| Topic Name: |
Banking in Toronto |
| Message Name: |
us firms in Canada |
| Date Posted: |
04/14/2000 |
| In Reply To: |
thanks for the information posted...appreciate it...any views on csfb in toronto |
| Message: |
Here is my opinion, based on my experiences:
SSb was (is) involved in the CDn market heavily. Over the last little while, I can think of several big deals in Telecom that they have advised on, demutualization, and railways, i think. Most of the big deals in Canada, particularly financings of multi nationals, will have a US dealer component, if only because they have the institutional clients that can suck up the equity. Seagram's offering was an example.
As for other US shops in Canada, GS and MS have a sizeable presence, and both recently beefed up their staff here by adding some sales and trading guys in TO. MS also, I think, added a couple of research analysts lately to boost their standing there. Goldman has ops in Vancouver, TO, and Montreal, with sales and trading in the West and in TO. Morgan, as far as I know, really only has a sizeable office in TO, although I know they have an office in Calgary, but likely only one guy there 50% of the time. CSFB has a big presence (relatively speaking) in TO, also in Montreal, where the Michael Fortier, the former Tory leadership candidate heads it up.
My opinion on Canadian shops:
banks suck, bottom line. Yeah they do the deals, most of the time firms are forced to if they want financing from the bank. Ex, ABC Corp wants 100m to finance acquisition. BMO says OK, but we can also offer you M&A advisory through Nesbitt Burns, they are really good, wink wink, ie. if you want the fucken money, use Nesbitt. That is typical of all big five banks. Their culture can also be stifling, very sweatshop oriented, also bonus usually depends on how firm does, rather than you yourself. For a ranking, my bet, using deal flow as the guide,
DS
Nesbitt
Gundy
Scotia
TD
For boutiques:
top boutique is Newcrest. They have a rank telecom group, advised on Rogers and Caisse deals. Also, have strong oil and gas, top notch sales and trading.
Griffiths is next. Also have top notch slaes and trading. Tom Budd in Calgary, is the top producing ibanker in Canada, taking home close to 10m per.
Yorkton. Rank tech, best in Canada.
NBF. Good middle market, also has strong sales and trading.
Boutiques offer better comp, most of the time, and a better lifestyle.
That is my opinion, if you think differently, I would like to hear from ya.
|
|
