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Investment Banking without Series 79 in USA
I see a lot of of so called "Investment Bankers" and 2-3 persons "Investment Banks" operating without Series 79 license and without any affiliation with FINRA/ SIPC, SEC. I was wondering under what law/ reglation they are operating and what is their business model?
Career Opportunities for Finance Undergrad considering Quantitative Finance?
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Investment Banking Challenge
Last week I was looking through various investment bank websites, and I found an "Investment Banking Challenge" at UBS. Unfortunately the registration for the contest opened today, and I found that the schools it is offered to are all overseas. Does anyone know of something similar to this? I...
Horsepower: Why hasn't PE scooped up Ralph Lauren?
Here is a question for all you M&A , PE guys, why has nobody bought Ralph Lauren? Seems like it has all the things yall like: * Great brand (if you disagree let me know) * Cash on deck: $1.4B vs $871M in debt * Real Estate? ...$1.5B in PP&E, I haven't done the work on this but I imagine those...
Upcoming Corporate Development(M&A) Internship Phone Interview
I have an upcoming phone interview for a corporate development internship position doing M&A work. This is for a company in the industrials sector. I'm coming from an accounting background and have an MBA . Just wanted to know if anyone has had experience with these phone interviews for this type of...
Cash Stock Deal - Protecting Seller from Future Dilution
Making the transition to IB coverage/M&A
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Network firms of "M&A International" merge into "Oaklins"
M&A International, the network of M&A consultancies changes its brand and structure, in a move to profit from an increased brand value and to better exploit their global presence for cross-border deal making. The new firm has 700 professionals and 60 offices in 40 countries. What do guys think? Will...
Big 4 M&A opportunity
Hi All, I'm hoping for some advice. I'm currently working in technology consulting revolving around SAP. I had previously worked on a global M&A project, and some of the big4 guys reached out and want me to join their M&A practice. My question is what exactly would that look like work wise. It is...
Evercore Activism & Defense
Can anyone shed some color on Evercore 's relatively new group, Activism & Defense? I'm interested in learning about the responsibilities of analysts, exit opportunities, and work-life balance compared to your standard M&A or coverage roles. Thanks!
Lifestyle and hours at start-up boutique M&A shops - Zaoui, BDT, LionTree, Robey Warshaw, M. Klein
A friend of mine (seriously! not me!) has an offer with a ~2 year old 'start-up' investment bank that's swinging for the fences (large cap deals) and also working on some smaller stuff (
Business Acquisition and Merger Associates
Business Acquisition and Merger Associates (BAMA) provides both buy-side and sell-side services for lower-middle market companies doing $5 million-$100 million in revenue. With over 25 years of merger and acquisition experience, the BAMA team provides expert guidance throughout your entire sale,...
Career Advice - Altium Capital/Lincoln International vs. Société Générale /BNP Paribas/HSBC
Hi guys, I just finish my MSc (think IE/HEC). I am now confronted with an important decision and would like to hear your (professional) advice on this matter. I received 2 offers: a) M&A /Debt Advisory Intern at Altium Capital/Lincoln International b) Corporate Coverage/Transaction Banking Intern at...
Big4 M&A - An Explanation
Over the years I've seen several posts on people considering jobs at Big4 corporate finance / M&A / TS departments, or people making statements about these jobs which have some pretty large inaccuracies. I'm going to try and clear up any confusion over the topics here.... Big 4 corporate finance The...
All-stock deal & target's net debt
Hi, assuming there is an all-stock deal, ie public deal and lets say it is an equity value of 20bn incl premium, and the target has 5bn in net debt, is the 5bn net debt simply added to the buyer's net debt OR is the buyer taking on debt to pay the 5bn down / refi it? thanks
Digital Capital Advisors - anyone heard of these guys?
As the topic title says, anyone heard of Digital Capital Advisors? Rep, exit opps, hours/culture/lifestyle, deal flow, etc.? Founded by an entrepreneur seems to be doing decently well. Outside of their website and googling couldn't find too much info. May be interviewing there for an associate opp
Where has "deal of the week" gone?
