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What is Investment Banking?

Corporate Finance (this function is most commonly referred to as “Investment Banking”): Assist corporations in raising capital through debt and equity capital markets, and provide advisory services on mergers and acquisitions (M&A) and other corporate transactions.

Corporate Finance is broken down into several types of groups, but the primary distinction is between Product groups and Industry/Coverage groups. Each group handles its own client accounts, and is responsible for a designated product or industry sector.

Product groups: Differentiated by what types of services the groups provide. Typical groups include Mergers and Acquisitions (M&A), Leveraged Finance (Lev Fin), Equity Capital Markets (ECM), Debt Capital Markets (DCM) and Restructuring. These groups focus only on their specific products and can work across all industry groups.

Industry/Coverage groups: Differentiated by what types of clients the groups serve. Typical groups include Healthcare, Technology, Media, Telecom (TMT), Financial Institutions Group (FIG), Natural Resources, Consumer & Retail (C&R), Industrials, Real Estate, Gaming and Lodging, and Financial Sponsors.  Industry groups cover all companies in a specified industry, but have exposure to a variety of products including debt, equity, and M&A. Financial Sponsors is a unique coverage group as it does not cover a specified industry but instead serves only Private Equity firms. Private Equity firms may own multiple “portfolio” companies across a variety of industries, and have a series of unique investment banking needs.


The term “Bulge Bracket” has evolved from this origin to refer to the group of investment banks considered to be the largest and most profitable in the world. All Bulge Bracket banks have a presence in each of the world’s major geographic regions: The Americas, EMEA (Europe, Middle East & Africa), and Asia-Pacific. Additionally, their clients will typically include the largest corporations, institutions, and governments. These investment banks are usually the most prestigious to work for, and therefore generally the hardest to break into. At Bulge Bracket banks, interviews are very structured, highly competitive, and quite intense.


Bank of America Merrill Lynch (Bank of America acquired Merrill Lynch in 2008)

Barclays Capital (Barclays acquired the North American operations of Lehman Brothers in 2008)


Credit Suisse

Deutsche Bank

Goldman Sachs

JPMorgan Chase

Morgan Stanley



A “Boutique” investment bank is considerably smaller than a “Bulge Bracket” investment bank and typically focuses exclusively on advisory services (generally M&A), because it has fewer resources available to consistently execute other types of corporate transactions for its clients (such as equity offerings).  Boutiques provide the same type of advisory services for corporations as Bulge Bracket firms do, but usually work on smaller deals than they do.


That said, a few Boutique investment banks have reputations on par with those of the Bulge Bracket firms. This is primarily due to high-profile investment bankers leaving their Bulge Bracket firms in order to launch their own investment banks. In certain cases, it is actually harder to obtain a job at some of the prestigious Boutiques than it is to do so at a Bulge Bracket firm.


Top Boutique investment banks include:


Broadpoint Gleacher

Centerview Partners

Evercore Partners

Greenhill & Co.

Houlihan Lokey


Moelis & Co.

Perella Weinberg Partners


On the sell-side, the process can be broken down into four high level steps:






List of Investment Banks:

The list with the top 200 investment banks and boutiques is segmented into three main categories:


Large, International Investment Banks – 10 Banks

Large, Mid-sized, and Prestigious Boutique Investment Banks – 40 Banks

Boutique Investment Banks – 150 Banks

For groups 1 & 2, there is a standard link to the bank’s career website.


The most valuable part of this list is the information provided for group 3:



-Office Locations

-Senior Member at the Firm

-Email address

-Phone # (many of them are direct dials so be ready if you decide to cold call)

Click here to see their ranking in terms of pay, intern offer rates and career development opportunities


