Top Banks for TMT IB
I am very interested in going into TMT IB because of my tech background and experiences. What are some banks that have a strong TMT group and how do they compare against each other? Open to both BB and EB. Thanks!!
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Thee are other threads with more detailed info, but it boils down to:
Hope this helps. Not too sure about DB, UBS, WF, RBC, Jeffries, Cowen, WB, etc., but not sure I've seen them on any large (>500MM) M&A or in the main syndicate for any significant IPOs
Agree that GS TMT / Q / MS Menlo are a cut above the rest. Disagree with the Q point they've still been active this year (Google Fitbit and Intuit Credit Karma deal come to mind). Q obviously works on less deals a year than BBs, their deals just tend to be higher profile/higher fees and mostly M&A
As for the other points, I mostly agree. JPM SF has been in growth mode but still trailing GS and MS. BAML is doing very well in TMT after hiring a new group head a couple years ago (Grubhub Just Eat and Analog/Maxim this year). Barclays tech is solid but one of the sweatier groups there. I've also heard CS TMT is dying (used to be one of the best but many seniors have jumped ship. they also recently split T and MT). Would also add that MS NY and Citi are very strong in MT
Fitbit was Lazard fwiw. Google loves Lazard.
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I think the tier 2s on your list are a little off, CS is definitely a lot stronger than Barclays, BAML or Citi especially in tech. They just closed the massive AMD deal yesterday, had done the Worldpay deal (might have been late last year) and have been pretty consistently one of the leads on most of the major IPOs YTD. Specifically, their SPAC practice is nuts, we're pitching against them on both sell-side mandates and SPAC IPOs and they're able to talk about having been an advisor to one side or another on practically every major tech SPAC deal this year.
Lol Qatalyst hasn't been doing super hot what? They just announced Inphi today ($10 billion deal), and were on Segment Twilio, Intuit Credit Karma, Fitbit, LogMeIn, Zoox, Galileo, Conga, Shape, Paypal-Honey, and Looker (all multibillion dollar deals). The whole bank is 40 people, I'm sure they don't have the same volume as the bulges but the quality is there
Blair does really well in the $500M-$1B range, especially with sponsor-backed software companies. It also snags the occasional larger deal (e.g., Paya $1.3B or Saba $1.2B). Recently sent analysts to solid places like Insight Partners, HGGC, Sumeru (Silverlake MM), BV, Accel-KKR, etc.
Sorta hijacking this thread but does anyone know anything about Wells Fargo tmt. Obviously not gs/ms level, but it hard to find new stuff on their group.
pitching pitching pitching
Ha, good to know
Can chime in as I'm in WF TMT IB (SF) - was very heavy on the pitch side for the first half of my ANL year (to the other poster's point below) with only 1-2 live deals across the group, but things picked up significantly in April and haven't really slowed down. ~8 live sell-side mandates going in the group currently. Each second year is on at least one sell-side (most 2) + an IPO, SPAC deal, private placement, or buy-side M&A deal. Hours have gone up significantly as a result, but momentum seems strong. If anyone wants more info feel free to reply with your username and I'll PM one off.
Some recent (announced) deals: sell-side advisor to OSI on its sale to Emerson ($1.8B), sell-side advisor to Shift on its sale to Insurance Acquisition Corp., active bookrunner on Vroom IPO, active bookrunner on Allegro IPO, JBR on Cloudflare's IPO, ton of bond deals (early COVID), etc.
Any upcoming lateral needs?
Moelis for Media (LA)
Qatalyst tech
Liontree
Arma Partners for midcap tech in Europe
MS Menlo
GS TMT
Wtf are people giving me monkey shit for ? These are some of the best TMT banks alongside maybe BAML and JPM which could be added
Summered at a top 3 (GS TMT/Ms Menlo/Q). Unless you’re at Q, forgot M&A experience as most of these shops do refinancings/ipos/ECM type work. Hence most exits lend to VC/GE/Corp Dev on the west coast. East coast recruiting is quite minimal. If you’re set on tech, work at one of these shops and don’t look back.
Found the Q intern
not jpm sf
Been hearing this sentiment a lot recently, how come?
correction: not jpm tech sf. you're better off at a middle market like FTP or blair
their m&a group isn't bad tho. but they only have 2 new analysts / yr
Canaccord Genuity is really increasing their presence in MM TMT — showing up atop the league tables over the last few years. Keeping my eye on them, I’ve heard there’s a solid culture over there
Can second the above. CG is obviously not on any billion-dollar M&A deals but they do well in the MM space. Side note...I've heard the culture in Boston and NYC is great, but the culture in Toronto is pretty bad, so I assume it may vary across locations.
Toronto office is sus
Would love to hear more about Jefferies SF Tech and what the view on them is. Saw they were the lead on the Pershing Square SPAC and they were the sole advisors on the ~$2B Uber/Careem transaction.
Liontree and PJT doing quite well as far as EBs go
PJT's team in SF is very new I believe
Another bank that is strong in TMT that comes to mind is DBO Partners. For software, Aeris Partners and Shea & Co do very well.
Thoughts on Centerview? I thought they were pretty good in the TMT space?
They are pretty good but would definitely put them below GS/Q/MS and more in line with EVR/JP/Laz if we're talking about tech. Not informed regarding media telecom
Chiming in on the M&T side (most discussion above is tech) - in addition to GS, LionTree is huge in media, Guggenheim has a strong practice, Citi is strong as well.
Incoming analyst at a top Tech group, what are your thoughts on getting silo’d into M&A or staying generalist with ECM, BD, ect?
M&A is ideal tbh
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