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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)

Citi

Credit Suisse

Deutsche Bank

Goldman Sachs

JPMorgan Chase

Morgan Stanley

UBS

 

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

Lazard

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:

 

-Website

-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

http://www2.goldmansachs.com/careers/index.html

 

  1. Morgan Stanley

Revenue: $32.406B

Net Income: $4.111B

Total assets: $807.69B

Assets under management (AUM): $781.475B

http://www.morganstanley.com/about/careers/index.html

 

  1. JP Morgan

Revenue: $97.234B

Net Income: $18.976B

Total assets: $2,265.79B

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

https://careers.jpmorganchase.com/

 

  1. Credit Suisse

Revenue: $27.05B

Net Income: $2.074B

Total assets: $1,115.9B

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

https://www.credit-suisse.com/us/en/careers/

 

  1. Bank of America Merrill Lynch

Revenue: $94.426B

Net Income: $1.446B

Total assets: $2,129B

Assets under management (AUM): 647.126B

http://careers.bankofamerica.com/gcib/

 

  1. Barclays Capital

Revenue: $50.2B

Net Income: $6.141B

Total assets: $2,431.48B

Assets under management (AUM): $253.394B

http://www.barcap.com/careers.html

 

  1. Citigroup

Revenue: $78.353B

Net Income: $11.067B

Total assets: $1,873B

Assets under management (AUM): ?

http://careers.citigroup.com/Careers/Default.jsp?lang=en

 

  1. Deutsche Bank

Revenue: $42.999B

Net Income: $5.569B

Total assets: $2,802.71B

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

http://www.db.com/careers/index_e.html

 

  1. UBS AG

Revenue: $29.585B

Net Income: $4.429B

Total assets: $1,510.95B

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

http://www.ubs.com/global/en/about_ubs/careers.html

 

  1. Wells Fargo

Revenue: $86.08B

Net Income: $18.89B

Total assets: $1,422B

Assets under management (AUM): $450B

https://www.wellsfargo.com/careers/

 

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

Allen & Company

(does not have a website – old school)

 

Alvares & Marsal

http://www.alvarezandmarsal.com/careers

 

BB&T Capital Markets

http://www.bbt.com/bbt/about/careers.html?WT.ac=careers_topnav_subpage

 

BMO Capital Markets

http://www.bmo.com/careers/bmocapitalmarkets.html

 

BNP Paribas

http://www.graduates.bnpparibas.com/your-career.html

 

Broadpoint Gleacher Securities Group, Inc.

http://www.gleacher.com/ourfirm/contactus/Pages/default.aspx

 

Brown Brothers Harriman

http://www.bbh.com/career/index.html

 

Cantor Fitzgerald

http://www.cantor.com/careers

 

Centerview Partners

http://www.centerviewpartners.com/overview.aspx?xitm=4&yitm=1

 

CIBC Wholesale Banking

http://www.cibcwm.com/wm/careers/index.html

 

Cowen Group

http://www.cowen.com/Careers.html

 

Duff & Phelps

www.duffandphelps.com

 

Edgeview Partners

http://www.edgeview.com/careers/

 

Evercore Partners

http://www.evercore.com/about/careers

 

Friedman Billings Ramsey

http://www.fbr.com/Company/Work.aspx

 

Greenhill & Co.

http://www.greenhill-co.com/index.php?option=com_content&task=view&id=90…

 

Guggenheim Partners

http://guggenheimpartners.com/careers

 

Harris Williams & Co.

http://www.harriswilliams.com/welcometothemiddle/careers.php

 

Houlihan Lokey Howard & Zukin

http://www.hlhz.com/us/careers.aspx?LangType=1033

 

Jefferies & Company

http://www.jefferies.com/cositemgr.pl/html/Careers/index.shtml

 

Keefe Bruyette & Woods Inc.

http://www.kbw.com/

 

Lazard Ltd

http://www.lazard.com/careers/careers.aspx

 

