Greenhill is hiring people! So, is Evercore!
We know that Greenhill is hiring because chief executive officer Scott Bok said so on this week’s conference call to announce Greenhill’s impressive Q1 results (50% year-on-year increase in advisory revenues, 11 fold surge in completed deals by volume).
We know that Evercore is hiring because its chief executive Ralph Schlosstein gave an interview to the Financial Times this week, in which he said Evercore wants to open new offices in Paris and Frankfurt sometime soon (although it could take up to five years) and that Randolph Sesson, the former MD it just hired from Morgan Stanley will be building a team of 10 bankers in London.
If you think you might want to work for Greenhill, Scott Bok gave same handy hints on the sorts of people who are a fit. Typically, they are: loyal, super-senior, advisory focused and specialised in a particular niche.
“I often use the phrase 'loyal to a fault' in terms of people we're looking for,” says Bok. He especially likes: “people who spent the last 15 or 20 years at one place one of the big banks” and have decided to move on (and can bring clients).
As far as we know, Evercore uses recruiters and headhunters to fill its London positions. Greenhill, however, likes candidates to approach it directly. In particular, it likes a networked approach.
“… a very large percentage of cases starts with a with the person calling us, not us calling them,” said Bok. “They identify themselves because almost everybody knows someone who works here.”
Evercore has been less explicit about its chosen profiles, but it has released a presentation setting out its stall.
As depicted below, this shows that: boutiques like Greenhill and Evercore are seizing market share in M&A; Evercore has hired a lot of senior managing directors in Europe recently (admittedly many of these came with last year’s Lexicon acquisition, but it shows willing).
M&A headhunters point to various reasons why you might want to work for a Greenhill or Evercore. They include: money, exposure, culture, and prospects.
“You’ll get far less stock and far more cash in your compensation,” says one M&A headhunter. “You also get heavy exposure to a lot of deals and excellent execution experience. They tend to be nicer places to work with less culture and bureaucracy, and I know that private equity funds like to pick off people from Greenhill because they’re seen as having good modelling skills, so it can be a solid platform for a move to the buyside.”
On the other hand, the hours at a Greenhill or Evercore are notoriously gruelling.
As we noted last year, boutique investment banks tend to have a lot of chiefs and no Indians. Hence, Greenhill had around 6 associates and 17 managing directors in London.
“It’s a pretty hardcore environment,” says another headhunter. “These are heavy execution houses with a lot of senior people and comparatively few juniors. “
The other issue is that even if they hire, they won’t hire in numbers. Greenhill currently has around 51 FSA registered people in London. Evercore has 93. They’re going to be very fussy about who they take on.