1) Large, International Investment Banks

  1. Goldman Sachs

Revenue: $28.811B

Net Income: $4.442B

Total assets: $923.00B

Assets under management (AUM): $828.00B


  1. Morgan Stanley

Revenue: $32.406B

Net Income: $4.111B

Total assets: $807.69B

Assets under management (AUM): $781.475B


  1. JP Morgan

Revenue: $97.234B

Net Income: $18.976B

Total assets: $2,265.79B

Assets under management (AUM): $1,923.88B


  1. Credit Suisse

Revenue: $27.05B

Net Income: $2.074B

Total assets: $1,115.9B

Assets under management (AUM): $1,307.7B


  1. Bank of America Merrill Lynch

Revenue: $94.426B

Net Income: $1.446B

Total assets: $2,129B

Assets under management (AUM): 647.126B


  1. Barclays Capital

Revenue: $50.2B

Net Income: $6.141B

Total assets: $2,431.48B

Assets under management (AUM): $253.394B


  1. Citigroup

Revenue: $78.353B

Net Income: $11.067B

Total assets: $1,873B

Assets under management (AUM): ?


  1. Deutsche Bank

Revenue: $42.999B

Net Income: $5.569B

Total assets: $2,802.71B

Assets under management (AUM): $1,445.83B


  1. UBS AG

Revenue: $29.585B

Net Income: $4.429B

Total assets: $1,510.95B

Assets under management (AUM): $2,307.16B


  1. Wells Fargo

Revenue: $86.08B

Net Income: $18.89B

Total assets: $1,422B

Assets under management (AUM): $450B


2) Large, Mid-sized, and Prestigious Boutique Investment Banks

Allen & Company

(does not have a website – old school)


Alvares & Marsal


BB&T Capital Markets


BMO Capital Markets


BNP Paribas


Broadpoint Gleacher Securities Group, Inc.


Brown Brothers Harriman


Cantor Fitzgerald


Centerview Partners


CIBC Wholesale Banking


Cowen Group


Duff & Phelps


Edgeview Partners


Evercore Partners


Friedman Billings Ramsey


Greenhill & Co.…


Guggenheim Partners


Harris Williams & Co.


Houlihan Lokey Howard & Zukin


Jefferies & Company


Keefe Bruyette & Woods Inc.


Lazard Ltd


Moelis & Company


Montgomery & Co.


Morgan Keegan


Nomura Holdings, Inc.


Oppenheimer & Co.


Perella Weinberg Partners


Peter J. Solomon Company


Piper Jaffray


Raymond James Financial Inc.


RBC Capital Markets


Robert W. Baird & Company




Royal Bank of Scotland


Sandler O’Neill + Partners L.P.


Stephens Inc.


The Blackstone Group


Thomas Weisel Partners/Stifel Financial


William Blair & Company




3) Regional/Boutique Investment Banks

Aethlon Capital

Minneapolis, MN

Ms. Sima Griffith, Managing Principal,, (612) 338-0934


Alderwood Capital

San Francisco, CA

Mr. Christopher Beros, Managing Director,

(415) 874-3382


Alexander Hutton

Seattle, WA

Mr. Thomas Elzey, Managing Director,, (206) 792-1968


Allegiant Capital Corporation

Dallas, TX; Chicago, IL; Lake Elmo, MN; New York, NY; Seattle, WA.

Mr. Terry Fick, Senior Managing Director,, (214) 540-8109


Allen C. Ewing & Co.

Jacksonville, FL; Charlotte, NC

Mr. Morgan Payne, Managing Director,, (904) 354-5573


Allison-Williams Company

Minneapolis, MN

Mr. David Kluender, Executive Vice President, (612) 333-3475


America’s Growth Capital

Boston, MA; Silicon Valley, CA

Mr. Scott Card, Partner,, (617) 261-4140


Anderson LeNeave & Co.

Charlotte, NC

Mr. Gregory LeNeave, Managing Director,

(704) 552-9212


Antaeus Capital

Los Angeles, CA

Mr. Cesar Moya, President & CEO, (310) 788-8653


Aquilo Partners

San Francisco, CA

Mr. John Dyer, Managing Director. (415) 677-8989


Aramar Capital

New York, NY; San Francisco, CA

Mr. Jeffrey Lehman, Founder, n.a., (212) 708-0700


Arbor Advisors

Palo Alto, CA

Mr. Stan Christensen, Managing Director,, (650) 305-2582


Archway Capital Management

Dallas, TX; Washington, D.C.

Mr. A. Joseph Shepard, President, (214) 614-8444


Asante Partners

New York, NY; Menlo Park, CA

Jennifer Hasley, Founder & Managing Director,

(650) 566-9364


Ascendiant Capital Group Inc.