Moelis & Company

http://www.moelis.com/careers/index.php

 

Montgomery & Co.

http://www.monty.com/pages/misc/careers.html

 

Morgan Keegan

http://www.morgankeegan.com/MK/CareerOpp/default.htm

 

Nomura Holdings, Inc.

http://www.nomura.com/americas/careers/index.shtml

 

Oppenheimer & Co.

http://www.opco.com/public/about_oppenheimer/careers.html

 

Perella Weinberg Partners

http://www.pwpartners.com/Careers.aspx

 

Peter J. Solomon Company

http://www.pjsolomon.com/careers/index.html

 

Piper Jaffray

http://www.piperjaffray.com/2col_largeright.aspx?id=126

 

Raymond James Financial Inc.

http://www.raymondjames.com/professional_opportunities.htm

 

RBC Capital Markets

https://www.rbccm.com/careers/cid-202867.html

 

Robert W. Baird & Company

http://www.rwbaird.com/about-baird/careers/careers.aspx

 

Rothschild

http://www.rothschild.com/careers/

 

Royal Bank of Scotland

http://www.rbs.com/careers.ashx

 

Sandler O’Neill + Partners L.P.

http://www.sandleroneill.com/

 

Stephens Inc.

http://www.stephens.com/about_stephens_inc/careers.aspx

 

The Blackstone Group

http://www.blackstone.com/cps/rde/xchg/bxcom/hs/careers.htm

 

Thomas Weisel Partners/Stifel Financial

http://www.stifel.com/include.asp?pgid=1

 

William Blair & Company

http://www.williamblair.com/careers/careers.asp

 

Wedbush

http://www.wedbush.com/careers

 

3) Regional/Boutique Investment Banks

Aethlon Capital

www.aethlon.com

Minneapolis, MN

Ms. Sima Griffith, Managing Principal, sgriffith@aethlon.com, (612) 338-0934

 

Alderwood Capital

www.alderwoodcapital.com

San Francisco, CA

Mr. Christopher Beros, Managing Director, cberos@alderwoodcapital.com

(415) 874-3382

 

Alexander Hutton

www.alexanderhutton.com

Seattle, WA

Mr. Thomas Elzey, Managing Director, telzey@alexanderhutton.com, (206) 792-1968

 

Allegiant Capital Corporation

www.allcapcorp.com

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

Mr. Terry Fick, Senior Managing Director, tfick@allcapcorp.com, (214) 540-8109

 

Allen C. Ewing & Co.

www.allenewing.com

Jacksonville, FL; Charlotte, NC

Mr. Morgan Payne, Managing Director, mpayne@allenewing.com, (904) 354-5573

 

Allison-Williams Company

www.allisonwilliams.com

Minneapolis, MN

Mr. David Kluender, Executive Vice President, dgkluender@allisonwilliams.com (612) 333-3475

 

America’s Growth Capital

www.americasgc.com

Boston, MA; Silicon Valley, CA

Mr. Scott Card, Partner, scard@americasgc.com, (617) 261-4140

 

Anderson LeNeave & Co.

www.andersonleneave.com

Charlotte, NC

Mr. Gregory LeNeave, Managing Director, gleneave@andersonleneave.com

(704) 552-9212

 

Antaeus Capital

www.antaeuscap.com

Los Angeles, CA

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

 

Aquilo Partners

www.aquilopartners.com

San Francisco, CA

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

 

Aramar Capital

www.aramarcapital.com

New York, NY; San Francisco, CA

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

 

Arbor Advisors

www.arboradvisors.com

Palo Alto, CA

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

 

Archway Capital Management

www.archwaycapital.com

Dallas, TX; Washington, D.C.

