Restructuring Focused Group Rankings

teejayyyyyyyy's picture
Rank: Monkey | 43

So how would you guys rank these banks strictly based on opportunities to Distressed Hedge Fund/ PE firms?

I figure Blackstone and Lazard are at the top, but I have an opportunity to pursue with a couple of the firms listed below and wanted to see where it sizes up:

P J Solomon
Miller Buckfire
Chanin (D&P's Rx arm)

This is strictly for the restructuring practices of each firm listed. Again not really trying to rank which one is marginally better than the other, but perhaps a tier system? Just to see which ones have possibilities for distressed buy-side options.

LinkedIn provided very little in terms of strictly distressed buy-side opportunities, btw.

Thanks for all the help.

Comments (14)

Oct 30, 2012

Houlihan Lokey's restructuring practice is arguably better than any of the banks you mentioned except for Lazard and BX, especially for creditor-side work

The graveyards are full of indispendable men
-de Gaulle

Oct 30, 2012

Yeah, I left them off the list for the same reason as BX and Lazard. Plus, I don't have an offer from them haha. Not saying I have an offer from all those listed above, but just wanted to see the general tiers in regards to the distressed buy-side

Oct 30, 2012

Europe, US, Asia?

Oct 30, 2012

out of those names Moelis is clearly top (together with Rothschild in Europe that is), as it plays in a similar league to bx/laz/hlhz in restructuring, but I assume you only threw them in for completeness?

Oct 30, 2012

Oh how right you are. This is for the U.S/Americas by the way.

Oct 30, 2012

Most of the full advisory service banks: Greenhill, Centerview, Evercore, Moelis have some good placement stats, from what I can tell. What I think a lot of people would like to know is how are they in strictly rx>distressed shops?

And on top of that what is really my concern are the other that are listed. Where do they fall in regards to buy-side opportunities, again strictly distressed shops? Just figured it would be good to get some input as there are many individuals interested in this space over a M&A position.

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Oct 30, 2012

It's enough of a technical business that if you have a couple years of experience and want to go to the buyside, you can. But restructuring is also small enough community that everybody knows everyone else, so having a reference from the senior guy on your team, or even someone you worked with (I know a guy who listed the biglaw partner he worked with on a complex situation as a reference since his firm frowned on leaving) is critical. Moreso when you realize that you can spend a whole year on a single transaction.

In NYC, Lazard is the gold standard for resumes (part of this is that everyone leaves, not necessarily true other places). BX is also excellent, and Greenhill, Evercore and Miller Buckfire have historically placed well (Miller Buckfire's issues could hurt its positioning going forward). HLHZ is like being in a sponsors group, because of all the creditor work you get to know the firms you will be interviewing with better. Centerview doesn't really have restructuring analysts so it is hard to tell. Moelis has a lot of people leave, and some place well, while others don't. Guggenheim is relatively new and has been promising in-house laterals, unknown if they will materialize. Rothschild is great in London but a more limited presence in NYC. PJS and PWP (not on the original list) will teach you the business, but you will need to network and interview well to get some of the more competitive spots.

Oct 30, 2012

monkeyc calling Lazard > Blackstone is a bit of a stretch. Most Laz restructuring analysts would say BX is the best, followed by Lazard (and maybe a few others). Blackstone has absolutely ridiculous placement to KKR, TPG, top hedge funds like eton park, baupost, pershing square. Lazard places well (less so to megafund PE, more so to good distressed HF) but not at the same level

Oct 31, 2012

Thanks monkeyc

I didn't want this to be a BX/LAZ/HLHZ convo, because from those positions I feel like most doors are open and its up to you to get in.

That's interesting, I would think PWP would have great opportunities. Could you expand on Miller 's issues?

Also, if any one knows, how do these firms stack up for Business School?

Thanks again guys.

Oct 31, 2012

Centerview has only worked on 1 deal rx deal so far, not really fully established as a rx shop yet. In a few years when their dealflow picks up, when they hire more people for rx, then it'll be a really good platform for analysts. Until then you will probably be doing majority strategy and m&a work there.

Nov 2, 2012

i had first rounds at houlihan restructuring (didnt get it), centerview and rothschild

if you get any of these firms (or the ones listed above) you will have solid rx experience. HL, centerview and rothschild are a tier below lazard and blackstone but during the interviews they said their analysts all placed very very well into top PE firms

Oct 27, 2015

The thread is old but bumping it to clear the misinformation that's spread.

Currently interviewing as a lateral for top RX boutiques and I can tell you that Laz, HL, & PJT have the most prominent RX practices in the industry. Every year Laz and HL are generally first in the league tables. If there is a high profile transaction going on you can bet that HL and either Laz/PJT will be involved.

Exits are also fantastic for all the three groups. Unclear how exits will change for PJT after the spin-off but these three groups are generally the primary hunting ground for distressed PE/HF. RX is also viewed as super technical so they will also open up doors to the top non-distressed funds too.

If you can't land Laz/HL/PJT you want to look at Rothschild/Evercore/Moelis.

If the above firms are not an option and you are serious about RX then you are better off going to a good RX focused boutique like Millstein, Miller Buckfire, Imperial, GLC etc.

PJSC is okay and they do some work, PWP's team is dissolving, Centerview and Greenhill are decent but more known for M&A. Better to go to a shop that is well known for what you want to do.

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Oct 27, 2015

Jefferies RX is worth looking at.

Nov 3, 2015