Thoughts on Miller Buckfire?

Considering an opportunity there, and was wondering if anyone has any thoughts on the current state of Miller Buckfire? I've heard they've lost a lot of their senior bankers post Stifel acquisition, but they're still working on deals like Detroit and Puerto Rico.

Comments (27)

 
Dec 5, 2016 - 12:01am

Ken Buckfire and their two other Rx Co-heads are still around. As long as that holds true, if you want to do Rx it is still a great place to go. The MB brand is still recognized.

Think they recently hired someone from Jefferies Rx and have another MD.

The majority of their MDs have left to Guggenehim, Centerview, PWP and Marblegate. A couple left to places like Millstein.

 
Dec 5, 2016 - 12:12am

Greenhill's co-head recently left to Ducera so I would say MB would a better option for doing Rx. However I'd think that Greenhill would try to make a play to poach a replacement. I would choose Moelis and Rothschild over MB without thinking twice.

Considering PWP's Rx practice is just a GS rx guy and two former MB MDs, I'd say they are pretty equal but PWP still has to reestablish themselves. As a career banker, I would choose PWP just based on how aggressively they are trying to grow all around. Just bought Tudor and could see some Oil Rx deals headed their way. They will probably be IPOing soon.

I'm not too familiar with Evercore's practice. It's run by Ying who was at MB a long while back.

 
Dec 5, 2016 - 12:26am

BoydJeffries pretty much hit the nail on the head. However, to build off one of his latest points, Rothschild is a generalist program for summers, and you aren't guaranteed to be put on RX. So if you're super interested in RX, I'd take that into consideration as well.

I recently got an offer to join there for the coming summer as well, but decided to turn it down for another shop. From speaking with the team there, it definitely seems like their winning more mandates now compared to a couple of years ago. If you didn't already know, their only take a few kids (3-5 or so) most summers, so their class size is super small. As such, you'll probably get as good of exposure as one of the larger shops. All the bankers that I spoke to there seem super nice and helpful as well if that helps.

Best of luck!

 
Dec 5, 2016 - 12:33am

Gotcha, thanks! I'm honestly pretty impartial to what type of work I do, whether it's in RX or not. I'm debating between MB and a vanilla, non-RX IBD opportunity at a large, growing non-BB bank (RBC, WF, Jefferies, etc.). In terms of long-term opportunities in banking or outside of IBD, what are your thoughts?

 
Dec 5, 2016 - 12:44am

I may not be the best person to ask about this since I'm in the same shoes as you for the most part, but from what I've heard RX activity is expected to pick up by the time that we would start working full time. However, this is coming from people who do RX as well, so take that as you will. With regards to exit opps, something like MB RX is going to give you a skill set more suited to joining a distressed debt fund or distressed PE arm, while something else would give you a wider range of opportunities. I'm going to be doing RX this coming summer and I find it extremely interesting, so that was definitely the correct choice for me. If you're not as set on RX and want more broad exposure then I'd consider the other opportunity as well. Either way, MB is a great firm and a fantastic opportunity, so best of luck making your decision! Congrats and I hope that I helped!

 
Dec 5, 2016 - 12:53am

I'm assuming you're referring to SA, in which case I'm not certain. I did, however, have a final round for their FT program. Mostly mixed/more on the behavioral side, with the exception of the "technical room" which was 100% technical and fairly difficult. Each interviewee had a 30 minute break in the middle of the superday where we chilled in a conference room with other first years. Hope this helps. Best of luck; MB is a great firm to be at right now.

 
Dec 5, 2016 - 12:55am

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Dec 5, 2016 - 12:57am

Miller Buckfire SA Recruiting (Originally Posted: 11/14/2017)

Does anyone have any information on Miller Buckfire's summer analyst recruiting? I'd also love to hear about how MB is doing after losing a lot of its senior bankers over the past few years.

 
Dec 5, 2016 - 1:01am

Had a superday with them on 10/13 after OCR first rounds about a week prior. Superday was 6 kids total, 3 each from two different schools. We were told they'd be hiring 4 summer analysts, I got the call later that day but moved forward with another firm -- not sure if they've handed out other offers or where they currently are in their process, that's the most recent info I have.

As far as quality of the group's practice, it definitely feels like deal flow is a little lower than in the past based on conversations with senior bankers at the firm, especially when compared to some of the other restructuring practices. Everyone I spoke to there told me about the same 2-3 deals that have been ongoing for several years, which isn't a great sign... I know a handful of analysts and associates who laterally transferred while working at MB FT recently, and know a couple kids from my school who summered there and went to EBs FT.

With that said, the people are reasonably chill and this current bull run really can't last forever, so I'm sure by the time you'd be starting FT deal flow would be reasonably better.

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