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

 

Asante Partners

www.asantepartners.com

New York, NY; Menlo Park, CA

Jennifer Hasley, Founder & Managing Director, jennifer@asantepartners.com

(650) 566-9364

 

Ascendiant Capital Group Inc.

www.ascendiant.com

Irvine, CA

Mr. Bradley Wilhite, Co-Founder & Executive Managing Director

bwilhite@ascendiant.com, (949) 259-4949

 

Ascent Partners

www.ascentpartners.com

Rachno Santa Margarita, CA

Mr. Scott Foresman, Managing Director, sforesman@ascentpartners.com,

(619) 300-8200

 

Aspen Advisors

www.aspenadvisors.com

Dallas, TX

Mr. Marc Still Partner, mstill@aspenadvisors.com, (214) 292-5000

 

Averil Capital Markets Group, Inc.

www.averil.com

Los Angeles, CA

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

 

AZCA, Inc.

www.azcainc.com

Menlo Park, CA

Mr. Masazumi Ishii, Managing Director, mishii@azcainc.com, (650) 324-9100

 

Babson Capital Management LLC

www.babsoncapital.com

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

 

Bailey Southwell & Co.

www.baileysouthwell.com

Nashville, TN; St. Louis, MO

Mr. Jack Bailey, Co-Founder & Partner jack.bailey@baileysouthwell.com, (615) 371-6155

 

Baldwin & Clarke Corporate Finance, Inc.

www.bcfinance.com

Bedford, NH

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

 

Barman Capital LLC

www.barmancapital.com

New York, NY; Los Angeles, CA

(310) 421-0270

 

Bengur Bryan & Co., Inc.

www.bengurbryan.com

Baltimore, MD

Mr. Chris Royston, Managing Director, croyston@bengurbryan.com (443) 573-3030

 

Beringea

www.beringea.com

Detroit, MI

Mr. Jeff Bocan, Managing Director, jbocan@beringea.com, (248) 489-9000

 

Berkshire Capital

www.berkcap.com

New York, NY; Denver, CO

Mr. Ted Gooden, Managing Director, tgooden@berkcap.com, (212) 207-1043

 

Boenning & Scattergood

http://www.boenninginc.com

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

Ms. Kathy Wilhelm, Executive Vice President kwilhelm@boenninginc.com, (800) 883-1212

 

Boston Capital Advisors

www.bostoncapitaladvisors.com

Boston, MA

Mr. Mark Slater, Founder & Managing Partner, mark@bostoncapitaladvisors.com (617) 669-5281

 

Brean Murray, Carret & Co., LLC

www.breanmurraycarret.com

New York, NY

Mr. William McCluskey

President & CEO, mccluskey@bmur.com, (212) 702-6505

 

Broadmark Capital Corporation

www.broadmark.com

Seattle, WA; New York, NY

Mr. Joseph Schocken, President, jls@broadmark.com, (646) 467-8615

 

  1. K. Cooper & Company

www.ckcooper.com

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

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

 

Cain Brothers & Company, LLC

www.cainbrothers.com

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 agarvey@cainbrothers.com, (212) 869-5600

 

Capital Alliance Corporation

www.cadallas.com

Dallas, TX

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

 

The Capital Corporation

www.thecapitalcorp.com

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

Mr. Dan Adams President & CEO danadams@thecapitalcorp.com (846) 672-8400

 

Cappello Capital Corp.

www.cappellocorp.com

Santa Monica, CA; Austin, TX

Mr. Alexander Cappello, Managing Director, ac@cappellocorp.com, (310) 393-6632

 

Capstone Partners, L.C.

www.capstonellc.com

Boston, MA

Mr. John Ferrara, Founder & Managing Partner jferrara@capstonellc.com, (617) 619-3325

 

Cary Street Partners LLC

www.carystreetpartners.com

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

Mr. Tom Tullidge, Managing Director, ttullidge@carystreetpartners.com , (804) 521-3340

 

Cascadia Capital LLC

www.cascadiacapital.com

Seattle, WA

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

 

Caymus Partners LLC

www.caymuspartners.com

Atlanta, GA; New York, NY

Mr. Geoffrey L. Faux, Managing Partner, gfaux@caymuspartnres.com, (404) 995-8302

 

