精品投行(Boutique IB)和大投行(Bulge Bracket)比较时竞争优势在哪里?

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Boutique IBs typically refer to the ones that do not provide full service (Lazard) Since Bulge Bracket IBs(Goldman Sachs, Morgan Stanley) have more resources and connections, why do some clients still choose Boutique IBs? In other words, what are the competitive advantages of Boutique IBs over their greater-in-scale counterparts?

2017年11月10日 2 条回复 1148 次浏览
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发起人：Otaku 管理大师

A buy-side intern who welcomes all int…

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  1. 朱英楠David
    朱英楠David 初入职场
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    谢邀

    Since both institutions have existed for decades, plenty has already been written about the distinction and competitive advantages of each. This one by M&I is good:

    In short, elite boutiques exist because their founders were rainmakers at bulge bracket banks previously and there’s plenty of room for specialized advisors in the global M&A market; middle-market firms exist because bulge brackets doesn’t do deals that are too small (usually <$500m); regional boutiques exist because they have regional connections and/or industry expertise that’s better suited to advise companies in that region.

  2. 匿名用户
    匿名用户 管理大师
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    另外Boutique不做financings和其他的IB产品，在执行的时候conflict of interest会更少。一些Boutique专攻某个行业，行业经验甚至高过BB

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