What are people's thoughts on Guggenheim Securities?

wtwtr's picture
Rank: Senior Chimp | 19

The label of EB gets thrown around a lot with many banks who used to be strong (GHL, PWP) now being tentatively considered EBs but was curious if Guggenheim's reputation has risen to take their places? Also curious about recent exits and what people think about them poaching both of Barlays's global heads of industrials last year.

Comments (22)

Jan 24, 2020

Good shop.

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Jan 24, 2020

Genuine question, since the OP alluded to it - is PWP no longer considered strong? If so, how come

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  • Intern in IB - Gen
Jan 24, 2020

pwp is still considered strong, idk what op is on to be honest

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Jan 24, 2020
Intern in IB - Gen:

pwp is still considered strong, idk what op is on to be honest

In general there is just less visibility on PwP since they are private. It's clear that Evercore, Moelis, and PJT have been on a tear over the last couple years in terms of growth and the types of mandates they are on. Centerview too is private but the caliber of deals they are on is unquestionable.

Greenhill is struggling pretty badly (two quarters this year where they only generated $40M in IB fees, yikes). Just being in the industry my impression of PwP that it is still a good shop but definitely does not seem to have the same momentum as the ones above.

Guggenheim is a good shop and works on some real high quality mandates (especially in TMT). It would be disingenuous to say though that they really have anywhere near the placement as the ones mentioned above (not to say you can't still go buyside as a good candidate). They expanded extremely rapidly and I think that has at times diluted the analyst pool/quality and reps to go around on the top mandates.

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Jan 24, 2020

Heard from an analyst that dealflow can be all or nothing depending on the group you're in - I personally don't see them as a strong or upward trending eb

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Apr 2, 2020

Just finished recruiting with them and can say that they're definitely an EB today. Most of the WSO posts about Guggenheim are very outdated. As others have mentioned, they work on top mandates and the exits are good (top MMs and a few MFs, although not on the level of Evercore / PJT)
TMT and HC (all three verticals) have solid dealflow, and Industrials as well with them poaching both Barclays' heads. Also heard good things about Retail and P&U (former BX P&U team). Not sure about FIG

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Apr 2, 2020

PWP is definitely a top shop. Have heard great things

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Jan 24, 2020

Just my two cents but I have kids at my school(Williams) who leveraged their buy-side gugg SI-FT offers for GS FT

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Apr 2, 2020

Buy-side Gugg? I imagine that with a Guggenheim return offer, you'd be one of the most qualified lateral candidates

  • Intern in IB-M&A
Jan 24, 2020

gugg not an EB

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  • Quant in HF - Macro
Jan 24, 2020

Pardon my ignorance, what is 'EB'? I've not heard this term before.

Jan 24, 2020

Elite Boutique

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Apr 2, 2020

...........

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Jan 24, 2020

They unique relative to other bond funds, whereas other bonds funds are more tactical but Guggenheim actually have been de-risking since '18. They're model is more long-term view and their returns have been consistent. As Bill Gross said, Scott Minerd could surely be the next bond king.

Jan 25, 2020

They also had Marcos Lopez de Prado set up their QIS division, and he's one of the most well known quants out there. I heard most of his work there involved systematic credit-related arbitrage (by no means an easy feat) but he must've done well otherwise he wouldn't have been able to move to AQR. I was going to say that having his quant unit as part of them is a plus, but looking it up now apparently they sold it back to him, so I don't know what to make of that.

Jan 25, 2020

PWP is small is a small group of senior bankers who generate an enormous amount of revenue per partner. I do not know what that trickles down to at the analyst/associate level, but their restructuring team is very good and has deep contacts and loyalty in the distressed business. Certainly if you stay on in an executive role you will be making well above average comp.

  • Analyst 1 in IB-M&A
Apr 2, 2020

PWP and Guggenheim are both great shops to get your start in, and I would say they are on a very similar level in terms of US dealflow and exits. They could definitely both be placed into the "EB" category, if that's what you want to hear. However, outside of the US that shifts pretty quickly in PWP's favor. Some analysts I've met in Europe have never even heard of Guggenheim, whereas PWP is rapidly expanding (new Paris, German offices), considered a strong EB in London, and on an upward trajectory. Also, don't necessarily know what you mean about PWP declining in strength? It could be because of the Ducera incident that happened a few years ago, but they've been routinely rebuilding the RX business since then.

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Apr 2, 2020

Agreed. If you're talking internationally

  • Prospect in IB-M&A
Apr 2, 2020

I have two friends at Guggenheim...it has definitely gained enough traction on the street to be called an EB. Obviously not the same exits opps as Evercore/PJT but still strong sending some to MF and others to UMM. TMT and Healthcare verticals are top tier. Other groups are improving as well.

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  • Analyst 2 in IB-M&A
Apr 2, 2020

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Apr 2, 2020
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  • Prospect in IB-M&A
May 28, 2020