Irvine, CA

Mr. Bradley Wilhite, Co-Founder & Executive Managing Director, (949) 259-4949


Ascent Partners

Rachno Santa Margarita, CA

Mr. Scott Foresman, Managing Director,,

(619) 300-8200


Aspen Advisors

Dallas, TX

Mr. Marc Still Partner,, (214) 292-5000


Averil Capital Markets Group, Inc.

Los Angeles, CA

Ms. Diana Maranon, Managing Partner, (310) 553-5351


AZCA, Inc.

Menlo Park, CA

Mr. Masazumi Ishii, Managing Director,, (650) 324-9100


Babson Capital Management LLC

New York, NY; Boston, MA; Charlotte, NC; Hartford, CT; Springfield, IL; Washington, DC


Bailey Southwell & Co.

Nashville, TN; St. Louis, MO

Mr. Jack Bailey, Co-Founder & Partner, (615) 371-6155


Baldwin & Clarke Corporate Finance, Inc.

Bedford, NH

Mr. John Clarke, Jr., President, (603) 668-4353


Barman Capital LLC

New York, NY; Los Angeles, CA

(310) 421-0270


Bengur Bryan & Co., Inc.

Baltimore, MD

Mr. Chris Royston, Managing Director, (443) 573-3030



Detroit, MI

Mr. Jeff Bocan, Managing Director,, (248) 489-9000


Berkshire Capital

New York, NY; Denver, CO

Mr. Ted Gooden, Managing Director,, (212) 207-1043


Boenning & Scattergood

Philadelphia, PA; Pittsburgh, PA; Marmora, NJ; Powell, OH

Ms. Kathy Wilhelm, Executive Vice President, (800) 883-1212


Boston Capital Advisors

Boston, MA

Mr. Mark Slater, Founder & Managing Partner, (617) 669-5281


Brean Murray, Carret & Co., LLC

New York, NY

Mr. William McCluskey

President & CEO,, (212) 702-6505


Broadmark Capital Corporation

Seattle, WA; New York, NY

Mr. Joseph Schocken, President,, (646) 467-8615


  1. K. Cooper & Company

Irvine, CA; Chicago, IL; New York, NY

Mr. William Porter, Managing Director, (888) 477-9301


Cain Brothers & Company, LLC

New Ywork, NY; Atlanta, GA; Chicago, IL; Houston, TX; Indianapolis, IN; Orlando, FL; San Francisco, CA; St. Louis, MO

Mr. Andrew McB. Garvey, Head of Capital Markets, (212) 869-5600


Capital Alliance Corporation

Dallas, TX

Mr. Edward Dawson, Chairman, President & CEO, (214) 638-8280


The Capital Corporation

Greenville, SC; New York, NY; Spartanburg, SC

Mr. Dan Adams President & CEO (846) 672-8400


Cappello Capital Corp.

Santa Monica, CA; Austin, TX

Mr. Alexander Cappello, Managing Director,, (310) 393-6632


Capstone Partners, L.C.

Boston, MA

Mr. John Ferrara, Founder & Managing Partner, (617) 619-3325


Cary Street Partners LLC

Richmond, VA; Abingdon, VA; Atlanta, GA; Fredricksburg, VA; Greensboro, NC; Staunton, VA

Mr. Tom Tullidge, Managing Director, , (804) 521-3340


Cascadia Capital LLC

Seattle, WA

Mr. Michael Butler, Chairman & CEO, (206) 436-2500


Caymus Partners LLC

Atlanta, GA; New York, NY

Mr. Geoffrey L. Faux, Managing Partner,, (404) 995-8302


CBIZ Mergers & Acquisitions Group, Inc.

Atlanta, GA

Mr. Douglas Hubert, Managing Director,, (770) 858-4491


Challenger Capital Group, Ltd.

Dallas, TX; Chicago, IL

Mr. Michael Burr, President & Executive Director, (630) 908-7248


Cherry Tree Investments, Inc.

