Rothschild (LDN) M&A or Debt Advisory/Restructuring?

Hi guys,

I've been fortunate enough to get a summer internship at Rothschild and I have to choose between either M&A or Debt Advisory/Restructuring (Rothschild put DCM and restructuring under the same group), but I don't know what to pick!

I'm drawn towards restructuring as I find the debt analysis interesting, and I eventually hope to break into distressed debt investing/PE. But DCM/Restructuring at Rothschild isn't as good as the M&A team, and I wouldn't mind doing M&A either and that too can get me into distressed debt.

  1. Should I choose M&A as it is the stronger group and still has great prospects?

  2. Choose DCM/Restructuring as more geared to what I want and potentially switch to a more prominent firm (PJT, Lazard, HL)?

Comments (10)

  • Intern in IB - Cov
Oct 27, 2021 - 10:44am

I know in New York at least RX is stronger than M&A. Is that not the case in London?

Oct 27, 2021 - 11:52am

I would pick based on your interest but suggest you ask who goes into Debt Advisory (they just lost Hellier - their debt advisory MD) in addition to the role being very boring vs. RX at the junior level. If its random allocation between the two I would take the M&A route anyday, not worth the risk. 

Oct 27, 2021 - 12:04pm

Thank you for your reply!

I get to choose between the two. And yeah debt advisory being boring was my concern too but the descriptions says you do both debt advisory and RX.

Why would you choose M&A? 

Most Helpful
Oct 27, 2021 - 3:58pm

Finally, something I can talk about. I am only a prospective monkey, but I've had a lot of interaction/experience with lots of people at Roths.

Firstly, Congratulations, Roths is an incredible place. It has a very good culture and all the people I've spoken to are lovely and super helpful.

With regards to choosing where you want to go, it is important to understand the structure of Roths. If you choose M&A you will be put into a sector coverage (you do get to rank your favourite 3 (but remember everyone picks teams like retail so don't bank on getting one of those (but if you pick metals and mining you would likely get it as its a less popular choice))). When working on an M&A deal only the sector coverage and country coverage teams work on it (there's no M&A product team at Roths).

Whereas Debt Advisory/Restructuring is a product team that works with Coverage and Country teams. They bring specialist knowledge of the situation they are working on. You get to work across sectors and geographies which could be a plus. I know one of the interns in DA/Rx this year and she said it was about 50% DA and 50% Rx (obviously will change based on the types of deals that come through the door). You will hopefully get staffed on both types of deals but it obvs depends. And remember DA=/=DCM, They aren't the same. Also I've not heard great things abt there conversion rate over the past 5 years (so be mindful of that)

Overall I'd pick M&A, but tbh you can't go to far wrong.

Oct 27, 2021 - 5:55pm

Thank you for your reply!

I've heard the same about the culture but didn't know about the DA stuff so I appreciate the knowledge shared.

Think I'm swaying towards M&A, is there a vast difference between sector groups in terms of skills learnt and exit opps? I've heard FIG is very technical and can pigeon-hole you?

Oct 27, 2021 - 6:44pm

Doesn't Rothschild DA consist of different pods, i.e. Corporates, Leveraged Finance, Restructuring and Infrastructure. Therefore, within DA you can end up in different teams and therefore have a completely different experience. Anyone with insights able to comment on this?

Oct 29, 2021 - 3:41pm

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