CF specialists join professional services firms

What do you do when you've clocked up 10, 15 or more years' experience at an investment bank and decide it's time for a change? An article in Euromoney (Oct 2004) reports on the apparent growing popularity among investment bankers in Europe to take off to a professional services firm. These companies, intent on expanding CF and transactions services teams, have been snapping up banking talent and are seeking more.

KPMG hired Stephen Dunn from the leveraged F. department of Sumitomo Mitsui Banking as manager in its debt advisory team to provide advice on structuring new debt issues, refinancing existing obligations, structured F., securitizations and leasing products. KPMG also added four bankers to its project F. team. When it comes to advisory work, particularly in mergers and acquisitions (M&A), the professional services firms are seeing a decent amount of deal flow where the investment banks are floundering. The amount of activity around each transaction has increased dramatically.

Deloitte is looking at bankers with expertise in vibrant M&A sectors where the firm can further expand its business or at those candidates that have a good track record in bringing in new deals.

PriceWaterhouseCoopers has more than 2,4000 staff in its transactions services businesses alone, bringing together M&A bid support and defence, due diligence and structuring.

And Ernst & Young says the amount of activity around M&A transactions has increased dramatically.

The downside is even the most senior hires aren't going to have the earnings potential they might expect at an investment bank but on the other hand there is more job security and therefore less chance that salaries and bonuses will fluctuate from astral to zilch in a business cycle. People who have made the move argue that it is also a less competitive, confrontational environment. So if you'd like that: what are you waiting for?