Minnentonka, MN; Denver, CO

Mr. Tony Christianson, Managing General Partner, (952) 893-9012


Clayton Capital Partners

St. Louis; Golden, CO; Dallas, TX

Mr. Kevin Short, Managing Partner,, (314) 725-9939


Coady Diemar Partners, LLC

New York, NY; Peapack, NJ

Mr. Robert Diemer, Jr. Managing Director,, (212) 901-2600


Cogent Partners

Dallas, TX; New York, NY

Mr. Scott Myers, Managing Director,, (214) 871-5407


Colchester Partners, LLC

Boston, MA

Mr. Franklin Kettle

Managing Director,, (617) 896-0200


The Colmen Group

Wayne, PA

Mr. Peter Colella, Managing Director,, (610) 964-9020


Colmen Menard Company, Inc.

Wayne, PA

Mr. David Menard, President & CEO,, (484) 367-0300


Columbia West Capital, LLC

Scottsdale, AZ; El Segundo, CA; Salt Lake City, UT

Mr. John Farr, Managing Director,, (480) 664-3949


Consensus Advisors LLC

Boston, MA; New York, NY

Mr. Michael O’Hara, Founder & CEO, (617) 437-6500


Consilium Partners LLC

Wellesley, MA

Mr. Gregory Sneddon, Senior Managing Director,, (617) 267-0600


Converge Capital

Dallas, TX

Mr. Jim Stone, Partner & CEO,, (972) 726-1911


CDI Global

Boca Raton, FL; Chicago, IL; Evergreen, CO; Darien, CT; Los Angeles, CA;

Wilmington, DE

Mr. Terry A. Busskohl, Partner,, (203) 655-5436


Corporate Finance Associates Worldwide

CFA has offices in 17 states throughout the US

Mr. Robart Contaldo, Managing Partner,, (847) 836-7035


The Rodman Energy Group

Houston, TX; Simsbury, CT

Mr. T. Prescott Kessey, Managing Director,, (713) 654-8080


The Courtney Group

Los Angeles, CA; Newport Beach, CA

Mr. Tom Courtney, Founder,, (949) 706-3600


Covington Associates LLC


Craig-Hallum Capital Group LLC

Minneapolis, MN; Boston, MA; Philadelphia, PA

Mr. Rick Hartfiel, Director of Investment Banking,

(612) 334-6381


Crosskeys Capital

Ft. Lauderdale, FL; Chicago, IL; Baltimore, MD; Philadelphia, PA; Tampa, FL

Mr. David Burns, Managing Director,, (954) 779-2600


D.A. Davidson & Co.

Davidson Companies has over 60 office locations throughout the United States in these states: California, Colorado, Iowa, Idaho, Massachusetts, Minnesota, Missouri, Montana, Nebraska, Ohio, Oklahoma, Oregon, Utah, Washington, Wyoming

Mr. Doug Woodcock, President of Equity Capital Markets, (503) 603-3001


Dahlman Rose & Company, LLC

Boston, MA; Houston, TX; New York, NY; San Francisco, CA

Mr. Alexander Khutorsky, Managing Director, Head of Mergers & Acquisitions, (212) 920-2940


Davidson Capital

Santa Rosa Beach, FL; Atlanta, GA

Mr. Thomas Davidson, Sr. President,, (202) 365-7000


DecisionPoint International

Charlotte, NC; St. Louis, MO

Mr. Douglas Ellis, Managing Partner,, (704) 248-1122


DeSilva & Phillips, LLC

New York, NY

Mr. Jeffrey Dearth, Partner,, (202) 338-5790


Dinan & Company, LLC

Phoenix, AZ

Mr. John Kelly, Executive Vice President,, (866) 447-3500


Dougherty & Company LLC

Minneapolis, MN

(612) 376-4000


Dresner Partners

Chicago, IL

Mr. Brian Graves, Managing Director,, (312) 780-7237


Duncan-Williams, Inc.

