TMT in London

What are the best places in London for TMT as an analyst? How does Arma partners comprate to them?

Thanks!

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Comments (19)

Apr 26, 2018

Arma Partners compares very well.

Apr 26, 2018

So Arma is doing well compared to other mm firms? (Jeffries, Macquarie, Nomura etc.)

Apr 27, 2018

Push

Apr 27, 2018

Arma is okay. Occasional exits into lower-MM PE and other MM shops.

Apr 27, 2018

What about Oppenheimer, Ondra, Piper jaffray, Mooreland, Cantor Fritzgerald?

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Apr 27, 2018

Arma is probably top 3/4 TMT boutique in London, with 1) Qatalyst 2) GP Bullhound and 3/4) Torch partners.

Not sure about the exits, probably MM as they mainly do MM mandates. But all cash comp if you want to stay in the long run.

    • 2
Apr 27, 2018

GP Bullhound is doing that well?! What are the Exit Opps from there?

I'm about to decline their offer HAHA

Apr 28, 2018

Exits in small European boutiques are not consistent (due to the size of the analyst class etc) but people are going into VC (not sure about PE) from all of the above, probably not sequoia and the likes (except for Qatalyst).
On the deal flow side, GP has had 10 transactions since the beginning of the year vs 8 for Arma. GP has more exposure to European countries (IE France, Spain, Nordics).
Torch partners on the other side has a much smaller deal flow (and is smaller, so dealflow/analyst is roughly the same as GP/Arma), but strong links with companies the have followed since VC (Just eat/Zoopla) hence at the same level of Arma imo. I am on the VC side, if any expert that gave me MS could explain/debate why they think I am wrong, more than happy to discuss.

May I ask what are your other options?

Apr 28, 2018

PE fund with 1bn AUM. Having said that I still have a lot of time. I'm applying for SA in 2019, but I have really subpar grades (but already experience from a regional boutique in continental Europe).

Apr 29, 2018

Is this for 6 month Off-cycle internship? If you want to get into PE down the line, go for the PE experience, if you want to stay in IB/get into VC go for GP imo.

Apr 29, 2018

Actually, I thought of doing 2 separate internships (with both of them being 10 weeks). And in the long run I want to be in PE (preferably in London). Do you know PE funds (in London) with at least 1bn AUM who are willing to take interns from a target school with bad grades?

Apr 28, 2018

push

Jun 7, 2018

Since Jefferies (broadview) took themselves out of the market, Arma is extremely strong and stepped in quite nicely. I dont know about exit opp but they have significant market share in that particular part of the market.

Cannot be compared to GB as the deals are just different. Qatalyst is tiny so also not a comparable. Torch also not there.

Aug 18, 2018

Arma Partners is indeed a top-notch TMT player in London. They have been growing very fast over the past few years and are becoming the main reference for TMT in Europe. Arma competes mainly with the bigger names in London MM (especially Jefferies/William Blair) and EBs (Lazard, Evercore, LionTree) + TMT teams of BBs for their larger deals.

I recently went through there recruiting process as a potential lateral hire, but didn't make it past the last round. Had interesting conversations, but think fit with the team was not perfect.

Aug 26, 2018

For accuracy, should probably clarify that Arma's success is largely in (mostly) mid-market Tech, rather than in Media or Comms that remain dominated by larger banks.

Aug 27, 2018

Arma is indeed more mid-market focused but they have been doing a ton of larger 1bn+ deals over the last years, especially in software

Nov 16, 2018

I have a final round for a summer internship with torch partners. If people want, I will post my findings here post interview.

But, they seem to do deals in the PS10m+ area according to their transactions at least. . apparently there are 25 people in the office in London

They deffo don't compete with Qatalyst which is in a league of its own.

Qatalyst > Arma > GP Bullhound and Torch (i'd say they are the same given the size and deals - as previously mentioned)

Nov 16, 2018

Arma are a software M&A factory. They're seriously good.

Jan 11, 2019