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SPAC IPOs for esports companies were “hot” for a short period in 2021, but they seem to have died off by now. Among the bulgebrackets , Goldman Sachs and JP Morgan should be at the top of this list now that they have dedicated teams (plus their existing reputations and market shares).
I never expected to revisit the topic of bulgebracket banks so quickly because the full list changes slowly, and we updated it a few years ago. What is a “BulgeBracket Bank”? The name “bulgebracket” (BB) comes from the prospectus for an IPO or debt issuance, which lists all the banks underwriting the deal.
based roles at large banks as of early 2022, along with total compensation from 2021. Before you leave an angry comment to say that you or your friend earned above or below these numbers, I want to offer a quick explanation: Investment Banker Salary Changes vs. 2021 and 2020. Up until 2021, these numbers hadn’t changed much in years.
In 2021, after the infamous “Goldman Sachs” presentation went viral , banks raised base salaries and changed their staffing and work-from-home policies. It’s Not 2004, 2014, or 2021 Anymore: Banks Need to Change So, now to the punch line. I believe these reactions are quite wrong.
I spent the first 20 years of my career at the global bulgebracket banks, first in investment banking and then on the institutional equity desks, in a cross-asset and special situations role. I was there through 2015, then Bank of America, before I joined Conversant Capital in early 2021.
She joined Ninety One in 2021 from Royal London Asset Management where she had been head of dealing for three years. Wood joined Ninety One in 2021 after serving for a year and a half at Aviva Investors as a credit trader and for five years at Vanguard as a fixed income trader.
This has created an ongoing opportunity for mid-tier prime brokers, particularly those with broad asset class and geographical capabilities comparable to those of the bulgebracket banks. This is an ongoing pattern that we suspect will continue for some time.”
Additionally, compared to other Canadian Semi-Targets, York sends relatively more students into bulgebrackets and elite boutiques. Over 1/5 of York investment banking graduates are hired by bulgebrackets and elite boutiques.
A good example is the 2020 – 2021 period, when SPAC activity went vertical, and plenty of renewable energy companies used SPACs to go public. For growth-stage companies, you will see plenty of equity offerings: IPOs , SPACs , PIPEs, and follow-on issuances.
UBC sends a strong number of graduates into bulgebrackets and elite boutiques, with over 1/3 of hires going into these firms. PMF students consistently place into the top U.S. buyside jobs (e.g., Apollo and KKR) and overall have some of the best placement in North America. This likely results from PMF's strong placement into the U.S.
UofT has weaker placement to most bulgebrackets and elite boutiques when compared to other top Canadian schools. However, we note that UofT has weaker representation at the most elite investment banks, sending only 5% of its placements to firms like Goldman Sachs or Morgan Stanley. Patten U.S.
However, unlike the go-go era of 2021, tech deals in 2023 tended to be bolt-on rather than transformative, took longer to get done, and required more creativity and bespoke structures. Private equity activity accounted for only 27% of tech M&A in 2023, a six-year low (and a substantial decrease from the 2021 record of 36%).
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