CBIZ Mergers & Acquisitions Group, Inc.

www.cbiz.com/mergers

Atlanta, GA

Mr. Douglas Hubert, Managing Director, dhubert@cbiz.com, (770) 858-4491

 

Challenger Capital Group, Ltd.

www.challengercapitalgroup.com

Dallas, TX; Chicago, IL

Mr. Michael Burr, President & Executive Director mburr@challengecap.com, (630) 908-7248

 

Cherry Tree Investments, Inc.

www.cherrytree.com

Minnentonka, MN; Denver, CO

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

 

Clayton Capital Partners

www.claytoncapitalpartners.com

St. Louis; Golden, CO; Dallas, TX

Mr. Kevin Short, Managing Partner, kshort@claytoncapitalpartners.com, (314) 725-9939

 

Coady Diemar Partners, LLC

www.coadydiemar.com

New York, NY; Peapack, NJ

Mr. Robert Diemer, Jr. Managing Director, bob@coadydiemar.com, (212) 901-2600

 

Cogent Partners

www.cogent-partners.com

Dallas, TX; New York, NY

Mr. Scott Myers, Managing Director, smyers@cogent-partners.com, (214) 871-5407

 

Colchester Partners, LLC

www.colchesterpartners.com

Boston, MA

Mr. Franklin Kettle

Managing Director, fkettle@colchesterpartners.com, (617) 896-0200

 

The Colmen Group

www.colmengroup.com

Wayne, PA

Mr. Peter Colella, Managing Director, pcolella@colmengroup.com, (610) 964-9020

 

Colmen Menard Company, Inc.

www.colmenmenard.com

Wayne, PA

Mr. David Menard, President & CEO, dmenard@colmenard.com, (484) 367-0300

 

Columbia West Capital, LLC

www.columbiawestcap.com

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

Mr. John Farr, Managing Director, admin@columbiawestcap.com, (480) 664-3949

 

Consensus Advisors LLC

www.consensusadvisors.com

Boston, MA; New York, NY

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

 

Consilium Partners LLC

www.cpboston.com

Wellesley, MA

Mr. Gregory Sneddon, Senior Managing Director, gbs@cpboston.com, (617) 267-0600

 

Converge Capital

www.convergecapital.com

Dallas, TX

Mr. Jim Stone, Partner & CEO, jstone@convergecapital.com, (972) 726-1911

 

CDI Global

www.cdiglobal.com

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

Wilmington, DE

Mr. Terry A. Busskohl, Partner, office.newyork@cdiglobal.com, (203) 655-5436

 

Corporate Finance Associates Worldwide

www.cfaw.com

CFA has offices in 17 states throughout the US

Mr. Robart Contaldo, Managing Partner, rjc@cfaw.com, (847) 836-7035

 

The Rodman Energy Group

www.rodmanenergy.com

Houston, TX; Simsbury, CT

Mr. T. Prescott Kessey, Managing Director, tpk@rodm.com, (713) 654-8080

 

The Courtney Group

www.thecourtneygroup.com

Los Angeles, CA; Newport Beach, CA

Mr. Tom Courtney, Founder, info@courtneygroup.com, (949) 706-3600

 

Covington Associates LLC

www.covingtonassociates.com

 

Craig-Hallum Capital Group LLC

www.craighallum.com

Minneapolis, MN; Boston, MA; Philadelphia, PA

Mr. Rick Hartfiel, Director of Investment Banking, rick.hartfiel@craig-hallum.com

(612) 334-6381

 

Crosskeys Capital

www.crosskeyscapital.com

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

Mr. David Burns, Managing Director, dburns@ckcap.com, (954) 779-2600

 

D.A. Davidson & Co.

http://www.davidsoncompanies.com/dc/jobs.cfm

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, Dwoodcock@dadco.com (503) 603-3001

 

Dahlman Rose & Company, LLC

http://www.dahlmanrose.com/Content/Careers.asp

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

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

 

