LND exit opps EBs vs. mid american BB - advice needed

Underwood..'s picture
Rank: Monkey | 31

Hi guys,

Wanted to ask a quick question regarding IBD scene in London.
How would you compare a pretty strong group at Citi/BAML vs. EBs like PJT/Evercore/Moelis/HL in terms of exit opportunities? And is there a strong gap in terms of PE/HF recruiting with respect to GS/MS/JPM?
Also, which EBs are stronger in London for restructuring?

Thanks!

Comments (17)

Sep 20, 2018

Would like to get the same kind of information regarding PJT/EVR/PWP vs GS/MS/JPM. Tks

    • 1
Sep 21, 2018

Anyone?

Sep 21, 2018

Bump

Sep 21, 2018

I would pick one of the boutiques you mentioned. In terms of PE/HF recruiting I guess the EBs offer good opportunities but GS/MS are definitively stronger and you will see more people coming from them going into MFs also because they have a bigger analyst class
Best EBs for RX are HL, PJT, Roths, Lazard, Moelis and Evercore

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Sep 21, 2018

Thank you!
For the like of Evercore/Moelis/Lazard which groups would you advise to go for (if you know by any chance).
And is the RX list you made in any particular order? Which would you choose if you had the chance?

Sep 21, 2018

I am not aware which teams are better but in some of these EBs I think you might be generalist. For RX I would pick PJT followed by HL but it depends a lot on fit, I do not think there is such a big difference.

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Most Helpful
  • Analyst 2 in IB-M&A
Nov 4, 2019

Just did the recruiting cycle.
For LBO PE, definitely Mid BB>EB

Moelis/Evercore/Centerview are pretty much irrelevant for most positions (EVR getting stronger but still) PWP is interesting but very specialised and can be very hard to recruit out of but also some nice exits recently
PJT is only really good for credit or rx angle pe (think Oaktree), for that they are killing it though

Btw, at the moment it seems that BAML=CS>>Citi . CS and Citi are probably going to swap in the next few years though.

    • 2
Nov 4, 2019

Mind doing an AMA on your experience of going through PE recruiting? WSO lacks european content!

    • 1
  • Analyst 2 in IB-M&A
Nov 5, 2019

Maybe in a few months as I haven't started yet.

  • Prospect in IB - Gen
Nov 5, 2019

Would be interested to hear what you mean by irrelevant - as in they do not get interviews? or due to self selection they are not pursuing the roles?

  • Analyst 2 in IB-M&A
Nov 5, 2019

Self selection really only for the RX shops. Otherwise, headhunters do not really think that the training is as good as at a BB. The more generalised an EB is (basically from Robey Warshaw to Lazard), the better the exits, since they believe the education to be more applicable to PE. Additionally, often deal flow, particularly headline (in the couple billion range), is not ideal at EBs. More often very small deals or massive deals (where responsibility is limited).

To be more specific, headhunters will often send 1/2 EB (also includes Laz and RS) kids to interview (have them on the shortlist) out of the 10-15 slots to cover the "EB market".
As there are around 40-50 people at EBs each year vs maybe 90-120 at the strong groups at the 5 BBs they currently like (GS, JPM, MS -gap- BAML, CS), it is obviously way off.

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Dec 9, 2019

How are exits from Houlinan Lokey?

  • Prospect in IB-M&A
Jan 14, 2020
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