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Finance Club Chicago Primer

Finance Club Chicago Primer. Ross School of Business University of Michigan November 03, 2005. Introduction. The Finance Club is excited to launch the inaugural Chicago forum

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Finance Club Chicago Primer

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  1. Finance ClubChicago Primer Ross School of Business University of Michigan November 03, 2005

  2. Introduction • The Finance Club is excited to launch the inaugural Chicago forum • Strong venue – more companies than anticipated and a tighter schedule than desired; however we will do our best to fascilitate the porcess • Many of the offices that we are visiting have never hosted Michigan students before – please consider yourselves to be ambassadors of Michigan to build this relationship • Learn about the companies, learn about the market, ask good questions…it’s about fit • Outstanding job by the CHI Forum Team: • Madhavi Reddy: (513) 310-2491 • Anna Schneider: (312) 545-4172 • Jeff Llamas: (773) 860-0671 • Julius Peter: (248) 497-9051

  3. Logistics • Entire forum is full business • Bring a valid ID – State ID, Drivers License, Passport are the “safe” three ID’s that are surely accepted • Schedule is available online on Club webpage – please print out and review thoroughly • Participants are on their own for getting to the Thursday night Deutsche Bank reception. On Friday, we will begin the day from the Holiday Inn Hotel • We will be walking to companies together. In the event that a cab needs to be arranged, the CHI Forum leaders will do so • If you are arriving to a venue by yourself, get there no later than 15 mins prior to the event beginning. Wait for the group to arrive if we are not there already • No cell phones during the presentations • Ask good questions • Contact one of the CHI forum leaders if you have questions

  4. S&T/PWM/Asset Mgmt Below are some considerations/questions: • Office sizes vary a lot • The market does not have the syndication leverage of NY, how can this be an advantage or disadvantage? • What is client base like? • Culturally, what are the advantages of not being in NYC? • How are desks/groups arranged? • Strong fixed income market in addition to futures • Are the offices regional or do they handle a certain product? • From a PWM standpoint, are the relationships regional based or are they by group? How is coverage? • From a general standpoint, how is interaction with NYC? • Markets open earlier in the day (day light savings) • MERC, CBOT (went public) close by – what impact does that have?

  5. Investment Banking Below are some considerations/questions: • Middle Market Investment Banking – • Serve clients with revenue of more than $25 million but less than $1 billion • Strong majority of deal transaction size range from $50 million to $500 million • Offices range from 20 – 90 IBD employees • Services (in order) • Advisory • Buy side vs sell side (including auctions, management sales) • LBO both from a sales and buy side standpoint – heavy interaction with PE Shops • Restructuring • Fairness Opinions • Capital raising • Limited, but interesting to know how they engage in equity and debt fundraising and the platform that is used across banks • A strong misinterpretation is that middle-market bankers work less hours. This is very wrong, but just like other markets, work life balance varies among different firms • How is the culture of the middle-market investment banks? • How do satellite offices interact with New York? • Is the client portfolio regional? • Middle market clients tend to be smaller or emerging companies

  6. Investment Banking Continued…Below are some considerations/questions: • A strong misinterpretation is that middle-market bankers work less hours. This is very wrong, but just like other markets, work life balance varies among different firms • How is the culture of the middle-market investment banks? • How do satellite offices interact with New York? • Are there product and coverage groups segmented into the bank or is it more general? Furthermore, if there are coverage groups, how are product services integrated within those groups? • Is the client portfolio regional? • Middle market clients tend to be smaller or emerging companies • Typical characteristics include (there are always exceptions): • Less mature company management; Need to walk clients through the process more • Strong industrial focus in addition to consumer and healthcare • Some activity in telecom, power, chemicals, utility • Technology, international, media not as strongly represented

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