Top West Coast Investment Banks

Hey Guys,

I was wondering if anyone had any insight into how I could find the largest investment banks that only had offices on the West Coast. I've a prior internship with a boutique sell-side bank in Newport Beach, CA, and so I believe some of the smaller West Coast banks would know of the bank I worked for.

 

You're not really going to find any huge ibanks that only have one office or offices in only one geographic region. Though you'll find really good boutiques that fill that role (e.g., Qatalyst, Dean Bradley Osborne).

If you worked at ROTH then most of the middle market players will have heard of them, granted it'll be for their equity underwriting, not really their M&A.

 
archer:
Jefferies tech and healthcare in foster city/SF are both good. Heard good things about WB and HW tech groups as well. Stifel tech is probably also worth checking out as well.

Jefferies HC is run totally out of the NYC office except for a couple senior bankers. Tech is probably the top MM tech group on this coast. HW out here has some solid senior bankers and has a high hit rate for buy side placement. Stifel isn't great, and the tech team is split into verticals even at the analyst level so it's harder to get good experience especially if you're not in Internet or software.

RBC is primarily a cap markets shop, advisory is weak. Same for Wells Fargo, though lifestyle is really good for banking.

 
leveragedoasis:
Anyone know what the top MM's on the west coast are? I've been reaching out to some analysts at different firms and have generated a general idea of where I'd like to be full-time. After searching through the forums a bit I've noticed that Houlihan, Jefferies, William Blair, Harris Williams, and Baird have come up a lot. Does anyone know how strong these banks are on the west coast and have I missed any other banks?

I'm at a target if it matters.

Any reason why you're targeting MMs if you're at a target? That's kind of selling yourself short right out of the gate in my opinion. As for a serious answer, Houlihan Restructuring LA is probably the top MM group on the West Coast, but they're only MM by virtue of being part of HL. The deals they work on are often outside of the MM (ie billion $ and up).

 
Best Response
islandbanker:
leveragedoasis:
Anyone know what the top MM's on the west coast are? I've been reaching out to some analysts at different firms and have generated a general idea of where I'd like to be full-time. After searching through the forums a bit I've noticed that Houlihan, Jefferies, William Blair, Harris Williams, and Baird have come up a lot. Does anyone know how strong these banks are on the west coast and have I missed any other banks?

I'm at a target if it matters.

Any reason why you're targeting MMs if you're at a target? That's kind of selling yourself short right out of the gate in my opinion. As for a serious answer, Houlihan Restructuring LA is probably the top MM group on the West Coast, but they're only MM by virtue of being part of HL. The deals they work on are often outside of the MM (ie billion $ and up).

selling short because he wants to work in MM? i hope you are not being serious

 
goOKC35:
Anyone know how receptive west coast banks are when it comes to taking in kids from East Coast schools?

I'd just make it clear during first rounds that you want West coast and then go to San Francisco for the super day. Don't wait til Sell Day in April, since by that point the whole office will be filled. But beyond that, it's not like the SF BBs are going to say, "No, we only want Berkeley/Stanford/UCLA guys."

And of course, be prepared to answer the "Why San Franciso/Why Tech?" question.

 

For LA, I'd say best EB is Moelis. For SF, I would say Qatalyst hands down. They've been absolutely crushing it this past year, and have been on the biggest and best tech deals. Other than Q, Lazard SF isn't too bad, although they haven't been doing much this past year except that one Facebook/WhatsApp deal. EVR Menlo is quite small at the moment, and are not on many tech deals, so they're probably pitching a lot.

For BB's, I'd say it depends on the group. GS and MS do well in TMT, with CS not far behind. I haven't heard many good things about GS/CS LA, so not too sure about those.

 
bananawhore:
I'm a junior recruiting for SA spots and have been networking with many of the top groups in the West Coast. I was just wondering, if I was given the opportunity, which of the following groups would best position me for PE afterwards: MS Tech, GS SF, Moelis LA, or CS LA. I know my first concern is to get an offer first, but which group would you choose and why.

I'd take the one I have the offer from first bro.

If I were to delight your hypothetical though, I'd say the best group in the West isn't on your list (in my opinion).

“Millionaires don't use astrology, billionaires do”
 
Nouveau Richie:
bananawhore:
I'm a junior recruiting for SA spots and have been networking with many of the top groups in the West Coast. I was just wondering, if I was given the opportunity, which of the following groups would best position me for PE afterwards: MS Tech, GS SF, Moelis LA, or CS LA. I know my first concern is to get an offer first, but which group would you choose and why.

I'd take the one I have the offer from first bro.

If I were to delight your hypothetical though, I'd say the best group in the West isn't on your list (in my opinion).

If i had to take a wild guess...Houlihan Restructuring? not sure what else is known for amazing exit opps...maybe CS SF? Lazard SF? Perella SF?

I'd say either HL RX or Perella SF it is. What is it?!

I don't throw darts at a board. I bet on sure things. Read Sun-tzu, The Art of War. Every battle is won before it is ever fought- GG
 

Thanks for the response. This is just hypothetical though. I'm not saying I'll get any of those offers but only which group would you choose and why. I'm not trying to approach this discussion arrogantly, and apologize if I come off that way.

Btw which group do you think is best Nouveau Richie? Qatalyst?

 

Moelis LA -> best placement into PE so far in the west form what i heard. and they are open about PE recruiting if an analyst would like to move on. Qatalyst -> don't know where you got the info but I know that they've placed well.

 

Moelis LA has the best % placement on the West Coast, but I know GS TMT in SF and MS Menlo Park are also both considered targets for most (all?) megafunds as well (yes, PE shops have target banks just as banks have target schools).

I have heard Qatalyst places well to VC, but rarely sends to private equity and never to any of the bigger funds.

