Top Healthcare Banking Groups

SaMoCU's picture
Rank: Monkey | 42

Hey all,

I'm heading to CBS this fall and am looking to enter healthcare banking (currently at a goldman-backed healthcare start-up). Besides number of deals, and total deal size, is there another way through which one can determine good healthcare banking groups?

I have the following groups in mind:
1. Goldman
2. JP Morgan
3. Morgan Stanley
4. Credit Suisse
5. Lazard
6. Jefferies
7. BAML
8. Barcap
9. Greenhill

I'm sure there are other groups that I've left off this list? Any of them come to mind? And how would you rank the groups I've listed?

Thanks again for taking to look at this. Look forward to hearing from you guys!

Comments (121)

Apr 14, 2011

Goldman Healthcare has had a fantastic year and is still going strong. Lots of deals around the last 2 years for their analyst class. Also hear great things about the culture and people.

Apr 16, 2011

GS/MS (second hand though)

Apr 15, 2011

UBS...

Apr 15, 2011
Dying's For Fools:

UBS...

ben lorello pretty much took all the "good people" (all the mds and then some) from ubs healthcare to Jefferies.

Apr 15, 2011
guts:
Dying's For Fools:

UBS...

ben lorello pretty much took all the "good people" (all the mds and then some) from ubs healthcare to Jefferies.

Lol yeah I was going too say....do they still even have a healthcare group anymore? haha

Apr 15, 2011

GS, JEF, and JPM all have pretty damn strong HC teams. Also, EVR is on the Sanofi-Genzyme and think they've been building a pretty good HC team too.

Also, with UBS, while Lorello did leave with pretty much the whole team, since then it seems like they've rebuilt given that they've been on a decent amount of big HC deals.

Jul 22, 2014

Any update on current rankings?

"Everyone has a plan until they get punched in the face."

Jul 22, 2014

JPM is leading now with GS in close second
They both advised on the Abbvie-Shire takeover last week, which was the biggest deal so far of 2014

Jul 22, 2014

BAML and GS

Jul 22, 2014

JPM, BAML, and GS are considered tops. I think the general consensus is that JPM is the clear cut #1, but GS is great because it's GS and healthcare is a crazy busy sector, and BAML has been top 3 in league tables for the past 8 years or something. They just poached MS's top European dealmaker (Tom Sheehan) which is pretty big due to all of the dealmaking with healthcare companies going through inversion to re-domicile in Europe for tax purposes.

"You rarely have time for everything you want in this life, so you need to make choices. And hopefully your choices can come from a deep sense of who you are." - Mister Rogers

Jul 23, 2014

Was Tom Sheehan in general top dealmaker or just for healthcare?

"Everyone has a plan until they get punched in the face."

Jul 23, 2014

Pretty sure just HC

"You rarely have time for everything you want in this life, so you need to make choices. And hopefully your choices can come from a deep sense of who you are." - Mister Rogers

Jul 23, 2014

Makes sense. Not many senior generalists out there.

"Everyone has a plan until they get punched in the face."

Jul 23, 2014

If you're going for a healthcare banking gig, you'll likely recruit extensively for all of the banks you've listed and then some. Your list is pretty good and I imagine that all of these places recruit heavily at CBS. If you shoot for only the GS/MS role (not that you said you were planning on that) odds aren't strong that you'll get it so just keep that in mind and don't shut out any banks. Your ultimate goal for the first year at CBS should be to get a internship anywhere on the street (whether it's your top choice or not). Form there, just get the full time offer and you can always leverage that into a full time offer at another bank during your second year.

Also, I know you said that you were interested in HC because you're currently at a HC based company. Don't let this limit you in what you recruit for. A lot of people think that because they worked at Caterpillar (or whatever) before school that they have to go into an industrials group. This is absolutely not true. If you are generally interested in HC and want to pursue it then that's awesome and you should pursue it. However, if you're doing it because you think that you'll have a leg up on the other applicants, i think that mindset is off. The bankers you recruit with won't necessarily care all that much what your prior work experience is in the terms of your industry expertise, but instead are looking for fit. There are obviously exceptions to this, e.g. I know 2 former doctors who wanted to only do HC groups because of their background, which in those cases I think helped.

