TPH vs. Simmons - Houston IB
Since PWP bought TPH and Piper Sandler bought Simmons, does that make TPH and Simmons EBs or MM banks?
I heard that both have great culture. Can anyone elaborate or say maybe which one is better? Is recruiting over for both banks? I know that TPH already gave offers to for its boot camp program. Any insight on either bank is welcomed.
bump
Would say both are good. I would pick based off of culture (who you fit best with based on networking). Simmons is more known for OFS and I believe TPH does better in upstream
would you say both are EBs?
No
How do these firms compare to a Citi or Jefferies?
Better than Jefferies by a landslide culture-wise
Deal flow / prestige wise only
PWP is considered an EB right? And Piper is MM right? That would mean TPH is more like an EB and Simmons a MM. I know TPH does RX and I don’t think Simmons does if that helps. I think TPH has had better exits but both are good.
simmons does but it's small
what have been past exits?
Simmons recently cut their headcount by quite a bit. If I’m being honest they are going to struggle through this downturn and in the future. The OFS vertical has been broken for a long time and this will only exasperate it. Culture is good though. One of the associates I spoke with actually said, “all of our MDs are on their first wife so that must say something about our culture”.
TPH is definitely much better positioned. Great hedge with RX, a strong m&a practice, and great culture.
are you a current intern there?
There literally is no comparison
Simmons operates in a dying vertical where margins have been minimal for half a decade
Jefferies has the best culture in Houston if that’s what you’re looking for
First of all Jeffries does not have one of the best cultures, they require FaceTime and has insane hours. Although they compensate well.
To answer your question, TPH over Simmons any day. TPH is a stronger bank and was (maybe still is) considered to be on par with Evercore Houston, they have one of the best deal flows and has expertise around all verticales.
Simmons has more of a frat boy culture, if that’s what you are into. From a dealflow perspective tho, they are strong in OFS, which is the most volatile and getting KILLED due to low oil prices, more so than any other verticals. Almost every couple months I hear about a round of layoffs lately. It ain’t gonna get better with depressed oil prices for the next couple years.
This Comment aged well
following
should chime in. I summered in Houston at a BB and will begin shortly in NYC at same bank. My family has been in the oil space for a while now.
TPH+Simmons are totally fucked. Totally. Tph is strong in upstream, which as you can tell is getting crushed completely. Simmons is strong in OFS, but one of rainmakers bounced / retired. Both of these firms however are totally fucked because they have historically driven deal flow through sponsor-backed m&a. I would throw EVR into this boat to some extent. Capital is drying up quickly for PE firms and nobody is able to raise a new fund. Best of luck to those three firms who’s client based is fuck out of money to drive - where’s deal flow gonna come from now?
To address the restructuring argument, here is the truth. EVR and PWP are not prolific players in the energy restructuring space and none of their Houston groups actually even run the process to begin with. Look at where the public mandates are going right now - Intrepid, Moelis, and Parkman. Would even through in Ducera and gugg into semi decent places (Ducera is not HTX based though).
Where there is opportunity is at the shops that have spent the last cycle banking companies and started building their restructuring / distressed M&A practice. Citi, Intrepid, Petrie, Moelis, and Goldman. Steven Trauber (Citi) is the best in the industry and has decades long relationships with the majors / large operators. They also lend a lot.
BOA lost their top rev MD to WF a few years ago and hasn’t been doing much since. I would stay away. A good bit of their energy m&a sits in NYC.
MS is extremely dependent on sponsor M&A - best of luck to those guys. They have a small office so I wouldn’t worry.
UBS is probably the worst place to be in HTX right now. They have been running around pitching shitty drillco deals for the last 2 years that all have proven to be trash. Who tf would hire them to advise on anything? They don’t even lend that much.
WF group head came from BOA and was big on OFS. They lend to everybody and their mothers in this space so I think will play an interesting role in the energy finance space. For whatever fucking reason, these guys pop up on some huge shit too - buckeye & comstock for example. Couldn’t even guess why they get hired on random whales. IDK if they have a m&a in HTX though, I think it’s just A&D.
JPM similar to WF they lend a lot but haven’t really seen them on much. Same thoughts as Wells. Heard culture is awful.
Jefferies is interesting. Historically the king of the space, but will see how things go. I don’t know enough about their teams to make a comment.
I know absolutely nothing about CS so can’t comment unfortunately.
Let me know if I missed anybody and would love to hear other people’s thoughts.
prospect here, but from my conversations I would agree with all of that with the exception of evercore. They have been on several rx deals including Pioneer, but as you mentioned, it is shared with NYC. Intrepid does work with Rothschild's rx team so kind of in the same boat as evr
Any thoughts on which direction Lazard, Greenhill, HL, Macquaire, BMO, RBC, Raymond James, PJ Solomon Houston offices are headed?
Accepted a SA offer w TPH/Simmons. would you say I’m fucked?
.
LOL at WF poaching BofA's "top" MD.
Van Bergh was a capital markets guy and can't recall a single M&A deal he did while at BAML. Sure he pulled in some good revenue years before 2014 when the energy capital markets were on fire but definitely was not the top rainmaker there. Would argue BofA's done a lot more on upstream since the guy left (lead advisor on OXY/APC, BP/BHP, Comstock/Covey Park etc.) and the they're arguably stronger in midstream / downstream. Not on the same level as C/BARC but miles ahead of Wells Fargo.
Found the BofA employee
Didn’t know they were lead on OXY/APC. Don’t see too many lead financial advisors off the initial press release and appended on once financing is announced...
There were two. Van B is not the one I was referring too.
None of Simmons rain makers have left. I don’t think you know what you’re talking about.
TPH/Simmons are set up well to profit off of OFS consolidation which is happening. TPH has been on a few consolidating deals this year, not sure about Simmons. I think both already had pretty heavy layoffs this year so probably not much risk going forward. The banks that haven’t had lay offs yet and are waiting to see where the market goes are the ones to watch out for.
Can anyone comment on Petrie Partners? How is their deal flow, their culture, where are they the strongest, and how are they perceived?
Petrie is Houston's biggest wild card. They stay quiet for a long time, and then randomly go on a tear with some big mandates. Their bread and butter is really A&D, and don't think they're much of a player at all when it comes to RX.
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Those three banks are three of the top four places to be in Houston, with the fourth being MC. You’ll be fine.
Thanks for the reassurance.
In the same boat. Accepted an offer from TPH/Simmons. :/
Would only be worried if you accepted an offer from Simmons.
What's wrong with JPM Houston culture?
Seems like they have a lot of turnover amongst higher up people. Also heard it's not a familial feel.
Have also heard Goldman has been slow
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