 

I have connections at all of those firms and I can tell you for whatever reason... Moelis in LA has damn near 100% placement rate for PE from the guys that have gone there. Insane.

Rank order: Moelis LA GS SF MS SF CS LA

The above assume you want to go into tech banking though, CS LA may be better for something else.

Finally the quatalyst comment, thats insane in terms of tech banking and should be on the list, has not been around for an extreme amount of time though so hard to say if its a great "placement bank". Probably fair to assume you're good there too though. Above answered the OP though.

 
admin:
I have connections at all of those firms and I can tell you for whatever reason... Moelis in LA has damn near 100% placement rate for PE from the guys that have gone there. Insane.

Rank order: Moelis LA GS SF MS SF CS LA

The above assume you want to go into tech banking though, CS LA may be better for something else.

Finally the quatalyst comment, thats insane in terms of tech banking and should be on the list, has not been around for an extreme amount of time though so hard to say if its a great "placement bank". Probably fair to assume you're good there too though. Above answered the OP though.

Whatever reason? It's pretty fucking simple - Ken Moelis is a stand up guy who would never screw his clients, and PE guys like doing business with him because he runs a tight, old school ship that doesn't arb their clients on the back end. People go to Moelis because he can be trusted and would execute anyone that works for him in a heartbeat that even hinted at ripping off a client. The people who work for him understand that trust is important and the wild west BB attitude is a joke there. In the eyes of a megafund PE guy, the "deal experience" you get at GS pales in comparison to the moral code you learn at Moelis, especially when coupled with the fact that Moelis shoot whales.

PE guys see Goldman people as a necessary evil - nasty little money grubbing trolls you go to when you have no other choice. Moelis guys are seen as trustworthy long term partners. It's that simple - trust is everything in this industry. The juniors learn from the seniors, so they'd rather have a Moelis kid than a corrupted GS kid.

 

OP

if you get any of those you're golden. if you want to stay in LA- Moelis, CS, HL RX/GS (in terms of exit opps from deal flow) prob in that order...id personally love RX but thts just me

goodluck

I don't throw darts at a board. I bet on sure things. Read Sun-tzu, The Art of War. Every battle is won before it is ever fought- GG
 

Moelis, MS, and GS are all top tier. This may sound cheesy but as you go through the recruiting process, you'll find fit to play a bigger and bigger role in your decision making. Plus LA, Menlo Park, and SF are all very different and suit different personalities.

I was enamored by Qatalyst too but I've heard that being solely focused on M&A puts you at a slight disadvantage in terms of exit opps. I might have liked the people there the most though.

 

GS SF (TMT & Generalist) kids get offers from megafunds (KKR, TPG, Silver Lake, Bain Cap, etc) every year. Moelis LA also places the lights out. Also sends kids to megafunds like TPG and Silver Lake.

MS SF FSG (not Menlo Park Tech) also have strong placements. MS MP Tech is second to FSG in west coast PE recruiting from what I've seen.

Qatalyst hasn't placed many yet, but that's mainly because Q haven't had many classes.

Good luck!

 
bananawhore:
Do you know how GS LA places? I know they have their FIG and Western Advisory groups down there. Are there any other strong SF/LA groups for PE placement?

GS LA is beast in placements among BBs in LA. It sent kids to Providence, Hellman & Friedman, and some other PE shops, can't remember.

 
ericsmith56:
Also check out MS LA. They have a part of their M&A group based out of there. One guy went to Silver Lake Sumeru (not SL Partners) this year. People on here talk up CS LA. CS LA is mainly FSG. Some go to the likes of Platinum Equity/Gore, but haven't seen them at the megafunds.

i've heard from current analysts that CS LA has top placement to PE firms and distressed credit funds/HFs like Tennenbaum, Canyon Capital and Oaktree in LA. And placement to Ares, TPG etc. is very common...granted he just started FT this past July, but this is what he personally told me almost word for word

I don't throw darts at a board. I bet on sure things. Read Sun-tzu, The Art of War. Every battle is won before it is ever fought- GG
 
ericsmith56:
Also check out MS LA. They have a part of their M&A group based out of there. One guy went to Silver Lake Sumeru (not SL Partners) this year. People on here talk up CS LA. CS LA is mainly FSG. Some go to the likes of Platinum Equity/Gore, but haven't seen them at the megafunds.

One went to SL Sumeru and one to KKR last year, one went to SLP this year.

 

also where would firms like Imperial Capital, Jefferies and Wells Fargo's MM group in LA offices place for PE?

I don't throw darts at a board. I bet on sure things. Read Sun-tzu, The Art of War. Every battle is won before it is ever fought- GG
 
eflolfe:
To add a little light, I talked to an analyst at Moelis LA that has a PE job (think Ares, TPG), and he's only 4 months into his 1st year analyst role

LOL thts so not fair haha

I don't throw darts at a board. I bet on sure things. Read Sun-tzu, The Art of War. Every battle is won before it is ever fought- GG
 
eflolfe:
To add a little light, I talked to an analyst at Moelis LA that has a PE job (think Ares, TPG), and he's only 4 months into his 1st year analyst role

Damn, that is ridiculous. Does anyone know how many people Moelis LA takes for SA? How about GS SF?

 
eflolfe:
To add a little light, I talked to an analyst at Moelis LA that has a PE job (think Ares, TPG), and he's only 4 months into his 1st year analyst role

Ares is not in the same tier as TPG. But yeah, agreed that Moelis LA has amazing exit opps. My friends at Moelis LA tell me they get worked like slaves, often exceeding 110 hours a week. Essentially DLJ/UBS LA culture.

 

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I don't throw darts at a board. I bet on sure things. Read Sun-tzu, The Art of War. Every battle is won before it is ever fought- GG
 

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