Charlotte, NC; Chicago, IL; Cleveland, OH; Hattiesburg, MS; Houston, TX; Jackson, MS; Jersey City, NJ; Knoxville, TN; Los Angeles, CA; Memphis, TN; Nashville, TN; New York, NY; Philadelphia, PA; San Francisco, CA; Seattle, WA

Mr. Ben Labry, Executive Managing Director,, (901) 260-6833


Eastdil Secured

Atlanta, GA; Boston, MA; Chicago, IL; Dallas, TX; Los Angeles, CA; Orange County, CA; Richmond, VA; San Diego, CA; San Francisco, CA; Silicon Valley; Washington, DC (212) 315-7200


Energy Spectrum Advisors

Dallas, TX

Mr. Charlie Lapeyre, Managing Director ,

(214) 987-6123


Falkenberg Capital Corporation

Denver, CO

Mr. Bruce Falkenberg, President,, (303) 320-4800


Fennebresque & Co.

Charlotte, NC

John Fennebresque, Founder & Managing Partner, (704)295-8902


Ferghana Partners Group

Boston, MA; New York, NY

Mr. William Kridel, Jr. Managing Director,,

(212) 986-7900


Financo, Inc.

Los Angeles, CA; New York, NY, (212) 593-9000


First Southwest Company

Over 20 offices in the following statesL Alaska, Arkansas, California, Colorado, Connecticut, Florida, Massachusetts, New York, North Carolina, Rhode Island, Texas Mr. Stephen Johnson, Managing Director, (214) 953-8856


FMI Corporation

Denver, CO; Napa, CA; Phoenix, AZ; Raleigh, NC; Tampa, FL

Mr. William Hill, Managing Director,, (303) 398-7237


FocalPoint Partners LLC

Los Angeles, CA

Mr. Daniel Conway, Managing Director,, (310) 405-7000


Focus Strategies, LLC

Austin, TX

Mr. F. Gary Valdez, Founder,, (512) 477-3280


Gemini Partners Inc.

Baltimore, MD; Los Angeles, CA

Mr. Jeff McKenzie. Managing Director, Head of Mergers & Acquisitions, (310) 696-4009


Genesis Capital, l.l.c.

Atlanta, GA

Mr. Jeffrey Villwock, Managing Director,, (404) 816-7503


Gilford Securities

Fort Lauderdale, FL; Melville, NY; Morristown, NJ; New York, NY; Spokane, WA; Westhampton Beach, NY

Mr. Robert Maley, President,


Goldmark Advisers, Inc.

New York, NY

Mr. Jeffrey Gold, President,, (212) 779-6059


Grace Matthews

Milwaukee, WI

Mr. John Beagle, Managing Director,, (414) 278-1120


Gramercy Venture Advisors

San Francisco, CA

Mr. Dave Weinstein, Partner, (415) 543-3000


Green Manning & Bunch, Ltd.

Denver, CO; Phoenix, AZ

Mr. Chris Hammond, Managing Director,, (303) 592-4820


Greene Holcomb & Fisher LLC

Minneapolis, MN; Phoenix, AZ; Seattle, WA

Mr. Chip Fisher, Managing Director,, (612) 904-5704


Greif & Co.

Los Angeles, CA

Mr Jeremy Back, Director,, (213) 346-9269


GrowthPoint Technology Partners, LLC

Palo Alto, CA

Mr. Michael Shepherd, Managing Director,, (650) 322-2306


GTK Partners

Los Angeles, CA; New York, NY; San Francisco, CA

Mr. James Turo, Managing Director ,, (310) 694-8202


Hales & Company, Inc.

Chicago, IL; New York, NY; San Francisco, CA; Seattle, WA

Mr. Mike Fletcher, Partner,, (212) 592-5700


Harvey & Company LLC, Newport Beach, CA,

Mr. Eric Hartley, Managing Director (949) 757-0400


Headwaters MB

Boston, MA; Burlington, VT; Denver, CO; Irvine, CA

Mr. John Ippolito, Managing Director,, (781) 273-6062


HealthCare Markets Group

Houston, TX

Mr. Francis Curry, Managing Director,, (713) 629-6070


High Rock Partners

Research Triangle Park, NC

Mr. Kenneth Marks, Managing Partner,, (919) 256-8152


Hoefer & Arnett, Inc.

