Thoughts on Houlihan RX (NYC)? Exits, reputation, etc.?
I know HL's restructuring practice is well-respected in the industry and works out of a bunch of offices in the US, so I'm curious to learn more specifically about their NYC group. I go to school on the west coast so don't have many friends in NYC to ask some of these questions unfortunately.
- What is the reputation of the group at the junior level? How does it compare to other RX groups like LAZ / PJT / EVR / Moelis?
- How are the exit opps for analysts? Are they primarily distressed / credit focused and at what tier buyside firms? Is placing into traditional buyout PE an option (if so, is MF an option or is it more MM focused?
- What is the culture in group like? I know a lot of RX groups can be pretty intense.
Any info on pay / hours would also be appreciated. Thanks in advance to anyone who can provide insight.
The RX group has an amazing reputation on the street, and they've consistently been considered Tier 1. I would argue that PJT RSSG is better, but HL has a better reputation than the other firms you've listed. That being said, this is RX only - HL Corp Fin, FAS, etc. are mediocre at best when you're comparing to the M&A groups at all these other firms.
Exit Opps have been solid from both the NY and the LA group. There's a big focus on distressed so exits tend to lean towards firms like Centerbridge and Oak Tree for HF, but the rest go to MF. I know SPC, Apollo, Ares, and Maverick have been some of the favorites in the last couple of years. Even though HL is a MM bank, the RX group is a separate animal so there's not much going against you for larger funds.
I've heard from friends that the hours can be rough, but the people are amazing. I know a lot of people chosen HL for the culture, and they've placed well because seniors go bat for you. If you're planning to exit in 2 years, PJT and HL would be the best bets. The other firms are more anal about recruiting buysdide and some of them don't place into MF consistently either.
I don't know the pay, but hours are most likely in the 70-100 range.
Any thoughts on HL RX in Chicago? Is it of the same caliber and do they source their own deals from the midwest region? And are exits similar to HL NY or more limited to Chicago funds?
I don't know too much about the regional offices given I only know and recruited for people in NY before I signed elsewhere, but I've heard all the regional offices serve a purpose. Each regional office tends to specialize in a niche (i.e. Dallas and Houston for OFS and E&P RX), so you're getting good and relevant experience. I don't know about the exits from regional offices outside of LA since they're name brand. but I doubt they're bad. They're definitely worse than NY/LA.
When you say MF exits do you mean on the buyout side or on the special sits/distressed credit side?
Both. I know people that have exited into industry groups (HC, Industrials) at firms like KKR. Obviously, it's easier to exit into distressed and ssg roles, but RX definitely doesn't pidgeon-hole you into credit/distressed. At least from my experience, people at top RX shops essentially go wherever they want, which is why many top targets choose to go RX over T1 M&A
How would you say placement at HL RX compares to placement in the M&A groups at EBs (PJT, EVR)? And with interest rates (and corporate bankruptcy rates) heading lower, is now a wise time to enter the restructuring business?
M&A Groups at PJT don't place as well as you think. It was mentioned on another forum, but PJT M&A will always be an afterthought of their RSSG group. Despite everyone talking about the firm's great culture, I know analysts and SA that talk bad about the M&A group, and they're always talking about how they're supplemental at best. PJT RSSG places the best out of any group on the street.
Evercore M&A places similar to HL RX in terms of UMM, but more MF (given EVR large analyst class). But, I would argue the percentage of HL RX analysts that exit into MF or firms like Maverick, Anchorage, etc. are a lot higher. There's a valid concern that the exits at Evercore have been diluted. HL RX on the other hand has always had a moderate sized RX class (much smaller than EVR of course but moderate relative to other RX groups), but they've maintained solid exits.
It is a great time to enter RX now PJT M&A is not on the same level as EVR M&A PJT RX is ver highly regarded and the people I know from my year all got amazing exits (not just distressed funds but also mega PE funds) HL RX exits seem to be more distressed focused TBH, know someone who got into Oak Hill (NY) and OakTree (LA)
Cant answer the second question, if I knew I'd be taking a position and keeping my mouth shut ;) In terms of placement, at PJT rx placement is generally better than PJT M&A and vice versa at EVR. All strong, mind you, but each firm's expertise/reputation tends to be reflected. Worth noting that doing M&A certainly doesn't preclude going SS post grad, I know three guys from PJT M&A and two people (recently) from EVR M&A who went to APO/CB type places. Also know of rx analysts who went traditional PE/HF route, but the many of them go distressed because that's why they self-selected into rx banking to begin with. For whatever reason it seems like rx analyst exits tend to be almost exclusively into finance whereas M&A kids sometimes go tech strat/corp dev/startups/consulting/etc.
Culturally, distressed analysts are nerdier in my experience. Not tryna be unfair, just rx at PJT/EVR is so competitive that it tends to consist of only the smartest finance nerds who have prior deep experience/knowledge of rx. M&A, because it's broader also attracts broader perosnalities and tends to be a bit more social in my experience.
Is HL RX (LA and NYC) done recruiting for 2020?
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Any reason besides comp you’d put EVR over HL? Have heard exits are comparable (would appreciate any information you have on exits for the 2) between them and the difference largely lies in percentage of creditor vs debtor side work as an analyst.
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