Davidson Capital

www.davidsoncapital.com

Santa Rosa Beach, FL; Atlanta, GA

Mr. Thomas Davidson, Sr. President, tmd@davidsoncapital.com, (202) 365-7000

 

DecisionPoint International

www.decisionpointint.com

Charlotte, NC; St. Louis, MO

Mr. Douglas Ellis, Managing Partner, Dellis@DecisionPointINT.com, (704) 248-1122

 

DeSilva & Phillips, LLC

www.mediabankers.com

New York, NY

Mr. Jeffrey Dearth, Partner, jeff@mediabankers.com, (202) 338-5790

 

Dinan & Company, LLC

www.dinancompany.com

Phoenix, AZ

Mr. John Kelly, Executive Vice President, jkelly@dinancompany.com, (866) 447-3500

 

Dougherty & Company LLC

www.doughertymarkets.com

Minneapolis, MN

(612) 376-4000

 

Dresner Partners

www.dresnerpartners.com

Chicago, IL

Mr. Brian Graves, Managing Director, bgraves@dresnerco.com, (312) 780-7237

 

Duncan-Williams, Inc.

www.duncanw.com

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, blabry@duncanw.com, (901) 260-6833

 

Eastdil Secured

www.eastdilsecured.com

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

www.energyspectrumadvisors.com

Dallas, TX

Mr. Charlie Lapeyre, Managing Director , charlie.lapeyre@energyspectrumc.om

(214) 987-6123

 

Falkenberg Capital Corporation

www.falkenbergcapital.com

Denver, CO

Mr. Bruce Falkenberg, President, bruce@fcapital.com, (303) 320-4800

 

Fennebresque & Co.

Charlotte, NC

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

 

Ferghana Partners Group

www.ferghanapartners.com

Boston, MA; New York, NY

Mr. William Kridel, Jr. Managing Director, kridel@ferghanapartners.com,

(212) 986-7900

 

Financo, Inc.

www.financo.com

Los Angeles, CA; New York, NY

info@financo.com, (212) 593-9000

 

First Southwest Company

www.cbiz.com/mergers/

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

stephen.johnson@firstsw.com, (214) 953-8856

 

FMI Corporation

www.fminet.com/investment-banking

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

Mr. William Hill, Managing Director, whill@fminet.com, (303) 398-7237

 

FocalPoint Partners LLC

www.focalpointllc.com

Los Angeles, CA

Mr. Daniel Conway, Managing Director, dconway@focalpointllc.com, (310) 405-7000

 

Focus Strategies, LLC

www.focus-strategies.com

Austin, TX

Mr. F. Gary Valdez, Founder, gvaldez@focus-strategies.com, (512) 477-3280

 

Gemini Partners Inc.

www.geminipartners.net

Baltimore, MD; Los Angeles, CA

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

 

Genesis Capital, l.l.c.

www.genesis-capital.com

Atlanta, GA

Mr. Jeffrey Villwock, Managing Director, jvillwock@genesis-capital.com, (404) 816-7503

 

Gilford Securities

www.gilfordsecurities.com

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

Mr. Robert Maley, President, Robert.Maley@gilfordsecurities.com

 

Goldmark Advisers, Inc.

www.goldmarkadvisers.com

New York, NY

Mr. Jeffrey Gold, President, jmg@goldmarkadvisers.com, (212) 779-6059

 

Grace Matthews

www.gracematthews.com

Milwaukee, WI

Mr. John Beagle, Managing Director, jbeagle@gracematthews.com, (414) 278-1120

 

Gramercy Venture Advisors

www.gramercyventures.com

San Francisco, CA

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

 

Green Manning & Bunch, Ltd.

www.gmbltd.com

Denver, CO; Phoenix, AZ

Mr. Chris Hammond, Managing Director, chammond@gmbltd.com, (303) 592-4820

 