Regardless, CBS places well and you'll likely get at least one or two offers. Good luck!

Jul 23, 2014

Debt, Equity or M&A?

Jul 23, 2014

Equity and M&A

Best Response
Jul 23, 2014

In M&A, Jefferies crushes it. Cain, Harris Williams, Piper and Blair are also significant players and you'll often see JPM, GS and BAML doing deals in the high hundred millions. On the lower end of the spectrum, Deloitte corporate finance (McColl) has a lot of deals as does Stifel.

In Equity, you got some big names already. Cowen, Leerink, JMP, Canaccord, Roth, Ladenburg, Piper, BMO, RBC come to mind.

    • 3
Jul 23, 2014

@NestoGrande nailed it. In the 0-500 range Blair/Piper/Cain get a lot of M&A deals in the space (probably HW too I just haven't seen them as much personally). Though 500-2bn you'll pretty much see the whole range of firms as EB's/BB's will certainly take those deals on (more so the +1bn)

Jul 23, 2014

Agree with above, especially Blair and Jefferies.

Jul 23, 2014

Piper Jaffray has a solid rep. Not sure how Jeffries is after the whole media incident, but I would assume it is still great.

Speaking off of my knowledge here. Probably some other great firms other than those 2 but didn't want to talk out of my butt.

Jul 23, 2014

Thanks guys...I see a lot of recent Follow-On Offerings joint book-running with Cowen, Leerink and Piper? Any another insight on these for healthcare? Whats the reputation? I know Leerink is purely healthcare wonder how strong their reputation is? I think they did the NPS/Shire deal with Goldman couple months ago but I'm not sure

Jul 23, 2014
kincher0:

Thanks guys...I see a lot of recent Follow-On Offerings joint book-running with Cowen, Leerink and Piper? Any another insight on these for healthcare? Whats the reputation? I know Leerink is purely healthcare wonder how strong their reputation is? I think they did the NPS/Shire deal with Goldman couple months ago but I'm not sure

All good reputations. If they're doing good deals, anyone can make an argument its a good firm.

Jul 23, 2014

Leerink is solid. Lazard MM's Charlotte office (HC based) is solid as well.

Jul 23, 2014

Can someone give their opinion on Cantor Fitzgerald compared to Piper and Leerink for middle market?

Jul 23, 2014

Jefferies HC is in a very different league than all of the other MM's mentioned on this chain. The group does over 100 deals per year, with 90% being lead-left bookrunner or exclusive/lead financial advisor.

Jul 23, 2014
MD8:

Jefferies HC is in a very different league than all of the other MM's mentioned on this chain. The group does over 100 deals per year, with 90% being lead-left bookrunner or exclusive/lead financial advisor.

This is spot on

Jul 23, 2014

CF has solid research in HC, but I've never seen them do an M&A deal. They'll often get co-manager roles on equity issuances due to their research capabilities, but they have nowhere near the platform of the two you mentioned. I'd view it as a solid career banker spot if you're interested in ECM, but you won't be developing very much at the Analyst level. Their exits to PE are basically non-existent.

Jul 23, 2014

How are PE exits for the others (Piper, Leerink, etc.)?

Jul 23, 2014

Curious as well

Jul 23, 2014

Jeff for sure

Equity - Cowen, Leerink, Piper, Opco

Jul 23, 2014

Jefferies hands down best "elite" MM HC shop
BMO growing as well in the M&A space. Would count them as a solid #3 (behind Jefferies and Blair). They've hired away some bankers from Jefferies and are really solidifying their role in the HC space. IMO BMO is better than PJC and the above mentioned. Bronze goes to BMO imo.

Jul 23, 2014

IMO I would not work at Piper in HC unless it's in biotech/biopharm. Medtech especially has a terrible work life balance.

