Boutique Investment banks: What Are They?

Josh Pupkin

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Josh Pupkin WSO Editorial Board

Expertise:Investment Banking | Private Equity

精品店是一个用来描述至少一种类型的公司的术语万博app网页版service. The size of a boutique investment bank can vary considerably, as can where they operate. Some of the larger elite boutiques have a global presence with headcounts in the thousands, whilst small regional boutiques may have as few as 5 people employed. These firms tend to focus solely on services like合并和收购(M&A),restructuring, 和advisory,尽管一些公司可能提供other services such as research andasset management. Boutiques tend to work primarily with small and middle-market companies and deals.

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How do boutique investment banks work?

As with every other industry, smaller firms such as boutiques, prosper by specialising in the services they provide and positioning themselves to serve a specific niche. Since they are smaller than theirBulge Bracket (BB)counterparts, and have limited financial resources and headcount, this strategy of specialising in their service offerings and providing clients with tailored services provides them with a competitive advantage as compared to the BB banks. Since they target clients in a relatively smaller sized market, they do not have to compete with larger firms. Generally, boutiques are founded and run by ex BB bankers who want to venture out on their own.

There are four main categories of boutiques:

  • Elite boutiques
  • Up and coming Elite boutiques
  • Industry specific boutiques
  • Regional Boutiques

Elite Boutiques

精英精品店是单独提供的大公司investment banking products such as mergers and acquisitions and restructuring. Unlike middle market or bulge bracket firms that offer a wide variety of services. These investment banks may rival the bulge brackets for deals, however EB's do not have capital markets groups, and do not have underwriting capabilities. Some EB's may offer services such as research, like Evercore's prestigious ISI division. Elite boutiques have the advantage over bulge brackets of being less regulated. Bulge brackets offer many services across many functions, and conflicts of interest can exist between one division and another, which brings regulatory scrutiny to the firm. Boutique firms are able to navigate what would be a bureaucratic process to some firms, due to their lack of many divisions outside of investment banking.

These firms include:

起床和即将到来的精英精品店

Up and coming Elite Boutiques are firms founded by ex-BB/EB managing directors who take big clients with them. These firms are not relatively known and have very small teams, however they engage in large deals, rivaling that of Bulge Brackets and Elite Boutiques.

Some up and coming elite boutiques are:

Industry Specific Boutiques

特定于行业的精品店专注于特定行业内的投资银行服务。万博app网页版manbetx 2.0下载例如,医疗保健精品店可能只能与医疗保健公司打交道,其许多员工可能在该领域具有经验。一些精品公司可能会为多个行业提供多种服务,但是其投资银行部门可能仅特定于行业。manbetx 2.0下载万博app网页版行业精品店是希望将覆盖范围扩展到特定行业的银行收购的有吸引力的目标。

一些特定于行业的精品店是:

Regional Boutiques

Regional boutiques are investment banks with small headcounts that work on low value deals, typically less than $50 million. They will advise clients in a certain geographic region since they do not have nationwide or global offices that can service clients around the world. Some regional boutiques may specialize in a specific industry with employees with industry backgrounds, while others advise clients in a diverse range of industries.

Regional boutiques include:

在一家精品投资银行工作

小型精品店往往会有一个较小的人数,通常在数十个到数百个,而精英精品店的成千上万。精英精品店的薪酬竞争对手是BB薪水的竞争对手,甚至可以超过世界上最大的公司的总薪酬。Evercore是一家精英精品店,拥有任何公司第一年分析师的最高薪酬头衔。由于交易数量和规模较低,小型地区精品公司将向其员工支付的费用要少得多。但是,这些银行家可能会以更好的时间进行权衡。

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Boutique bankers generally tend to have a better work life balance than those at BB's, with some regional boutique bankers reporting hours as low as 40 to 70 hours a week. Elite boutique analysts tend to work similar hours as bulge bracket bankers, generally working over 80 hours a week. Bankers at up and coming elite boutiques will have the worst work life balance, since they have very small teams advising on multi billion dollar deals typically handled by bulge bracket and elite boutique firms. These analysts may work over 100 hours week on a regular basis. Industry specific boutiques will vary in hours.

小型精品公司可能不像BB或精英精品公司那样有选择性,并且可能会从各种学校雇用。您可能看不到这些区域公司的“目标学校”学生那么多,因为他们可能会提供更多“享有声望”的公司。但是,精英精品店可能比Bulge Brackets更具选择性,但是,众所周知的访谈和较少的职位可用。在小型精品店中招募可能不如BB或EB招募。特定于行业的公司可能会雇用几乎没有财务经验的分析师,但在其特定领域具有经验。

Boutique IB Exit Opportunities

Elite boutique analysts have similar exit opportunities as BB firms. Megafund Private Equity headhunters will recruit from these firms, and analysts will often exit to corporate development, venture capital, corporate strategy, and other typical IB exit opportunities. Exit opportunities for regional boutique bankers are much more limited. Large PE firms and Hedge funds tend not to recruit from these small firms. Common corporate exit opportunities like corporate development and strategy are within reach, however you are unlikely to be recruited by Apollo or KKR after a stint in a 10 man investment bank. For industry specific groups, exit opportunities into firms within their coverage are common. These bankers may also go into venture capital or boutique/middle market private equity within their industry, as well as corporate finance roles. Analysts at small boutique firms often lateral into a middle market firm for better pay or better exit opportunities in the future.

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Josh Pupkinis a member ofWSO Editorial Board这有助于确保在华尔街绿洲的顶级文章中内容的准确性。万博app足彩下载乔什(Josh)拥有丰富的私募股权,业务发展和投资银行业务的经验。万博app网页版乔什(Josh)的职业生涯始于他的投资银行分析师,直到过渡到私募股权角色Ne万博app网页版uberger Berman。目前,乔什(Joshwallstreetoasis.comand has evolved with the help of our mentors.