because there are less analysts?
Thanks in advance!
If you want to work for a distressed debt/special situations PE firm, go with restructuring.
if you want to move to PE, check which type of firm you like better
if you want to stay in banking, id say m&a -i know quite a few people who moved from restructuring at elite boutiques after 2Y to restructuring at top BB as an associate, but its a much broader role
Which "top BB" firms have restructuring, exactly? Pretty sure there are no BBs that do restructuring.
BarCap also has a true restructuring group -- advisory and finance. One of the top DIP groups right now.
Take it easy lion, as I said above, it is much broader role than just restructuring. But here is one example:
Morgan Stanley Financial Restructuring, for example in London, they are responsible for advisory and capital markets services for clients in restructuring situations. BBs started recruiting (afaik) around 2007 as a part of global initiative to offer clients a full array of financing and capital structure advisory solutions to complement their existing sales, trading and principal activities in the restructuring area.
Merrill Lynch also had this division, BAC has it now. I think that most of the BBs have it.
These BBs mostly recruit from firms such as HLHZ, Lazard, E&Y as well as other BBs and elite boutiques.
The guy who is MD and Head of Restructuring of lets say EMEA will normally report to the guy who is MD and Global Head of M&A.
Can anyone talk specifically about one group or the other? Like where have analysts in each group gone after their 2 years? Also, does anyone know about deal flow?
GS has also a quite successful restructuring team in EMEA, ranks with the usual ones like HLHZ, Blackstone, Lazard and Rothschild. Its true that BBs do less RX than boutiques but they are definitely out there too.
Best to leverage your Evercore offer into a GS/BX offer.
You're splitting hair. Toss a coin.
Working on live deals with M&A seems better than doing restructuring work for a future PE role The user 10xleverage did a write-up on his route to BB PE here: //www.wallstreetoasis.com/forums/former-ms-ma-kkr-here-to-field-questions
Evercore Restructuring: more info, vs M&A (Originally Posted: 10/18/2010)
Does anyone have any information on Evercore's restructuring practice? I searched the forums but came up empty handed. Would appreciate any insight into the analyst experience, exit opps, etc.
How would you weigh an option like this against M&A (at another boutique)?
Restructuring at Evercore is top-notch. Has a very-solid reputation.
As far as experiences, I have been told that you get a great deal of hands on activity in restructuring as an analyst, and you will walk away with some serious credentials. However, the person I know there is only starting his 2nd year and not sure about his current exit opps.
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I personally would stay with mergers especially at EVR as that is what the firm is primarily known for. Look st my other comment in a different thread for my background and logic.
2020 take anyone?
both top tier
Do whatever you are more interested in. Both give very similar looks across all asset classes.
Evercore Rx for optionality probably: more selective, smaller and more elite. Have placed into Apollo, Warburg Pincus as well as hedge funds like Anchorage, York, and Davidson Kempner.
Evercore M&A has historically placed into more megafunds but that could just be due to numbers and different interests. M&A has placed into top tiger cubs though if you prefer l/s equity.
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