Greene Holcomb & Fisher LLC

www.ghf.net

Minneapolis, MN; Phoenix, AZ; Seattle, WA

Mr. Chip Fisher, Managing Director, cfisher@ghf.net, (612) 904-5704

 

Greif & Co.

www.greifco.com

Los Angeles, CA

Mr Jeremy Back, Director, back@greifco.com, (213) 346-9269

 

GrowthPoint Technology Partners, LLC

www.gptpartners.com

Palo Alto, CA

Mr. Michael Shepherd, Managing Director, mshepherd@gptpartners.com, (650) 322-2306

 

GTK Partners

www.gtkpartners.com

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

Mr. James Turo, Managing Director , turo@gtkpartners.com, (310) 694-8202

 

Hales & Company, Inc.

www.halesgroup.com

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

Mr. Mike Fletcher, Partner, mfletcher@halesgroup.com, (212) 592-5700

 

Harvey & Company LLC

www.harveyllc.com, Newport Beach, CA,

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

 

Headwaters MB

www.headwatersmb.com

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

Mr. John Ippolito, Managing Director, jippolito@headwatersmb.com, (781) 273-6062

 

HealthCare Markets Group

www.healthcaremarkets.com

Houston, TX

Mr. Francis Curry, Managing Director, fcurry@healthcaremarkets.com, (713) 629-6070

 

High Rock Partners

www.highrockpartners.com

Research Triangle Park, NC

Mr. Kenneth Marks, Managing Partner, khmarks@highrockpartners.com, (919) 256-8152

 

Hoefer & Arnett, Inc.

www.howebarners.com

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

Mr. Thomas Lynch, Managing Director, tlynch@howebarnes.com, (312) 655-2980

 

Hovde

www.hovde.com

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

Mr. James Hill, Managing Director, jhill@hovde.com, (310) 535-9200

 

Imperial Capital, LLC

www.imperialcapital.com

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

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

 

Integris Partners

www.integris-partners.com

Denver, CO

Mr. Patrick Seese, Managing Director, pat@integrispartners.com, (303) 825-9618

 

Janney Montgomery Scott

www.janney.com

Over 50 offices Nationwide

Mr. Cliff Booth, Managing Director, cbooth@janney.com, (215) 665-6000

 

JD Ford & Company, L.L.C.

www.jdford.com

Dallas, TX; Denver, CO; Orange County, CA

info@jdford.com (303) 333-3673

 

JH Chapman Group L.L.C.

www.jhchapman.com

Chicago, IL

Mr. David Epstein, Principal, depstein@jhchapman.com, (773) 693-4800

 

JMP Group Inc.

www.jmpg.com

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

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

 

Jordan, Knauff & Company

www.jordanknauff.com

Chicago, IL; Kansas City, MO;

Mr. Thomas Knauff, Managing Principal tknauff@jordanknauff.com, (312) 254-5900

 

Kaufman & Company, LLC

www.kcollc.com

Boston, MA

Mr. Seth Kaufman, Managing Director, sethkaufman@kcollc.com, (617) 426-0444

 

Kerlin Capital Group, LLC

www.kerlincapital.com

Los Angeles, CA

Mr. William Doyle, Managing Partner, wdoyle@kerlincapital.com, (213) 627-3300

 

Kurt Salmon Associates Capital Advisors, Inc.

www.kurtsalmon.com

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

 

Ladenburg Thalmann

www.ladenburg.com

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

(212) 308-9494

 

Laidlaw & Company (UK) Ltd.

www.laidlawholdings.com

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

Mr. Alex Shtaynberger, Director, ashtaynberger@laidlawltd.com, (212) 697-5200

 

Landmark Ventures

www.landmarkventures.com

New York, NY; San Francisco, CA

info@landmarkventures.com (212) 268-8500

 

Leerink Swann & Company, Inc.

www.leerink.com

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

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

 

Lincoln International LLC

www.lincolninternational.com

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

Mr. Robert Brown , Managing Director rbrown@lincolninternational.com, (312) 580-8340

