It seemed MS FSG was always regarded highly, Sandler O’Neil pre-acquisition was good for FIG, and more recently Lazard, JPM, BAML and Citi after they got the FSG heads from CS, but wondering which FSG & FIG are thought of as the best.
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FIG: GS, JPM + Ardea for FIG boutique
Ardea's comp is absurd but you will work 18 hours a day on deal execution. Have gotten inbounds from them the past few years. Even base is -50% higher than my current base but I enjoy having a life too much to take it.
Would add broadhaven and berkshire global as solid players in the MM (independent boutiques)
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Any reason on this? Haven't heard Citi much.
Anyone have any more insights into Wells Fargo FSG?
TD has been in lots of discussions recently due to their team lift from CS
for sponsors, any view is purely subjective / anecdotal. The goal of the team is really to maximize their wallet share within the sponsors they cover, while minimizing the amount they need to lend to them to support that wallet share.
Everyone will have their own cut or metrics as to how they are the best and there are too many variables to properly analyze from the outside looking in
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Congrats on BAML lmao
UBS is probably #1 in FSG post merger. FIG we are top 2-3
UBS retained very few sponsor bankers from CS, there were senior sponsor bankers that came in from Barclays but it was significantly fewer in numbers than other groups. UBS FIG also isn't top 2, but they are clearly a strong group overall with quite a few large mega-cap deals recently like the Aon and Triust. UBS FSG is in a weird spot since FSG/LevFin were combined until this year and UBS has historically been a sponsors-driven bank where that combined LevFin/Sponsors group was traditionally viewed as the best group in the bank(some of the M&A kids think otherwise, but exits wise LevFin/Sponsors was materially better). UBS FSG is still a fine group and will predictably continue to see at least some deal flow as almost all of UBS M&A activity is sponsors-based, but nowhere near first on the street.
There was like 14 advisors on Truist. I don't think it counts for anyone outside of the actual strategic advisors, which was 1-2 per side, not UBS. all the other banks just provided financing but were allowed to get M&A credit. you see it all the time.
BAML, JPM, UBS and DB for sponsors
In terms of analyst experience, GS FIG and Barclays/UBS/BofA FSG.
These aren't the best banks for sponsor deal flow, but they are good sponsor groups to be in for exits given the firm level: UBS/Barclays/DB/BAML. I think there is some confusion as to what is being evaluated for and to clarify, these groups are good for the analyst experience b/c of modeling, relatively good WLB, and relatively good exits(given firm). For example, at DB and UBS sponsors are a top 3 group at worst and arguably 1st(if you don't want to do RE at DB and if you don't want to do LevFin at UBS).
Any info on recent exits from sponsors groups at BAML/JPM/UBS? Pretty sure all of these have M&A groups too so curious how they compare
JPM and BAML M&A groups are stronger and at UBS FSG is stronger seems to be the general consensus. I know for a fact that's true for BAML, but not 100% on JPM or UBS.
TD FIG has been growing quite a lot and getting strong relations with financial sponsors
FIG: JPM > GS > MS >= BofA > Citi >> UBS
I would agree except I would move BofA to the end and move both Citi and UBS up. Those 3 are roughly in a similar tier of having some good/big deals but not being on most, however, BofA is the only one that has killed an associate b/c of terrible WLB, and the difference between BofA and the other two isn't that significant. Citi still remains above UBS as it is a better FIG group.
What he said ^^^
stay away from BoA FIG is all I can say.
what happened? Heard something big
deal team worked an associate so hard that he passed away unfortunately while the deal going live.
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