Hey, maybe I'm being stupid here, but I'm sure ny times deal book had a "deal of the week" section that opened up a page with multiples paid, rationale for both sides etc. But I can't for the life of me find it now. Is it still around? Is it even on NY deal book? Thanks T
Danone is buying WhiteWave for $10 billion
In a deal announced today Danone is buying WhiteWave for a reported $10.1 bn. According to Danone, this would increase its percentage of sales in North America to 22% of its portfolio from 12%. I think it's important to consider Mondalez's bid to buy Hershey's as well. How do you think this deal...
What rule governs accuracy of reporting completed acquisitions
To create PF statements, you need new lines. But for a PF company disclosing completed transactions in the most recent period, do you just record the data as is, as if they're regular historically? What do I need to look at to complete statements with transactions in their last reported periods?
Real M&A interview questions
Hi all Just had a M&A interview, how would you answer the following questions 1. How do you count a property value with no cash flow generation in your EV 2. In a M&A , what are some of unusual items you need to manipulate in your EV calculations 3. Give me some investment highlights that you would...
BMO to acquire Greene Holcomb & Fisher
If someone already posted a thread on this, my apologies, but I did not see one via a search. http://www.ghf.net/news/greene-holcomb-fisher-to-… I'm somewhat surprised by this move for a variety of reasons, but I suppose acquiring an M&A business is easier than building one from the ground up....
EMBA, HBS LDP or other training for M&A lawyer joining new PE firm?
I am currently a junior M&A / PE partner at a top wall st. law firm. Late 30's with a young family. Ivy undergrad and law school. Good understanding of "business" but no formal business training. I have a very good opportunity to join a small but growing PE fund/permanent capital vehicle as a...
GHL Internship
A friend of mien was recently offered an internship at GHL. Wanted to learn more about your opinion in regards to exit ops vs BB ? Given it's M&A , would this be considered comparable to BB M&A when interviewing or if not better?
EB M&A Analyst Lateral
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New Chimp trying to make it big
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M&A Confidentiality
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Why do banks give out a meal allowance?
So stumbled across the article on common ways bankers game Seamless to gain unintended benefits and got me thinking why do banks even give meal allowances? It's not like anyone working in an IB doesnt have the money to feed themselves every day, and it's not like removing the meal allowance is going...
Understanding the Investment Banking industry
Hi All! I've been on the forum for a while, haven't contirbuted much and have more-often-than-knot been latently absorbing the knowledge from others. All of this great info has nevertheless left me a bit confused about the industry and the associate level recruiting into it. I am going to be...
Loughlin Management Partners + Co.
Hey guys, Been a while since I've posted anything on here. I was wondering if anyone had any info/insight on the restructuring firm Loughlin Management Partners + Co? It's a small restructuring firm in NYC with only about 30-35 people (most restructuring groups are lean to begin with anyways), but...
DCM Corporate or Financial Institutions
Dear WSO community, I have landed a summer internship in the DCM division . Now I have to choose between DCM corporate or DCM financial institutions. The bank has a little bit better position in the DCM corporate division. Although, I wonder which division would help me more to land a M&A or LevFin...
Tech Company Valuation - M&A, Private Placement (~early- to mid-stage, early revenue)
Hi All, Wanted to get perspective from PE folks / tech bankers on typical valuation methodologies used for pre-revenue or early revenue companies bought out by a strategic consolidator (e.g., Google) or an earlier- mid-stage financial sponsor. Really looking for that practitioner view in the current...
MM London Associate to PE
Opinions needed regarding how difficult it is to move from MM M&A Associate (post MBA Ivy League - Top 3 US MBA) to a middle market PE or HF in London or Frankfurt. Background in Management consulting and summer internship at BB M&A team in London. TO add: Not going to BB IBD post MBA , since I...
Marginal Tax Rate
Hi Monkeys, I wondered why when computing free cash flows and unlevered/ levered beta , etc. we use the marginal tax rate. I understand that we can't use the effective tax rate of the year because of the impact of potential non recurring elements but couldn't we use an average effective tax rate if...
Summer London internship visa process for US citizens
Hello everyone, I am curious as to how the Visa process works for US undergraduates looking for a junior summer internship in IB may work, and what my chances may be for attaining an internship. I would seriously consider living in London for two years after graduation. I currently have a 3.72 GPA...