Atlanta, GA; Austin, TX; Charlotte, NC; Chicago, IL; Cohasset, MA, Marblehead, MA; Raleigh, NC; San Francisco

Mr. Thomas Lynch, Managing Director,, (312) 655-2980



Austin, TX; Chicago, IL; Dallas, TX; Los Angeles, CA; Palm Beach

Mr. James Hill, Managing Director,, (310) 535-9200


Imperial Capital, LLC

Boston, MA; Los Angeles, CA; Houston, TX; Minneapolis, MN; New York, NY;

Mr. John Mack, Head of Mergers & Acquisitions, (310) 246-3705


Integris Partners

Denver, CO

Mr. Patrick Seese, Managing Director,, (303) 825-9618


Janney Montgomery Scott

Over 50 offices Nationwide

Mr. Cliff Booth, Managing Director,, (215) 665-6000


JD Ford & Company, L.L.C.

Dallas, TX; Denver, CO; Orange County, CA (303) 333-3673


JH Chapman Group L.L.C.

Chicago, IL

Mr. David Epstein, Principal,, (773) 693-4800


JMP Group Inc.

Boston, MA; Chicago, IL; New York, NY; San Francisco, CA

Mr. Peter Hunt, Director of Mergers & Acquisitions, (212) 906-3500


Jordan, Knauff & Company

Chicago, IL; Kansas City, MO;

Mr. Thomas Knauff, Managing Principal, (312) 254-5900


Kaufman & Company, LLC

Boston, MA

Mr. Seth Kaufman, Managing Director,, (617) 426-0444


Kerlin Capital Group, LLC

Los Angeles, CA

Mr. William Doyle, Managing Partner,, (213) 627-3300


Kurt Salmon Associates Capital Advisors, Inc.

Atlanta, GA; Los Angeles, CA; Minneapolis, MN; New York, NY; San Francisco, CA (212) 319-9450


Ladenburg Thalmann

Boca Raton, FL; Lincolnshire, IL; Los Angeles, CA; Miami, FL; Melville, NY; New York City, NY;

(212) 308-9494


Laidlaw & Company (UK) Ltd.

Boerne, TX; Fort Lauderdale, FL; Miami, FL; Melville, NY; New York, NY; San Francisco, CA; Stamford, CT

Mr. Alex Shtaynberger, Director,, (212) 697-5200


Landmark Ventures

New York, NY; San Francisco, CA (212) 268-8500


Leerink Swann & Company, Inc.

Boston, MA; New York, NY; San Francisco, CA

Mr. James Boylan, Senior Managing Director, (617) 248-1601


Lincoln International LLC

Chicago, IL; Los Angeles, CA; New York, NY

Mr. Robert Brown , Managing Director, (312) 580-8340


  1. R. Beal & Company

Chicago, IL; Dallas, TX; New York, NY; Sacramento, CA

Ms. Donna Sims-Wilson, President,, (212) 983-3930


Matrix Capital Markets Group, Inc.

Baltimore, MD; Richmond, VA

Mr. Jeff Moore, President,, (804) 780-0060


Maxim Group LLC

New York, NY

Mr. John J. Garrity, Managing Director,, (212) 895-3624


Mazzone & Associates, LLC

Atlanta, GA

Mr. Michael Bllom, Managing Director,, (404) 931-8545


Mesirow Financial Holdings, Inc.

Chicago, IL; New York, NY

Mr. John Chrysikopoulos, Managing Director,, (212) 351-8181


MidMarket Capital Advisors, LLC

Philadelphia, PA

Mr. Graem Howard, Managing Director,, (215) 875-8201


Milestone Merchant Partners LLC

Miami, FL; Newport Beach, CA; Washington, DC

Mr. David Doyle, Managing Director,, (202) 367-3005


Miller Buckfire

New York, NY

Mr. Jason Anderson, Managing Director, (212) 895-1849


Morgan Joseph & Co. Inc.

New York, NY

Ms. Sharon Reaves, Head of Investment Banking Recruiting, (212) 218-3984


Munda SICAV Valor Investments

Madrid, ES

Mr. Andres García Bartolomé, President, 0034 912 771 024


Needham & Company

Boston, MA; Menlo Park, CA; New York, NY; San Francisco, CA

(212) 371-8300


Newbury Piret

Boston, MA

Mr. Allen Fullerton, Managing Director,, (617) 367-7300


North Point Advisors

San Francisco, CA

Mr. Bill Placke, Managing Director,, (415) 358-3500


Pagemill Partners, L.L.C.

