Greenhill vs HL RX vs MS vs BAML vs PWP
Finished SA recruiting at a top target school and came away with these offers in NY. MS and BAML are generalist offers so I wouldn't know what group I'll be placed into. Greenhill & PWP are generalist M&A / RX offers.
I like RX so I'm thinking between HL, Greenhill, & PWP at this point. Also, I think I would like to start off at an elite boutique like Greenhill, Houlihan Lokey, or PWP rather than a BB after graduation.
Really liked everyone I met at Greenhill and HL and think I could be a good fit at either one. Was also extremely impressed with HL RX people I interviewed with; they just seemed a bit more polished than some of the interviewers at other banks for whatever reason.
Having a tough time making a decision. Thoughts?
Your thinking sounds about right if you want to get restructuring exposure. Greenhill leaves you the option of M&A work as well as RX (I believe) vs. HL pure restructuring so probably comes down to how much restructuring you want to do. Obviously Greenhill overall brand is much stronger than HL, but HL is well known in RX so if you're sure about RX i wouldn't sweat that a ton (assuming you may want exit ops etc). I dont know much about the restructuring practices at either shop but one thing to consider is whether each bank typically represents debtors or creditors, how the experience would differ if they are different in this regard and which experience you would prefer
My friends in IB are saying Greenhill is on the decline and hasn't been doing that well in the past couple of years and that I should narrow my choices to HL RX or MS. I'm pretty adamant about going to an elite boutique like Greenhill or HL so I'm wrote off MS and BAML.
Are you sure about the Greenhill brand being stronger than HL? I was under the impression that Houlihan Lokey was a very prestigious shop because it seems like some really top kids from previous years at my school have went to HL and everyone that I've talked to at school speaks highly of the bank.
What are the exits out of both Greenhill and Houlihan Lokey? Also any ideas about culture, lifestyle, bonus?
While you're pretty set on RX, I wouldn't count out PWP if you want to be at an elite boutique. They've perennially had a great RX team, but the rainmakers were recently fired and currently being replaced both internally and externally. If you're at all interested in M&A and RX, it probably offers the best combination with GHL but more heavy on M&A of course. They've had great deal flow recently with multiple deals over $15B in just the last few quarters (Medtronic, Willis Tower merger, Altria stake in SAB Miller), which is pretty substantial as small as they are.
Wow do you really have all these offers? That's pretty impressive.
If you are really interested in RX, this shouldn't even be question. Houlihan Lokey is arguably the best investment bank in that space and especially so the past couple of years. HL has a prestigious brand name and consistently sends the RX analysts to all the top distressed HF / PE funds, credit funds and top PE funds. It's M&A practice however does strictly MM deals rather than the large headline deals other EBs do but it is by far the best bank in the middle market and consistently places analysts into good MM PE shops. Definitely think this is the next top bank to watch out for, they've been on the rise and have been bringing on a lot of talent recently.
Greenhill is a good option because it runs super lean at the analyst level compared to the other EBs so you would get a fantastic experience here. However, you're friends are right in that they've had pretty choppy deal flow in the past couple of years which is worrisome since M&A has been hot in 2013 and 2014. As a result they started doing smaller deals and their revenues have been declining year over year in the past 3-4 years. They do some RX but it won't really be any high profile RX deals. In spite of all this, I would say Greenhill is still probably one of the better places to do your analyst stint since the class is so lean which leads to better experience and exit opportunities which is mostly MM PE with an occasional upper tier PE fund.
A note about PWP: it's a very Elite M&A shop but it's RX practice has pretty much dissolved at this point. The top RX guys left and started their own shop called Ducera.
I switched from a BB M&A group to an well-known RX shop (Rothschild, Moelis, Evercore) so PM me if you have any questions about RX or bulge vs boutique. Definitely agree with your choice to do a boutique.
Agree with your friends on this one. Decision should be between HL RX and MS.
MS if you want typical Industry M&A type deals and Houlihan Lokey if you are set on RX. I've heard from friends that the RX skill set encompasses everything you would learn in M&A so you won't be missing anything from a learning standpoint.
Exit Opps: MS would open up opportunities to Top HF, MM PE, and if in a good group (M&A, FSG) you can get opportunities for MFs. HL RX would open up opportunities to Top Distressed Investment Funds (PE or HF), MF Distressed / Credit Arms, and MM PE.
The comment about HL RX is accurate.
Don't know if FSG is the best next group or not but I have a couple friends at MS who speak highly of FSG. Past placement from the group includes H&F, Francisco Partners, General Atlantic, Golden Gate, Carlyle, & Oak Hill.
Take HL RX, it's one of the top groups on the street
Decided to go with HL RX if anyone was wondering
no one cares
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