 

  1. R. Beal & Company

www.mrbeal.com

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

Ms. Donna Sims-Wilson, President, dwillson@mrbeal.com, (212) 983-3930

 

Matrix Capital Markets Group, Inc.

www.matrixcapitalmarkets.com

Baltimore, MD; Richmond, VA

Mr. Jeff Moore, President, jmoore@matrixcmg.com, (804) 780-0060

 

Maxim Group LLC

www.maximgrp.com

New York, NY

Mr. John J. Garrity, Managing Director, jgarrity@maximgrp.com, (212) 895-3624

 

Mazzone & Associates, LLC

www.globalmna.com

Atlanta, GA

Mr. Michael Bllom, Managing Director, mbloom@globalmna.com, (404) 931-8545

 

Mesirow Financial Holdings, Inc.

www.mesirowfinancial.com/investmentbanking/

Chicago, IL; New York, NY

Mr. John Chrysikopoulos, Managing Director, jsc@mesirowfinancial.com, (212) 351-8181

 

MidMarket Capital Advisors, LLC

www.mmadvisors.com

Philadelphia, PA

Mr. Graem Howard, Managing Director, ghoward@mmadvisors.com, (215) 875-8201

 

Milestone Merchant Partners LLC

www.milestonecap.com

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

Mr. David Doyle, Managing Director, ddoyle@milestonecap.com, (202) 367-3005

 

Miller Buckfire

www.millerbuckfire.com

New York, NY

Mr. Jason Anderson, Managing Director jason.anderson@millerbuckfire.com, (212) 895-1849

 

Morgan Joseph & Co. Inc.

www.morganjoseph.com

New York, NY

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

 

Munda SICAV Valor Investments

www.mundasicav.com

Madrid, ES

Mr. Andres García Bartolomé, President info@mundasicav.com, 0034 912 771 024

 

Needham & Company

www.needhamco.com

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

(212) 371-8300

 

Newbury Piret

www.newburypiret.com

Boston, MA

Mr. Allen Fullerton, Managing Director, afullerton@newburypiret.com, (617) 367-7300

 

North Point Advisors

www.nptadvisors.com

San Francisco, CA

Mr. Bill Placke, Managing Director, bplacke@nptadvisors.com, (415) 358-3500

 

Pagemill Partners, L.L.C.

www.pmib.com

Palo Alto, CA

Mr. Mark Grossman, Managing Director, mgrossman@pmib.com, (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, zaheer@piercappartners.com, 858.342.7517

Mr. Ashish Jariwala, Managing Director, ashish@piercappartners.com, 646.701.2359

 

Pegasus Intellectual Capital Solutions LLC

www.pegasusics.com

Chicago, IL 60602-4270

Charles Smith, Managing Partner, csmith@pegasusics.com, (312) 951-0100

 

Pharus Advisors, LLC

www.pharus.com

New York, NY; San Francisco, CA

Mr. Michael Goodman, Managing Director, mgoodman@pharus.com, (212) 904-0100

 

Philpott Ball & Werner

www.pbandw.com

Boston, MA; Charlotte, NC

Mr. Edward Werner, President, twerner@pbandw.com, (978) 526-4200

 

Reynolds Advisory Partners

http://www.reynoldsap.com/recruiting.php

Denver, CO

Doug Reynolds, Managing Director, dreynolds@reynoldsap.com

 

Roth Capital Partners, LLC

wwww.roth.com

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

Mr. Michael Chill, Managing Director, mchill@roth.com, (646) 358-1905

 

Sagent Advisors

www.sagentadvisors.com

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

Mr. David Bain, Managing Director dbain@sagentadvisors.com, (415) 489-4400

 

Salem Partners LLC

www.salempartners.com

Los Angeles, CA

Mr. Trevor Bohn, Managing Director, tbohn@salempartners.com, (310) 806-4200

 

