The 10 top boutique investment banks, and what they pay
For investment banks, 2024 has quite suddenly roared into life. Some of the best placed to take advantage of the engine finally firing up are the boutique banks. But what are they?
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A boutique (investment) bank is one that has a very specific focus – usually in M&A or restructuring. They employ much fewer people than a bulge bracket or middle market bank, and are usually competing with the former for top talent. They tend to pay even better than the big banks, too.
Courtesy of figures from market intelligence firm Dealogic, we’ve sorted 10 of the biggest and best (paying) boutique investment banks by deal volume – that is, the total volume of investment banking activity they advised on – in the first half of 2024. We’ve also included some of our own research to give you an idea of pay at the firm.
Evercore
Once again, Evercore was the biggest boutique bank in the world in the first half of 2024. It advised on $203bn worth of deals, more than most full-service banks, including JPMorgan, Bank of America, and Citi. Revenues have been up as a consequence, by around 18% so far this year compared to the first half of 2023. As a consequence, the bank is on track to pay over $720k per head in 2024.
Centerview Partners
Centerview was the second-biggest boutique investment bank according to Dealogic, advising on $132bn worth of deals. Privately owned, it doesn’t post global figures for either revenue or pay – but its UK subsidiary, for the year ending the 31st of March 2023, paid its staff an average of £413k ($527k) per head. Given the bounce back in revenue seen across the industry, 2024 pay is likely much, much higher than that.
PJT Partners
PJT was the third-biggest boutique bank, according to Dealogic. Like Centerview, it also advised on $132bn worth of deals, although was on the less-fortunate end of that figure being rounded up. PJT didn’t have the best start to 2024 (not compared to other publicly traded rivals, at least), but still managed to pay its people approximately $468k per head in the process. As such, it’s on track for average pay to reach $936k by the end of the year.
Qatalyst Partners
Privately-owned Qatalyst Partners was in fourth place in Dealogic’s table, with a big drop-off between the first three and itself. Qatalyst advised on $67bn worth of deals in the first half of 2024, but this was a nearly 300% increase on its performance in the first half of 2023. Companies house figures in the UK show that it paid its 9 employees in the country an average of £1.84m ($2.3m) each.
Perella Weinberg Partners
Founded by Joseph Perella and Peter Weinberg, Perella Weinberg Partners (PWP) had a pretty flat start to the year, advising on $40.25bn worth of deals in the first half of the year according to Dealogic, compared to $40.38bn in the same period in 2023. In spite of that, it had a pretty good set of Q2 results, with revenues increasing 26% across the two periods. On average, across “approximately 700” employees, it paid $608k per head in compensation, putting it on track to pay $1.2m by the end of this year.
Lazard
Venerable old Lazard was 6th in Dealogic’s rankings. Although almost as much an asset management firm these days as an investment bank, Lazard still found the time to advise on $40bn worth of deals. Revenue was up by 22% in the first half of the year at the firm, and pay per head was also up as a consequence – from $301k to $317k, putting it on track to pay $634k per head in 2024.
Moelis & Co.
Founded by Ken Moelis, his eponymous investment bank advised on 'just' $27bn of deals in the first half of 2024, around half of what it did in the first half of 2023, according to Dealogic. Despite that, its revenue was up 31% in 2024 on the same period last year. Pay at the firm was $304k in the first half of the year across its 1190 employees, putting everyone on track for an average payout of $609k. Not bad at all.
Houlihan Lokey
Houlihan Lokey advised on $23bn worth of deals in the first half of 2024, up on the $15bn it advised in the first half of 2023, according to Dealogic. It paid its 20 staff in London £381k ($485k) per head on average in 2022.
Guggenheim Partners LLC
Guggenheim is quite small compared to some of the other banks on this list, but it’s mighty. It advised on $12bn worth of deals in the first half of 2024 according to Dealogic, down from the $55bn it advised on in the same period of 2023. Its London office paid its staff (including but not limited to bankers) an average of £353k ($450k) per head in 2022.
Rothschild & Co.
European-focused Rothschild is also a puncher on the list. The boutique, which is even older than Lazard, advised on $10bn worth of deals in the first half of 2024, down on $21bn in the same period for 2023.
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