UBS vs Citi vs Evercore vs Tudor
SA in Houston at UBS, Evercore, Citi or Tudor...what do the monkeys think?
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Tudor. One of the best macro hedge funds out there.
He means Tudor Pickering the investment bank, obviously. Context is your friend.
[EDIT: I mistakenly thought it was the other Tudor...]
I think he's talking about Tudor, Pickering, Holt... the energy investment bank. Not Tudor Investment...
Evercore.
Evercore or Citi.
Your IB experience will be better at Evercore (selectivity, exposure, pay)
but Citi may be better for HF and PE exit opportunities.
Do you even know where Texas is?
Citi has an army, so that's a positive/negative for some people, but Trauber & Co are some of the best dealmakers in Houston, just ask UBS. I'm interested in seeing how many MDs at Citi eventually leave for other places, I think the client pie might be spread too thin amongst the senior guys. Evercore is just starting out, but growing, and they have some great guys personality wise. UBS is down, but are clearly committed to trying to climb back up the ladder with the MS/Barclays hires. Tudor is a solid name as well, but you'll be limiting yourself to energy even more than working a BB O&G group.
I would go Citi>Tudor>Evercore>UBS
Citi, has tph really done that much since XTO exxon?
What does that even mean? They weren't advisor on either side of that. Maybe did a fairness opinion?
But they get on a lot, and pay their people a sh!tload. Got Adam Peakes from GS last year and Byron Trott's firm put in 100mm or so.
EVR has got on a ton in the last 18 months or so. Bringing in the Scotia guys was big.
Trauber is a big a name but I haven't seen that get them anything they weren't on before (Williams failed bid aside, but i could name a big deal for every bank in Houston in 2011). Nothing wrong with C at all, but it's another BB and gets flow accordingly.
Evercore or Citi >>>>>> UBS
Evercore over Citi. Been in Houston energy for ten years or so...a lot of talk about how bloated Citi is getting. Word has it that they will only be able to take a percentage of their SAs for full-time. Evercore is much leaner, better culture, better exit opps.
Feel free to PM me.
Hear Citi hired an obscene amount of analyst FT Houston this year
i have a friend going there FT. He says should be about 12 FT analysts for tht office and a total headcount of about 60 bankers
Tudor Pickering Holt wins this one by a mile, they only do M&A and their comp tends to be almost 50% above the rest of the street; they tend to close 2x as many transactions as the next shop in Houston, have an amazing culture, they are expanding rapidly, and they have lots of high profile exposure to some of the most interesting transactions (Samson / KKR = $8b and the largest private to private M&A transaction of the year). These guys are private, so they do what they want and have no stockholders to answer to, think of them as Goldman Sachs or Morgan Stanley before they went public two decades ago. If you have an offer, you should not think about this, you should just take it.
Evercore does some big deals (Kinder Morgan / El Paso, largest M&A transaction of the year) and you will work only on large deals, but they have some culture issues and are a sweat shop. The culture issues stem from the integration of the legacy Evercore team with the hitters from Scotia and GS that they hired last year. Both groups brought their associates and analysts with them, so it is a bolt on integration issue with multiple cultures. That said, Ray Strong is a hitter and you will not pitch, most of the work is straight up advisory. Great experience, but it comes at a cost.
Citi is building out its footprint and has one of the largest teams in Houston, they stole anyone worth anything from UBS last year and are now in the process of integrating them. They are a great group, but the issue here might be the integration of the parts into the whole. They also do not do a lot of M&A, but if you want debt and equity underwriting experience, they have a good platform.
UBS is an empty shell, more than half their team left for Citi last year, I would not go near their Houston office for an interview, never mind an actual job. They are a leader in coal, but their O&G practice is in a "rebuilding phase" (read as slowly dying).
Here is a quick Dealogic pull since 1 Jan 2010 (so the last two years):
By Value Tudor Pickering Holt & Co - 56,763 Evercore Partners Inc - 53,588 Credit Suisse - 51,861 Citi - 45,326
And keep in mind, that TPH and Evercore do not do any financing, so all of that is straight M&A.
And what's Jefferies' number on that scale?
.
Based on that pull Jefferies & Company comes in at 40,794 on total of 28 deals. Most of which are likely A&D, and straight M&A as they are not a financing bank, so that is a very respectable level of deal flow.
Citi, since they brought in Trauber they have been trying to make huge moves. They hired 20+ FT analysts for july start...
If SA in Houston, TPH or EVR.
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