Savvian, LLC

www.gcasavvian.com

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

Mr. James Avery, Managing Director, javery@gcasavvian.com, (415) 318-3600

 

Seven Hills Group LLC

www.sevenhillspartners.com

San Francisco, CA

Mr. David Weiss, Partner, dweiss@sevenhills.com, (415) 869-6225

 

Shattuck Hammond Partners

www.shattuckhammond.com

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

Mr. Phillip Camp, Managing Director, pcamp@shattuckhammond.com

(212) 314-0400

 

Shoreline Pacific LLC

www.shorelinepacific.com

San Francisco, CA

Mr. Paresh Patel, Director of Corporate Finance, ppatel@shorelinepacific.com

(415) 477 9908

 

Signal Hill Capital Group LLC

www.signalhill.com

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

Mr. Justin Balciunas, Managing Director, jbalciunas@signalhill.com, (443) 478-2400

 

Silver Lane Advisors LLC

www.silverlane.com

New York, NY

Elizabeth Bloomer Nesvold, Managing Partner, info@silverlane.com, (212) 883-9400

 

Sperry, Mitchell & Company

www.sperrymitchell.com

New York, NY

(212) 832-6628

 

St. Charles Capital, LLC

www.stcharlescapital.com

Denver, CO

Mr. Wesley Brown, Managing Director, wbrown@stcharlescapital.com

(303) 339-9099

 

Susquehanna International Group, LLP

www.sig.com

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

(610) 617-2600

 

SVB Alliant

www.svb.com

Palo Alto, CA; Santa Clara, CA

Mr. Brian Larson, Head of Human Resources, blarson@svb.com, (408) 654-7400

 

The Riderwood Group Inc.

www.riderwood.com

Baltimore, MD

Mr. Mitchell Fillet President, mfillet@riderwood.com, (410) 825-5445

 

ThinkEquity Partners LLC

www.thinkequity.com

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

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

 

Trinity Capital LLC

www.trinitycapitalllc.com

Los Angeles, CA

Mr. Chad Spaulding, Managing Director, cspaulding@trinitycapitalllc.com,

(310) 231-3109

 

TripleTree

www.triple-tree.com

Edina, MN

Mr. Scott Tudor, Managing Director, studor@triple-tree.com, (952) 253-5300

 

Triton Pacific Capital, LLC

www.tritonpacific.com

Los Angeles, CA

Mr. Joseph Davis, Managing Director, jdavis@tritonpacific.com, (310) 943-4990

 

Updata Capital, Inc.

www.updataadvisors.com

New York, NY, Reston, VA

Mr. John MacDonald, Partner, careers@updata.com, (212) 710-5795

 

Viant Capital LLC

www.viantgroup.com

San Francisco, CA

Stephen Gurney, Director, sgurney@viantgroup.com, (415) 820-6116

 

Waller Capital Corporation

www.wallercc.com

New York, NY

Mr. Jeffrey Brandon, Managing Director, wallercapital@wallercc.com, (212) 632-3600

 

Westlake Securities LLC

www.westlakesecurities.com

Austin, TX; Houston, TX

Mr. Randy Finch, Managing Director, rfinch@westlakesecurities.com, (512) 306-1651

 

Wilcox Swartzwelder & Co.

http://www.ws-ibank.com

102 Decker Court, Suite 204, Irving, TX 75062

Jason Wilcox, Founder & Managing Director, info@ws-ibank.com, (972) 831-1300

 

Windstone Capital Partners, Inc.

www.windstonecapital.com

Scottsdale, AZ

Mr. Bill Miller, Managing Director, bfm@windstonecapital.com, (602) 224-2400

 

XRoads Solutions Group

www.xroadsllc.com

Santa Ana, CA

Mr. Dennis Simon, Head of Corporate Restructuring, dsimon@xroads.com, (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.

 

M&A:

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:

 

Revenue

EBITDA

Multiples

 

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.

 

Notes:

 

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)

 

Determine:

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)

Valuation

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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