What are people's thoughts on Guggenheim Securities?

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.

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Comments (61)

Jan 24, 2020 - 7:43pm
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.

Jan 24, 2020 - 12:49pm

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 - 6:11pm

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 Most of the WSO posts about Guggenheim are very outdated.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

Jan 25, 2020 - 12:19pm

They also had Marcos López 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 - 12:26pm

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 - 6:20pm

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.

  • Prospect in IB-M&A
Apr 2, 2020 - 8:21pm

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.

  • Intern in IB - Gen
Apr 4, 2021 - 3:44pm

i'd say on hours it's fairly group dependent, know some of the restructuring guys had it pretty tough this past cycle. i would definitely second the comment on pay.

  • Intern in IB - Gen
Apr 4, 2021 - 3:37pm

would say Gugg may get more MF exits on an absolute basis but keep in mind its class size is almost 3x the size of both pwp and ghl. i'd say both pwp and ghl both place fairly consistently into MM shops with a slight skew to perella in quality of exits.

  • Associate 1 in PE - LBOs
Apr 3, 2021 - 8:43pm

Don't think HC would be as strong maybe go-forward? They just lost two senior MDs to SVB Leerink (Barry Blake, Robert Minear) pretty heavy hitters within the team

  • Associate 2 in PE - Growth
Apr 6, 2021 - 12:14pm

Do you mind sharing if this is across all industry groups? Any particular groups / verticals that are especially bad right now?

Also, are Associates working a little less than Analysts? Or about the same?

  • Associate 3 in IB-M&A
Apr 6, 2021 - 9:23pm

As I suspected based on your description of "crushed" it's honestly light compared to the other EBs I mentioned. I have quite a few friends at Gugg and they basically confirmed the same. Ask your friends at the three shops I mentioned and they are all probably working past 2am if not later on most days of the week. You get to have your cake and eat it too

  • Analyst 1 in IB - Gen
Apr 6, 2021 - 1:43pm

Could you clarify this? Are you saying that Gugg has made some senior hires whom their prior employers were not particularly sad to see leave?

  • Associate 1 in IB - Gen
Apr 6, 2021 - 2:44pm
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