Palo Alto, CA

Mr. Mark Grossman, Managing Director,, (650) 354-4086


PierCap Partners

PierCap Partners, M&A Investment Bank, San Diego, Irvine

San Diego, CA, Orange County, CA

Mr. Zaheer Dhruv, Managing Director,, 858.342.7517

Mr. Ashish Jariwala, Managing Director,, 646.701.2359


Pegasus Intellectual Capital Solutions LLC

Chicago, IL 60602-4270

Charles Smith, Managing Partner,, (312) 951-0100


Pharus Advisors, LLC

New York, NY; San Francisco, CA

Mr. Michael Goodman, Managing Director,, (212) 904-0100


Philpott Ball & Werner

Boston, MA; Charlotte, NC

Mr. Edward Werner, President,, (978) 526-4200


Reynolds Advisory Partners

Denver, CO

Doug Reynolds, Managing Director,


Roth Capital Partners, LLC

Los Angeles, CA; Newport Beach, CA; New York, NY; Radnor, PA; San Diego, CA; Seattle, WA

Mr. Michael Chill, Managing Director,, (646) 358-1905


Sagent Advisors

Charlotte, NC; Chicago, IL; New York, NY; San Francisco

Mr. David Bain, Managing Director, (415) 489-4400


Salem Partners LLC

Los Angeles, CA

Mr. Trevor Bohn, Managing Director,, (310) 806-4200


Savvian, LLC

Chicago, IL; Menlo Park, CA; New York, NY; San Francisco, CA

Mr. James Avery, Managing Director,, (415) 318-3600


Seven Hills Group LLC

San Francisco, CA

Mr. David Weiss, Partner,, (415) 869-6225


Shattuck Hammond Partners

Atlanta, GA; Chicago, IL; Nashville, TN; New York, NY; San Francisco, CA

Mr. Phillip Camp, Managing Director,

(212) 314-0400


Shoreline Pacific LLC

San Francisco, CA

Mr. Paresh Patel, Director of Corporate Finance,

(415) 477 9908


Signal Hill Capital Group LLC

Baltimore, MD; Nashville, TN; San Francisco, CA

Mr. Justin Balciunas, Managing Director,, (443) 478-2400


Silver Lane Advisors LLC

New York, NY

Elizabeth Bloomer Nesvold, Managing Partner,, (212) 883-9400


Sperry, Mitchell & Company

New York, NY

(212) 832-6628


St. Charles Capital, LLC

Denver, CO

Mr. Wesley Brown, Managing Director,

(303) 339-9099


Susquehanna International Group, LLP

Bala Cynwyd, PA; Boston, MA; Chicago, IL; New York, NY; Pasadena, CA; San Francisco, CA; Stamford, CT

(610) 617-2600


SVB Alliant

Palo Alto, CA; Santa Clara, CA

Mr. Brian Larson, Head of Human Resources,, (408) 654-7400


The Riderwood Group Inc.

Baltimore, MD

Mr. Mitchell Fillet President,, (410) 825-5445


ThinkEquity Partners LLC

Boston, MA; Chicago, IL; Minneapolis, MN; New York, NY; San Francisco

Mr. Doug Gonsalves, Head of Mergers & Acquisitions, (415) 249-2900


Trinity Capital LLC

Los Angeles, CA

Mr. Chad Spaulding, Managing Director,,

(310) 231-3109



Edina, MN

Mr. Scott Tudor, Managing Director,, (952) 253-5300


Triton Pacific Capital, LLC

Los Angeles, CA

Mr. Joseph Davis, Managing Director,, (310) 943-4990


Updata Capital, Inc.

New York, NY, Reston, VA

Mr. John MacDonald, Partner,, (212) 710-5795


Viant Capital LLC

San Francisco, CA

Stephen Gurney, Director,, (415) 820-6116


Waller Capital Corporation

New York, NY

Mr. Jeffrey Brandon, Managing Director,, (212) 632-3600


Westlake Securities LLC

Austin, TX; Houston, TX

Mr. Randy Finch, Managing Director,, (512) 306-1651


Wilcox Swartzwelder & Co.

