EBs Ranked By Deal Flow Per Headcount
I don't have time to calculate all of them but here are the notable EBs/MMs (difficult to gauge IB headcount for BBs)
Highest:
1. Qatalyst - $78bn in transactions, IB headcount of ~90 = ~$866MM annual dealflow/banker
2. Centerview Partners - $279.8bn in transactions, IB headcount of ~350 = ~$800MM annual dealflow/banker
3. PJT Partners - $955.8bn in transactions (incl. RX), IB headcount of ~1200 = ~$796MM annual dealflow/banker
4. Lazard - $196.5bn in transactions, IB headcount of ~600 = ~$328MM annual dealflow/banker
Lowest:
1. Moelis - $97.6bn in transactions, IB headcount of ~1600 = ~$61MM annual dealflow/banker
2. Evercore - $332bn in transactions, IB headcount of ~2900 = ~$114MM annual dealflow/banker
Hope this was helpful in guiding prospects to the right places based on prestige, selectivity, working on mega-cap deals with a top-tier pedigreed analyst class, invincible exit opps and newsbreaking comp (hint: CVP).
You should do this on an LTM/2023 basis. This list makes no sense as it currently is.
It is on a LTM/2023 basis.
Can you link/show the league tables you used? From the league tables I’m looking at they don’t seem consistent with the numbers you provided.
I could have out of date information however.
This makes no sense. How are you getting headcounts?
If you look on total employees for the EBs on linkedin it's like this: laz: 4,714, evr: 2,842, moelis: 1,511, pjt: 1,206
Laz should have the highest headcount, and Moelis and PJT should have the least
Half of Lazard work on the asset management side
Filtering for investment bankers on LinkedIn (Lazard and Evercore have big asset management sides) you get: LAZ: 1,100, EVR: 1,200 and MOE: 900
Qatalyst’s IB headcount is 60
yea its gonna be way too hard to get headcount. best bet is to filter for investment banking in title for employees and count and even then some of it will contain summers idk
Wildly inaccurate list.. PJT at nearly 1 trillion of transactions, EVR is not that large relative to other EBs, and employee counts in general are all over the place.
The public banks report advisory revenue and number of senior bankers (partners/senior managing directors/managing directors) looking at advisory revenue / senior bankers you get the following:
EVR: $14.4mm
PWP: $9.1mm
PJT: $8.9mm
LAZ: $6.6mm
MOE: $5.4mm
These are all publicly reported as per latest 10-k and IP. CVP and Q I’m sure have great numbers near the top but I’m not going to speculate on revenue or partner counts.
Employee count is based on LinkedIn adjusted for IB only, PJT's deal flow is adjusted for RX (based on figures on their site), those figures are per senior banker, differing senior-to-junior banker ratio shifts things up (Ex: EVR grossly overhires with low standards, CVP has like a 1:1 analyst to MD ratio)
You can’t be a vice president.. you’re adding total liabilities restructured in PJT’s history as a measure of M&A deal value.
The analyst to partner ratio is about the same across firms (every EB advertises 1:1 ratio and “lean” teams). EVR and LAZ numbers per senior banker are also deflated due to having more of a presence outside the U.S. (lower revenue groups with similar headcounts driving the multiple down relative to U.S. comps). So if anything the benefit of the doubt should be towards those 2 firms. But ignoring that fact, EVR would have to have to have at minimum 2x the size analyst class of PJT to match advisory revenue per analyst (and this is assuming that other firms do actually have different ratios of analyst to partner). Can’t rly guess on CVP without the data.
Damn, MOE has taken a beating. I know their rev is down a lot largely due to dry up in PE deal flows but do people expect it to bounce back once that picks up? Seems like they went from flying high very quick.
Not even my industry, but even I can see through this bullshit. How can you include RX only for pjt and not for the other eb's, especially moelis/evercore/lazard. These PJT Shills are getting dumber by the day.
Also they did not advise on nearly a trillion in 2023 lmfao
https://www.pjtpartners.com/restructuring-and-special-situations
Thx for this. It’s an OK first cut w/ correct comps but need to sharpen pencil on the calcs. Swing by plz.
Why did you do this analysis? Are you a bored/slow analyst or are you a student? This is like the SA that tried to build a DCF for dave matthews band. Why?
Tired of prospects jerking off EVR/M&CO and other bloated institutionalized publicly-traded "EBs", wanted to set the record straight with CVP/Q/PJT/LAZ's dominance
Lmao EVR is now a step up the rest of the public EBs and it’s not even close
Laz has historically low growth and declining
PJT is good at RX
MOE is stuck
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