Request for Restructuring League Tables 2018
Hi guys and girls,
does anyone have the 2018 league tables for Rx? Thomson Reuters Distressed Debt and Restructuring Review would be the best!
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Why do you guys need this?
Laz, PJT, HL usually at top
If people are interested recruiting for RX roles for next summer, knowing all the places with good deal flow in 2018 is a solid place to start since it's more niche (fewer spots) and interviews can be more specific to RX. Lazard, PJT, and HL as the top three is conventional wisdom, but there are other players in the space. Have heard Moelis has M&A/RX generalist program, and would be interested to know how much of the work is RX vs. M&A. I have also heard Evercore RX is "growing", but interested to know what that means. 200% growth on a low base is still a small number. Hoping to find someone who can put some numbers to the stories.
I don't think league tables will answer your questions
Evercore is growing their headcount but it is off a low base (~4 analysts last year). They can show up pretty well in league tables but I believe their Houston energy team has historically done a lot of their restructuring
Moelis is a question specific to the experience there
Would investigate PWP, Gugg, Rothschild, and Ducera as well. Maybe GHL
What do you mean that Moelis is a question specific to the experience there? Moelis is a top Rx shop, especially this past year and Evercore is also a smaller group but extremely solid from an analyst level with the exits. I'd just add that it really depends what you are looking for - Exit opportunities from analyst program versus being a career banker and coming in as Associate/VP and above. For exits, I'd say PJT/EVR/HL/Moelis place really well into distressed shops and the small analyst class at PJT and EVR are very beneficial for PE recruiting. Also PWP, Gugg and others mentioned have placed well but on average not as well as other groups.
Would also second that league tables shouldn't define your recruiting strategy (especially if you are looking to eventually recruit for distressed funds). I think PJT and EVR both finished around 4 and 6 respectively but are considered some of the top groups to be in as an analyst. I'd be looking at the size of the analyst class and the % placement rates. If you are interested in distressed investing, great groups to start your career (in no order) would be HL/EVR/PJT/LAZ/MOE. Also, some groups have dedicated Rx analyst classes which can help boost the analyst experience more and would great to look into. Lastly, don't dismiss other groups like PWP, CVP, Gugg, Roth as they are still really good places to be. I've also heard Ducera is good but beyond those your options may be more limited.
Yes - this is what I was getting at
I am guessing the question people are actually interested in is: where are the best places to work as a restructuring analyst?
Usually analysts care about exits opps and not where you rank on a table
My personal opinion is that the exact rankings (i.e. if Evercore is 4th or 8th on the league tables) for Rx will not materially impact your deal experience. Some Rx teams are just not as large, and as such will not be getting on/going for every deal under the sun. That doesn't mean the senior bankers are any less good, or the deals that come through are any less complex. In addition, a bunch of mandates won't be known to the public in the first place. The following firms are all worth looking into if you are interested in Rx for your junior summer:
PJT, Lazard, Houlihan, Evercore, Moelis, Guggenheim, Rothschild, Ducera, Centerview, Perella, Greenhill, Jefferies
This list is honestly longer than it would've been a while back thanks to the MB diaspora. Rx at any of these places would set you up well for the top distressed funds. After that you have guys like MB, PJ Solomon, GLC, Imperial, Rx arms of MM firms like Piper/RJ, etc. where the Rx specific deal flow is not quite the same level as the list above, but where the analyst experience is still great.
Would second the above in that best places to land as an analyst would be PJT/EVR/HL/Moelis and even Lazard would be good. Above poster mentioned that they messed up a few deals (not too sure that is true) but Lazard is also a very good Rx team. Others mentioned like Gugg, Roth, CVP are still great experiences and still very possible to have great distressed opportunities
I am speaking about EMEA, but Laz is still good in Rx although they messed up few deals.
Thanks for the replies so far. I was especially interested in the regional deal flow, as I think it will make a difference if you are working for a Rx firm that has historically a better deal flow in one part of the world (i.e. Rothschild in EMEA). That‘s something you can read very easily out of the league tables and get some more information regarding debtor vs. creditor focus (and yes I know that some people wrongly favour debtor side mandates) ;-)
2018 US completed by value
1) Moelis 2) Lazard 3) Houlihan Lokey 4) PJT 5) Rothschild 6) Evercore 7) Jefferies 8) PWP 9) Guggenheim 10) Ducera
Does not necessarily represent analyst experience but it is one metric
See https://thesource.refinitiv DOT com/thesource/getfile/index/025800ef-e1a5-4b68-9668-6938ce8c3e3b
Thank you very much! Much appreciated. Do you think the analyst experience in EMEA will be better in larger Rx teams (PJT, HL etc.) compared to smaller teams (Evercore, PWP etc.)? Just because one firm is involved in a certain number of restructuring processes does not mean that on a per employee basis they are really that busy, correct?
Can speak about EMEA: HL - sweatshop, you’ll get worked but you’ll have an awesome deal experience and great opportunities for exits. Only Rx. PJT - as an analyst you’ll do both M&A & Rx (or at least can if you want). Great exits as seniors are supportive, insane pay and best firm wide culture in London atm. Does Rx for EMEA & Asia out of London Lazard - don’t really know about culture, pay standard as M&A, heard the guys aren’t crazy smart and fucked few restructurings (from people on the creditor side). PWP - no clue if anyone can help Rotsh - heard mixed things Moelis - great distressed exits, sweatshop culture Evercore - small team - team specific for Rx, no clue about exits/culture about this team, but evercore tends to pay very well and have a good culture and decent exits. GHL - non existant in Rx
Do you have any opinions on MB? For a 1st year out of undergrad trying to break into IB, specifically Rx IB from transaction services at a firm like A&M, HL, D&P
Any opinions/thoughts on the culture at each of these RX firms?
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