I understand many boutiques offer generalist program and analysts often cross-staffed across industrIes but was wondering where EBs’ specialities lie. Like Moelis on Gaming, Rodging, Real Estate and PJT on Telco.
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Centerview - Consumer / Healthcare
Most of the EBs have pretty strong Healthcare groups (e.g., EVR / LAZ). I'd be hard pressed to say that Centerview isn't #1 in Consumer though.
Centerview is definitely #1 in healthcare lately, at least in biopharma.
Definitely don't disagree.
Would also add that Lazard probably has the strongest FIG franchise among the EBs.
PJT owned gaming last year with Caesars/El Dorado and several MGM deals (Bellagio/BX)
EVR has pretty strong TMT and HC teams. LAZ and Moelis have very strong RX teams.
I heard Moelis LA is good for media and consumer. PJT is also pretty good for RX
Moelis LA - Media / Entertainment
What’s the strongest EB for energy?
Heard good things about lazard and evercore, correct me if I'm wrong
Evercore, and while Jefferies likely isn't considered an EB by most, they crush it in Houston.
The strongest bank for energy is Jefferies period. Doesn't matter how you want to categorize it
lol if you don't suck Evercore's dick, the firm's interns / analysts downvote you like crazy. Great job of policing this forum guys Sorry Jefferies has a better energy practice than you
Why are you mad, did you just find the bonus clawback clause in your contract?
Are you mad you're still a prospect asking about UBS?
leave ubs alone bro
Hmm do you think they are still strong right now? I agree that in the past they've killed it but it seems to me they're more of M&A shop and don't do too much restructuring, which is what evercore and TPH is loaded with
Evercore, Jefferies (not exactly EB but very strong practice), TPH
Healthcare would probably be CVP and then Lazard and Evercore. I don't know too much about Moelis or PJT having a huge presence in the space, but I could be wrong. Guggenheim has been fairly strong as well. Evercore probably has the highest quality biopharma ER team.
I mean, I dont think any other EB has something comparable to Evercore ISI, right?
sorry for the confusion, i just meant like in general.
PJT was on allergan abbvie no?
yeah they were which is obviously great but thats just one deal. theyre admittedly the ones i know the least about.
Also on Pfizer / Mylan and GSK / Tesaro. They took Goldman’s head of pharma last year, I think.
Out of the NY teams, which has the strongest media team? Is it PJT? I feel like Moelis's media and entertainment is run out of LA?
Yeah would agree with this. Paul Taubman was a media banker, after all
Liontree?
gugg has strong telecom tower franchise as well as med tech
When people ask this question, do they plan on then recruiting only for those specific groups? Or is it just curiosity? When i went through recruiting I just applied to every EB
Yeah, I don't understand this forum. 90% of the people I know apply everywhere and just accept the first BB or EB offer they get, especially now with timelines being all over the place.
This is very true. If you have the sack to hold out on an offer from a top BB or EB in hopes of landing something later on you must be Jeffrey Skilling's bastard son or something. Nerves of steele baby.
wb pwp?
i heard they had great cheesecake
Industrials
Which of the EBs has the strongest RE group? Is it PJT/Lazard?
The real estate industry (i'm leaving gaming aside) is unique in that most of the M&A activity is asset-level deals (i.e. acquiring a building or a portfolio of assets) where a financial advisor may not be needed, and there isn't as much corporate-level M&A (vs. other industries). The industry is also fairly consolidated and there aren't that many large deals (e.g. $5bn+). In terms of banking activity, there is much more capital raising than M&A.
As a result, none of the EBs are particularly "strong" in real estate because they dont have balance sheets and dont lend. The BBs like BAML, JPM, GS, MS Citi etc. are much more active and typically handle the M&A trades as well. Some EBs pop-up from time to time (e.g. Lazard on Simon/Taubman) but they aren't market leaders by any means
Can't forget about Qatalyst holding down tech M&A like the Alamo out in SF. EVR's tech group located on Sand Hill is also very strong.
Qatalyst's transactions page is like the list of marquee tech deals. Hell, I've checked their list to make sure I haven't missed anything major in transaction comps before.
yup, their website is almost a daily visit for me to make sure I am aware of any big tech deals that may have been announced.
Guggenheim Media is probably up there
What about for FIG?
FIG I guess would be the legacy KBW or Sandler O’Neill teams. I suppose not considered EBs, but none of the true EBs do much at all in FIG that I’m aware of.
Off the top of my head, usually the big FIG deals do have independents, with the massive exception of the Truist meger (RBC baby!)
Evercore: Refinitiv/LSE PJT: TD Ameritrade/Schwab, Legg Mason
All_Day028 above has a couple examples
How is CVP's RX?
It is ok. More creditor side work, and generally not where people at CVP (at analyst associate level) want to work. All ex Miller Buckfire at the senior level. Definitely a notch below PJT, Lazard, Evercore and Moelis
What about M&A?
CVP - HC
Rothschild has solid industrials / consumer too. Strong RX but pretty much every EB has a really strong RX (EVR / LAZ / PJT / PWP).
PWP strong in healthcare / industrials.
Greenhill strong in consumer, energy.
Centerview strong in healthcare, consumer, TMT (everyone has already echoed this).
Moelis strong in industrials, TMT, REGLL.
Evercore strong in tech, healthcare, FIG.
Lazard strong in healthcare, tech, power/infra, FIG, industrials.
PJT I don't really know what sectors they excel in, but probably strongest RX group.
Source: been compiling tally count of all deals advised on via Term Sheet/Axios Pro Rata for the last couple years.
Greenhill and energy?
Roth Rx is definitely a notch below the other EBs. Greenhill literally took it entire Rx senior team
Moelis and Jeffries have great HC groups
LionTree for TMT and Ducera for restructuring. Surprised neither of these were already mentioned.
Because this thread is specifically about EBs, not all boutiques
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