Jul 23, 2014

Take a look at Leerink Swann (they might have rebranded themselves to just Leerink Partners). They're not well known outside of SF, but they have a pretty solid team, and is well-situated in terms of location. There are a lot of bio tech and pharma companies based in the Bay Area (which I found surprising), so you have a lot of opportunities to be exposed to smaller, high-growth type of companies.

http://www.leerink.com/transactions/

Jul 23, 2014

Top Tier: Goldman, Morgan, JPM, Centerview, Evercore, Greenhill
Also good: BAML, Barclays, Jefferies?
Avoid: DB, UBS, Moelis?, CS?

Jul 23, 2014

Would probably avoid Barclays now, ~5 senior level pharma guys got poached by CS

http://www.bloomberg.com/news/articles/2015-10-27/...

Jul 23, 2014

JPM is a sweat shop in a good way.

Jul 23, 2014

Beware of GS. They merged cr and hc. So team isn't as focused as once was

Jul 23, 2014

JPM, Centerview, Goldman

    • 1
Jul 23, 2014

Straight out of a healthcare banker friends mouth, don't even know what those guys above are talking about:

Top: GS/JPM (both undisputed), then BAML
Top Boutiques (literally just google to see the deals they did this year/last year): Centerview (pretty much mainly sell sides), Lazard (haven't seen them on many sell sides at all recently, maybe because they're mainly buyside focused? not sure)

Other top groups/firms: MS (not as consistent as the ones above, at least from what i heard, but MS is still MS), Greenhill (literally one or two big healthcare deals as seen in the past couple years, i believe one london md and one NYC md runs most of their stuff), Evercore (one rainmaker, so can hit big deals, otherwise average outside of that one deal a year - Shire this year)

And thats it. Purely from an Analyst experience/deal flow/reputations perspective (big balance sheet banks will inevitably be on a lot of crap for their financing capabilities). Whats interesting will be to see who's on Pfizer/Allergan and also how CS does in the upcoming years.

    • 3
Jul 23, 2014

what about Guggenheim. seems to get on some big HC deals from time to time. also an advisor to pfizer

Jul 23, 2014

Cain Brothers, hammond hanlon

Jul 23, 2014

Started as an analyst a few months back. Can share what I've learned based on the groups I interviewed with and seeing who's been on deals

Top Groups:
CV is the hottest name in the space. Been on every mega-deal. Great place to be overall but esp for HC. Team in SF runs HC right now
GS/JPM are powerhouses and are always 1 or 2 in league tables. No doubts here. GS does have combined groups (CRHG in NY and WRA in SF) so if you are fixated on HC for whatever reason then tough luck. JPM has dedicated teams
Lazard does very well, both their NY team and the group out in SF (Life Sci focused)

Top Second Tier:
BAML was the big name in the industry over the past 10 years. They've lost a bunch of ppl but are still a regarded group. I would argue HC is BAML's strongest industry group (only behind M&A/FSG/maybe LevFin). Would slot right below Lazard
MS - not their most well-known group but strong brand name and they are on some good deals. Deal flow is iffy
Evercore - did Shire, haven't seen them on anything else big recently
CS - Have lost people for a couple years, now seem to be bouncing back. Not sure about them

Good groups:
Greenhill - mentioned in an earlier post, like Evercore, relies on 1 or 2 big deals. No dedicated team in either NY or SF to the best of my knowledge
Barclays - services sector is pretty strong in NY, their SF team is really small
Jefferies - old UBS group, does well for themselves. Their best group
Guggenheim - gets some hate on this site, but they do very well in the space. Have been improving for the past few years quickly

Okay groups:
DB - Capital Markets focused, Med Devices group is very strong
Citi - Dedicated teams in NY and SF

Aim for the top two tiers. Other groups listed here are good as well. If not mentioned, I would not recommend.

    • 2
Jul 23, 2014
Dibz:

CV is the hottest name in the space. Been on every mega-deal. Great place to be overall but esp for HC. Team in SF runs HC right now

CV? Which bank is that?

Jul 23, 2014

Pretty sure there has been plenty of pub regarding the decline of Jefferies post-Sage Kelly.

