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  • Analyst 1 in IB - Ind
Apr 7, 2021 - 11:00am

RJ has good exits out of their tech group v solid into mm pe, not too sure of the other groups but fairly certain tech and services is their best for pe
 

Lincoln placed an analyst into audax past year and has solid placement into Chicago lmm/mm pe.
 

Hw is a top mm not lower, and places on par with the rest of the "top mm" banks. Arguably the most consistent pe placement of all the banks mentioned due to the outplacement program and culture on recruiting there.
 

Haven't really seen many cowen analysts in pe. Saw one or two at lower mm shops in tertiary cities but that's about it.

Just my thoughts and based on working in the space, conversations with friends at these shops, and looking through pe team profiles 

  • Analyst 1 in IB - Gen
Apr 7, 2021 - 3:16pm

Jefferies (and RBC / WF) don't really belong in this discussion. They're in a weird null-zone between EBs/bulges and MM banks. They do a ton of large capital markets transactions, have somewhat larger average M&A deal sizes, and will randomly get some larger M&A mandates. 

When I think true MM I think churning out $75mm - $250MM sellsides constantly, which is what WB/Piper/Bair etc. do

  • Intern in IB - Gen
Apr 7, 2021 - 4:19pm

Any insights into exits from non-tech groups at RJ? Know they have been growing the industrials practice a ton lately and have been doing some decent deals, but not sure if this is translating to strong exits?

  • Analyst 1 in IB - Ind
Apr 7, 2021 - 5:41pm

Bmo is again one of those weird ones like wf and rbc, but I'd put it somewhere between rbc and something like a Nomura/mizuho in terms of strength. This is purely M&A wise, as I don't work on the capital markets side. 

  • VP in IB - Ind
Apr 7, 2021 - 5:46pm

I would say neither, they are more of a MM, but not on the same level as Blair / Baird.  

Apr 9, 2021 - 11:42am

Would definitely put WB in the top group, also Jef as arguably the #1 MM

I would classify top MM as ones that consistently hit 400m and top deals 800m+ or into the billions here and there.

Lower MM as ones that have top deal size below 300m. Middle tier sitting in between, many of the 'lower' banks you mention would be mid-tier by this standard.

  • Intern in IB-M&A
Apr 9, 2021 - 1:58pm

Yeah by that logic I don't think any MM bank comes close. JEF has an avg. M&A deal size of more than $800mil.

  • Prospect in IB - Ind
Apr 9, 2021 - 11:56am

Interned at a MM before switching somewhere else for full-time. Obviously it varies by groups and other individual factors but broadly I'd group mm (including mm space balance sheet) bank exits like this 

- top: HL, Jefferies - MM and UMM PE are well in reach and MF possible for best groups (hl rx, jeff healthcare). Generally, these two line up with places like UBS/DB/Rothschild/Gugg etc for exits

- RBC

- mid/top: Baird, HW, WB - great banks, probably the best culture and good exits into MM PE

- mid/lower: RJ, Piper, BMO/Nomura/Mizuho - LMM/MM PE exits and one-off great placements for some really strong groups (rj tech) but exits gets harder at this level compared to above banks

- lower: Stifel, Oppenheimer, Lincoln, Truist - LMM and some MM PE exits but again just gets tough compared to top mm

By no means would I pick an offer just based on exit rankings though, if you're a top analyst wherever you'll get love and if you're bad at wherever you won't

  • Analyst 1 in IB - Ind
Apr 9, 2021 - 1:57pm

Would probably switch Lincoln and mizuho. Lincoln has definitely been getting better and mizuho does no m&a/has virtually no pe exits. Not too familiar on Nomura but have heard second hand it's similar to mizuho.

Also HL has too much variation and would split it up as HL RX which is a top RX platform and HL m&a which is more in line with WB, Baird, HW 

  • Analyst 1 in IB-M&A
Apr 9, 2021 - 4:14pm

Agree with the poster above. Lincoln should certainly be grouped in with the mid/lower group and Mizuho down a level.  

  • VP in IB - Gen
Apr 9, 2021 - 12:29pm

Think RBC is it's own tier at this point, maybe alongside UBS where they are a large bank that does a lot of capital markets work, have average M&A deal sizes in line with the top MM but also now on then get on deals that are BB size.

  • Analyst 1 in IB - Ind
Apr 9, 2021 - 3:44pm

Curious to see where Stephens stand? Specifically with the NY office. Also any info on DC Advisory? Is it more of a boutique or MM?

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