Accretive / Dilutive Question
Hi, I'm trying to get my head around merger consequences analysis and whether a deal is accretive / dilutive when funded through debt. I understand that the deal will always be accretive if: Net income of target + tax effected synergies > tax effected D&A step up + tax effected cost of debt However,...
HSBC Capital Financing vs Global Banking in NYC
Could anyone explain what the main differences are between the two? It seems as though one is just for product groups, whereas one is just for coverage groups. If that is truly the case, would anyone happen to know what HSBC IBD is best at? (debt, equity, M&A , a particular industry?) Thank you!
3 years into BB M&A. Worth doing an MBA if considering Corp Dev in long run?
Hi All, Relatively new joiner but have been reading WSO for a number of years and always great perspectives here. I've finished 3 years at a BB in M&A as an analyst, now an associate-promote. Unlike a lot people I'm not looking down the PE / HF track but instead am thinking of continuing in M&A...
In an M&A Model, what exactly are financing costs and why are they ammortized?
As opposed to the transaction costs (advisory, legal, accounting etc) which are merely expensed. Thanks!
What are M&A analyst positions at F500 companies like?
I will occasionally get a recruiter from a F500 company reach out to me about these positions. Is this essentially a buy-side M&A role? What are the hours and pay like?
ING IBD UK/EU
Hi Everyone, I have been looking everywhere and I couldn't get any info on ING IBD , I know that they have big footprint in The Netherlands but how would you repute them (tier)? If anyone has a better idea about their core areas, people, and hours would be awesome! Cheers!
Moelis NY vs PWP NY vs Evercore NY vs JPM NY
Hi all, Really have some difficult choices to make. Have SA offers at all these places, really don't know what to do. Interested in possible career in banking, interested in business school opportunities. Main considerations for analyst experience is I want broad deal exposure. Also want closer...
Tough Decision- Please Help
Hey guys- I'm currently choosing between these three junior summer internship offers: Morgan Stanley leveraged finance internship, Perella Weinberg advisory internship, and Apollo credit internship. I've been at MS for a couple summers now in a different division and I really like it there (I'm...
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Where to move? 1 yr PE Secondaries exp.
Hello everyone, Hope you are doing well. I am currently exploring possibilities of the domains where I could move into with a 1 yr PE Fof Secondaries experience. I have networked heavily in the PE Secondaries industry but still no vacancies or they need more exp. in this domain. I have overall 3 yrs...
Hedge Fund Acquisitions and Valuations - KKR Takes 24.9% Stake in Marshall Wace
Pre 9/9/15 market open, KKR announced that it will acquire a 24.9% stake in Marshall Wace , a UK-based hedge fund with more than $22B in AUM. Stock analysts were pleased by the deal, with one analyst lifting the price target by $1.50 to $29.00. This is the latest in a series of private equity funds...
Lateraling as analyst-Less relevant group with lots of deal flow vs relevant group with none??
Recently finished as a summer analyst in a LevFin group of a large non-BB bank (BMO, WFS, RBC) in their east coast office. Not wanting to risk ending up with nothing, I accepted a full time offer to comply with exploding offer deadline. Problem is, I don't want to do debt long term and I don't find...
Good Book for Advanced M&A/Corporate Finance & Accounting?
Have come to realise all of the material in books like Rosenbaum & Pearl is pretty simple to me now, so looking for a new book that covers advanced topics in M&A and accounting. To give an example, some of the more technical topics I have come across in my time in IB thus far, relate to accounting &...
Brand or badge? Which is more important?
Hello all, I'm a recent graduate from a non-target school who is working at a private equity advisory firm. My long term goal is to get into consulting and am considering jumping ship to a company with a better brand (think fortune 500) but in a role less relevant. So which would be more beneficial...
Summer Internship M&A
Hi wso community, The recruiting season starts soon... I am looking forward to nail an M&A Internship this summer. My Question is how to best prepare for the interviews. I know the wso Interview prep guide is a good source… But any other suggestions? books, pdf ???
MBB Consulting -> Top Tier IBD
Hi all, Jerry is currently a non-MBA 3rd year consultant at MBB Europe and wants to switch to a top-tier M&A investment bank (think JPM / GS /MS). Academic background: Non-business, but technical (think BSc+MSc engineering/computer science/maths). Non-target school GPA 4.0 and GMAT 770. Consulting...
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