102 Decker Court, Suite 204, Irving, TX 75062

Jason Wilcox, Founder & Managing Director,, (972) 831-1300


Windstone Capital Partners, Inc.

Scottsdale, AZ

Mr. Bill Miller, Managing Director,, (602) 224-2400


XRoads Solutions Group

Santa Ana, CA

Mr. Dennis Simon, Head of Corporate Restructuring,, (949) 567-1612


Investment Banks & Capital Markets:

Investment banks act as an intermediary between the build-side (uses of capital) and the buy-side (sources of capital). The investment bank will analyze, structure and market the financial product (perpetuity or annuity) to the appropriate sources of capital that match with the investment mandate.


For financing product of IB, the investment bank does a private placement of either debt or equity (IPO?). The investment bank underwrites the financial product (perpetuity or annuity) and packages it, and then markets it and takes a fee for doing so. Acts as an intermediary between the build-side and the capital markets (buy-side).


Investment bankers underwrite, package, market and sell financial products with variable interest rates into perpetuity, called perpetuities. They are the go between the build-side and the buy-side. The perpetuities they sell typically grows at about 5 to 6 percent per year in revenues, earns about a 13 percent return on equity (IRR), and has a 9 percent cost of capital. The resulting P/E ratio (multiple) is 15x. Buyers of perpetuities are financial buyers called private equity and strategic buyers called corporations. Interest rates vary by industry. There is a difference between interest rate and rate of return where there is movement in the valuation of the perpetuity due to market demand.



Since M&A (Mergers & Acquisitions) is the core product of investment banking, discussions around investment banking typically relate to M&A. M&A is the selling of a perpetuity in the form of a corporation to either a financial or strategic buyer. Financial and strategic buyers have what is known as investment/corporate M&A mandates which detail the size and industry of prospective targets for acquisition. The investment banker takes these mandates and matches them with targets and takes a fee for doing so. Investment bankers typically focus on one industry and provide what is known as coverage by building an index of public companies and tracking changes in targets relative to the index in terms of:






The investment banker monitors trends in these variables and determines the optimal time to sell (when multiples are strong) or acquire (when multiples are weak) and advises target management accordingly. When a target agrees to sell via an investment banker, this relationship is known as a sell-side mandate and an M&A process will be led by the investment banker. During the M&A process, there are definite steps and deliverables including a teaser, CIM, and management presentation. The M&A process can include many prospective buyers (broad auction) or few prospective buyers (targeted or negotiated sale).

The investment banking core product is M&A. As such, the investment banker’s role is to aid in the growth of perpetuities via an inorganic strategy (merger, acquisition).


The real work of M&A is origination, matching and deal-structuring. Financial modeling and valuation is merely for decision support and deals often get done simply based upon precedent transactions analysis. Thus, the priority of the investment bankers is to obtain a base level understanding of financial modeling & valuation but then to immediately start originating sell side and buy side mandates.


Investment bankers explore strategic alternatives (value creation opportunities) with corporation’s CEO’s/owners.




Valuation Football Field and the Midpoint is the final valuation of the company.


Calculate NPV and IRR to the sponsor in LBO or EPS Change and Balance Sheet Effects in Merger


Compare NPV and IRR OR compare EPS change and BS effects to other strategic alternatives and choose the highest return/EPS alternative


Ultimately, as an investment banker, you are to:


Use valuation methodologies to determine valuation ranges of each strategic alternative and see if capital sources match uses. IBankers should provide the client with tight ranges on valuation.


Use an operating model of the target (and acquirer if strategic) and then tailor it to the specific client:

Financial (LBO)

Strategic (Merger)



NPV and IRR for financial in LBO

EPS change and balance sheet effects for strategic in merger M&A


Run the M&A process


Traditional Investment Bank Responsibilities:


Junior Banker:

Industry coverage

Comps and comp transactions (where are multiples)


Mid Banker:

Operating model creation + tailored to transaction client (LBO or Merger)

Manage M&A process

Senior Banker:

Revenue center

Personal contacts at firms to win engagements

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