Want to get everyone's opinions on EBs in London as I feel that their UK operations are greatly overhyped on this forum. Are Evercore and PJT as reputable in the UK / Europe and should they be viewed in the same light as their counterparts in the US?
This does not include EBs like Lazard and Rothschild, who are known to have a strong presence in Europe, and pertains more towards firms such as Evercore, PJT, Moelis etc.
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In London things are very different, so lets start:
Generally speaking BB's are superior with regards to their deal flow as well as exit ops in Europe, but if you were to rank the EB's it would probably be this order:
Lazard + Rothschild PJT, Perella, Evercore Centerview, Moelis Greenhill (maybe on a level with moelis and centerview tbh)
Best,
Rothschild that high? Not really.
Seems like you’re wrongfully basing your rankings on regional offices in Germany/France.
This is correct for London. US is entirely different story.
Lol find me the guy that’s choosing Rothschild over Evercore
In the EU, Lazard and Rothschild are the most established EBs and do the best in terms of PE exits relative to the other EBs listed
Actually they are the only ones that are close to the BB
People talk too much about exit ops when ranking shops. What makes the US EBs more hyped up than Laz/Roths is their amazing cultures and pay, which makes analysts way less likely to want to exit in the first place. Not to mention their tiny class sizes.
This is 100% Frankfurt not London. Centerview in London does way better. GHL and Moelis FFM however don't really have a dealflow
In Europe, BBs are definitely above EBs for LBO PE recruiting. SS/HF may be a different story though.
MFs just seem to prefer GS/MS/JP by a bit. LMM PEs are not that picky re BB "ranking".
Can't agree with the ranking though.
It's more like PJT/Perella/CVP/LAZ>Roths>MoCo>GHL
Roths is more mid-market to low-billions re deal size but quite established so would rank it above MoCo/GHL. Keep in mind though that one should separate Roths UK from Germany and Paris as they're very independent from each other!
Heard that its quite the sweatshop though. Would be nice if others could pitch in on this.
Keep in mind that this is M&A only and re Exit opps/deals.
If you're a strong candidate at either of the top one's there will be no difference for buyside recruiting (re LBO PE).
Best shops for SS/HF placement?
What is SS
This sort of reeks of insecurity and similar to the ‘ranking threads’.
Either way, are they as reputable as the US franchises? Probably not - they’re still picking up dealflow. That said, culture and pay remain excellent, they attract top analysts and those who want to exit can. It’s a personal choice - BB vs EB are different experiences and one is not better than the other.
Ranking firms by their desirability from a job opps perspective is not insecure... firms and roles will always be ranked, and rightly so
Has EVR LDN actually produced exits to MFs...?
Yes, found one person on LinkedIn that ended up at BX
Correct, I believe it's for real estate. I would say generally EVR LDN analysts have good exit opportunities to MM funds with MFs being very rare.
If you want to look at exit opps, then you can easily do it on LinkedIn. I've found people in London from EVR, PJT, CVP and MoCo that ended up at MFs (Carlyle, BX and KKR) as well as funds such as EQT and Apollo. Not all very recent, but generally speaking they do end up at top funds. I would say the exit opps are good.
They're hyped because they're fantastic shops. Everyone I know at PJT and Evercore are super smart - they're all extremely happy there. Analyst size is also increasing year on year which indicates more dealflow. Seems like EBs are more and more becoming the best places to be (At a BB myself and in the process of lateraling).
The Evercore office in London does not handle many of the large deals that are brought in. LSE / Refinitiv and Takeda Shire were both run out of the US office.
As per exits, I haven't seen any analysts exit to MFs except the one who went to BX for real estate.
This one is much trickier as in Europe you have languages that come into play thus there is no one unique ranking. Also because there is no on-cycle recruiting where everyone rushed to get an offer so PE/HFs can assess candidates better. Thus the key is to identify the strengths of each firm.
PWP is very strong in Germany/France and Industrials in particular. PJT in Rx, HL in Rx and Moelis is okay in Rx. Centerview is good in C&R and HC. Lazard is probably the most well rounded with Evercore. Rothschild is great, you’ll do a lit of deals although smaller ones. GHL is living off some legacy relationships (ie tesco).
From all of these you’ll be able to get decent exits but I don’t think that a Rotschild attracts the same people as an Evercore does so pick moreso based on what you’re keen on.
Thanks for the insight! What do you mean by Rothschild doesn’t attract the same people as Evercore?
Deals are just different - small but high volume vs larger deals, people from continental Europe also see Rothschild as a name that is very very well known (@Macron for instance) for their career.
How come you always spell Rothschild as "Rotschild" in every thread
For what it’s worth among my peer group the US EB’s (specifically PJT, EVR and CVP) are very highly regarded - on a similar footing to Laz/Roth and would be chosen over BBs aside from GS, MS, JPM (maybe BAML).
PJT especially for those interested in RX for obvious reasons - seem to attract a lot of highly experienced European masters candidates.
For M&A, while EVR, CVP and PWP in Europe are obviously not as established as their US, they all execute a number of large and high profile transactions each year from London. EVR seems to do more in the mid market, while CVP and PWP do a smaller number of larger transactions. While the number of deals is quite low, given the tiny analyst classes, I can only imagine the experience is stellar.
Heard the same - a lot of people have chosen PJT EVR and CVP over JPM Laz and Roths as well.
Any perspectives on how some of the smaller "elite" M&A boutiques are perceived these days in London (i.e. Robey Warshaw, Zaoui, Ardea Partners)?
Lol Robey Warshaw is elite. You're making way too much money if you find yourself there. Don't know about the others.
Goes up and down. You can work on a ton of deals in one year and then have nothing the next. As the firms are super small, you really have to get along with everyone.
.
Tobin & Co., East End office.
I thought their office was in Croydon?
Nah it’s in Bradford
Brum
Lol why is this forum hyping Evercore so badly haha. No one is taking Evercore over Rothschild in London lmao
Not sure why this is getting so much MS. Rothschild stronger and more established in London whilst Evercore much stronger in the US. Deal flow etc is much better for Roth’s than for Evercore.
deal flow is pretty high at evercore, I guess its just different types of deals. At Rothschild, my understanding is that you do a lot more sell sides (which are pretty much the same after a few reps). At Evercore, you get buy, sell, jvs, etc.
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