Jul 23, 2014

Overall very good insight. Do you think the way GS has combined Healthcare and C&R will hurt their HC ranking in, say, the next year or two? Or does it not really matter?

Jul 23, 2014

Any opinion of where Leerink places amongst the boutique firms?

Jul 23, 2014

Believe they do mostly equity offerings. Maybe some small amount of M&A.

Jul 23, 2014

CenterView is great with the old legacy pharma team from ML (not sure about other HC stuff). Guggenheim poached some top med devices guy from JPM and BAML earlier this year, and also a pharma guy from BAML few years back (who is doing the Pfizer - Allergan stuff). MS team is much smaller compared to JPM/GS/BAML.

Jul 23, 2014

CS is extremely strong in certain healthcare verticals. I have friends from there that left to top PE funds and say nothing but good things about the culture, work/life balance and exits.

  • Anonymous Monkey
  •  Jul 23, 2014

Never have heard BAML referred to as top in healthcare, especially considering the loss of a number of senior MD's throughout the past year. In general, I pay attention to exit opps of former analysts when looking at strength of the group. GS/JPM/Centerview all dominate. The rest are far below and don't warrant a hierarchical ranking.

Jul 23, 2014

Lot of MS healthcare bankers jumped ship to PWP. Perella has had a fare share of healthcare deals

Jul 23, 2014

I ended up getting summer offers at Lazard and BAML, both San Fran Healthcare. Which one should I take?

Jul 23, 2014

Jefferies arguably has the top healthcare group on the street.

Jul 23, 2014

GS/MS do the best quality deals; Jefferies (under Lorello) does a very large volume
Exit opps at GS/MS HC vs. Jefferies HC are incomparable... The former regularly place into top PE and HF.

Jul 23, 2014

wrong. just cuz he stole it doesn't mean it is the best. it is decent.

Jul 23, 2014

i think PJC has a pretty good healthcare group... vault listed it as "strong in healthcare"
Jefferies is good too...

Jul 23, 2014

whenever i see a healthcare deal go through recently, seems like Jefferies is in most of them as the advisor or sole-advisor...they do a lot of deals, though i'm not sure that they do the largest healthcare deals out there...

Jul 23, 2014

bump, any thoughts on GS/MS specifically?

Jul 23, 2014

Yeah, I'd like to hear more about the GS Healthcare group... I've heard that they're known to have a pretty good/chill culture.

Jul 23, 2014

The Jefferies healthcare team used to be at UBS (all the rainmakers), and you will notice a lot of people on the healthcare team will be Boston College grads.

I would almost say they are probably the best on the street. They killed at UBS, and now they are killing it at Jefferies.

Jul 23, 2014

interested in learning more about gs healthcare.

regarding jefferies, they are probably top MM guys but not they dont have the mega-deal flow: http://www.jefferies.com/cositemgr.pl/html/Industr...

Jul 23, 2014

GS and MS are strong, Merrill used to be.

Jul 23, 2014

whoa, didn't JPM work on the two massive pharma deals last year? that's gotta account for something, right?

Jul 23, 2014

don't forget Leerink and Swann. They are mainly focused in Healthcare/pharmaceutical industry.

Jul 23, 2014

bump

Jul 23, 2014

it's been a while since the last post, but just wondering which banks are top in healthcare?

Jul 23, 2014

bump

Jul 23, 2014

JPM Healthcare is top BY FAR. GS second, BofA/MS tied for third. This is as of '13.

Jul 23, 2014

How is Jeffries doing now? Some people say they're good some say they're terrible, which is it?

Jul 23, 2014

Top 5 by fees: JP, BAML/GS, Barc, MS

As of last week.

Jul 23, 2014

How is HL healthcare? Specifically chicago

Jul 23, 2014

Most banks don't have healthcare groups in Chicago. Off the top of my head, Blair and Baird both have healthcare groups in Chicago, maybe Lincoln? I don't think any of the BB's do.

Jul 23, 2014

HL far beyond anyone else even BB. However, there are a lot of PE and VC firm in Chicago. Alot focus on Healthcare

Jul 23, 2014

any big name PE/VC firms of note?

Jul 23, 2014
Jul 23, 2014

Thanks aces, I've already heard of them and they turned up when I searched WSO for similar posts. Any others?

Jul 23, 2014

http://www.cainbrothers.com/
Although their team is full of Harvard/Stanford/Wharton graduates, they consider non-targets for SA.

Jul 23, 2014

thanks, i'll def look into them

Jul 23, 2014

Top HC IBD - GS, JEF (Lorello), Centerview (Brought over some of the M&A HC guys from Merrill)

Jul 23, 2014

Yeah I had read they brought over some senior HC bankers from Merrill but looking through their deals i don't see any healthcare ones yet.

Jul 23, 2014

I think they might have been on the Warner Chilcott deal. It takes a while for the tombstone to get published on websites. I know that Jefferies has completed quite a few deals since Lorello and the UBS bankers have joined and it has yet to be reflected on their website.

Jul 23, 2014

Top Two for Healthcare are Goldman Sachs and Morgan Stanley.

Ben Lorello only really works in MedTech and although good, he cannot make an entire group. Also, working for him is horrible.

Just check the deal volume over the past couple years, Morgan Stanley and Goldman Sachs have secure positions at the top

Jul 23, 2014

Lorello is viewed as much too "wild and slimy" to advise the corporate giants, hence his practice is much more middle market focused. At the same time I would not doubt one bit if his group brought in more revenue than any other HC group on the street. Even if not the highest revenue, I know for a fact he had the highest revenue per head of any group at UBS for essentially every year he was there.

Lorello has a number of good MD's working for him and although a dominant personality it is not like he is the only one bringing in deals.

He is a miserable person to work for, but if you do well and are good, there is not a guy on the street who gets his MD's paid better on a consistent basis.

Jul 23, 2014

thanks for all the info guys

Jul 23, 2014
Jul 23, 2014

Goldman, Morgan, Laz, Centerview

Jul 23, 2014

William Blair & Company (a middle market investment bank in Chicago).

"Whenever I'm about to do something, I think, 'Would an idiot do that?' And if they would, I do NOT do that thing."
-Dwight Schrute, "The Office"-

Jul 23, 2014

Jefferies...lorello's group

Jul 23, 2014

Piper Jaffray. So Good!

Jul 23, 2014

no one mentions Lazard??

=========================================
We are excited to formally extend to you an offer to join Bank of Ameria

Jul 23, 2014

These are the worst responses I've ever seen. This is why you kids don't have jobs.

Jul 23, 2014
1styearBanker:

These are the worst responses I've ever seen. This is why you kids don't have jobs.

No one gives a shit what you think. Are you ever not angry? Your life must suck.

Jul 23, 2014
Jul 23, 2014

From what I've heard/read... Jeffries, GS/MS

Float like a butterfly, sting like the bee.

Jul 23, 2014

UBS and Goldman are top notch. CS had #1 market share last year, but alot of that had to do with HCA. If Express Scripts wins, it could be a huge year again for CS.

Jul 23, 2014

is very strong as well. I think that CVS is good shape for Caremark and Express Scripts will be left on the outside looking in due to antitrust concerns.

Jul 23, 2014

Lazard Life Sciences M&A Group places very well.

Jul 23, 2014

Led HCA deal and Boston Scientific as well. Great group with ton of deal flow.

Jul 23, 2014

I hear Lehman healthcare is very strong, was i misinformed?

Jul 23, 2014
Jul 23, 2014

Get it right. It's Bank of America... +)

Jul 23, 2014

no, it's both.

Jul 23, 2014

actually, their investment banking branch is called Banc of Amercia Securities, but thanks for playing...

I thought they had one of the best healthcare groups out there, no?

Jul 23, 2014

1) ML
2) UBS/GS (b/c it's Goldman)
Big Drop

B of A, CS, and JPM have decent groups, but not great. The same applies for Lehman.

Jul 23, 2014
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Jul 23, 2014
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"Everyone has a plan until they get punched in the face."

Nov 8, 2019