Boutique Investment Banks
Boutique investment banks are non-full service investment firms that specialize in a certain industries. Below is a list of notable boutique investment banks.
Allen & Company is a family owned investment bank providing underwriting and brokerage services, mergers and acquisitions, and other advisory work.
Berkery, Noyes & Co LLC – One of the leading middle market investment banks with focus on mergers and acquisitions, and financial consulting services. The company has experience in the following segments: education, entertainment and leisure, financial technology, healthcare, media and marketing, online and mobile, and software.
Cantor Fitzgerald L.P., based in New York, is a global investment bank providing services to middle market sector. It operates through the following areas: equities, prime services, fixed income & currencies, investment banking, and real estate. It is one of primary dealers that are authorized to trade government securities with the Federal Reserve Bank of New York. The company is one of the few remaining private partnerships left on Wall Street.
Blackstone Group, headquartered in New York City, is one of the leading investment and advisory firms with about 2,400 employees and $570 billion in assets under management (AUM). It focuses on private equity, real estate, credit, and hedge fund investment solutions.
Brown Brothers Harriman (BBH), established in 1818 in Philadelphia, is one of the largest and oldest private banks in the United States.
Centerview Partners is an independent investment banking firm located in New York with additional offices in Los Angeles, San Francisco, Chicago, Palo Alto, and London.
Cowen Inc is an international investment bank and financial services firm with full year 2019 revenue of $1.1 billion and assets under management (AUM) of $11.4 billion. The company’s market capitalization was $450 million as of June 30, 2020.
Evercore Inc (formerly known as Evercore Partners) is a global boutique investment bank with 1,900 employees and over $2 trillion in announced M&A transactions. The company has offices worldwide including locations in Toronto (Canada), Mexico City, Aberdeen and London (UK), Madrid (Spain), Hong Kong, Beijing (China), Dubai (UAE), Singapore, Tokyo (Japan) and Frankfurt am Main (Germany).
Greenhill & Co is one of the leading investment banking firms with headquarters at Manhattan, New York City and locations in Dallas, Chicago, Houston, San Francisco, London, Toronto, Melbourne, Sydney, Frankfurt, Madrid, Tel Aviv, Tokyo, Sao Paulo, Singapore, Stockholm and Hong Kong.
Houlihan Lokey, Inc is an American advisory-focused investment bank headquartered in Los Angeles, California. Houlihan Lokey is No. 1 M&A Advisor for all U.S. Transactions, No. 1 Global Investment Banking Restructuring Advisor and No.1 in Global M&A Fairness Advisory Ranking.
Moelis & Company, founded in 2007, is an independent investment bank with global headquarters in New York and 17 offices worldwide. The company employs about 900 people.
Oppenheimer & Co is a New York based investment bank with gross revenue of $1.03 billion, net profit of $53 million, assets under management of $32 billion and client assets under administration of $91 billion as of December 31, 2019.
Perella Weinberg Partners L.P. is a boutique investment bank offering advisory and asset management products to institutions, corporations and governments. The company maintains offices in New York, Los Angeles, Chicago, Houston, San Francisco, Austin, Denver, Paris, Abu Dhabi, Munich and London.
Piper Sandler Companies (NYSE: PIPR), (formerly known as Piper Jaffray Cos), headquartered in Minneapolis, Minnesota, is an independent investment bank with over 1,500 employees and 60 offices across the United States, Asia and Europe. As of June 30, 2020, it had a market capitalization of $1.1 billion.
Qatalyst Partners LP, founded in 2008, is the Silicon Valley technology-focused boutique investment bank headquartered in San Francisco. Qatalyst donated $500,000 to fight COVID 19.
Rothschild & Co, established in 1810, is an international investment bank and financial services firm headquartered in Paris and London. It was named world's best independent investment bank 2019 by Euromoney.
Sandler O'Neill Partners, founded in 1988, was a boutique investment banking firm with offices in New York, San Francisco, Atlanta, Chicago and Boston. In 2019 it was acquired by Piper Sandler.
Allegiance Capital – A private boutique investment bank offering products and services to middle-market companies with revenue up to $500 million. It also provides global reach through Globalscope Partners Ltd, an international M&A advisory firm. Allegiance was established in 1998 and is headquartered in Dallas, Texas with additional offices New York and Chicago.
Alantra – A global investment bank specializing in middle market M&A advisory services. It was created in 2016 after a merger of Spanish N+1 and Boston-based C.W. Downer. The firm has local teams in 20 countries including the U.S., Mexico, Chile, Colombia, Argentina, Brazil, UK, Germany, Italy, France, Switzerland, Austria, Sweden, Portugal, Spain, Greece, Belgium, Netherlands, Ireland and China. Alantra's net revenue from investment banking reached €165 million in 2019.
Cain Brothers & Company LLC, a leader in M&A advisory, is a healthcare investment bank operating as a subsidiary of KeyBanc Capital Markets. With more than 220 employees, it focuses exclusively on healthcare industry, medical technology and life sciences. The company was founded in 1982 and is headquartered in New York City.
Capstone Headwaters – One of the largest independent investment banks in the U.S. with over 160 highly seasoned professionals providing services in the following segments: aerospace and defense; building products; agriculture, construction and business services; consumer and retail; education and training; transportation and logistics, minerals and mining; energy and power; health and medical; industrial manufacturing and industrial technology; infrastructure finance and real estate.
Corporate Finance Associates (CFAW), headquartered in Los Angeles, is an international boutique investment bank providing M&A advisory services through more than 30 locations in the United States, United Kingdom, Belgium, Switzerland, Netherlands, Denmark and Ireland.
CSG Partners LLC is an American boutique investment bank with offices in New York, San Francisco, and Washington DC. It is a nation’s leader in ESOPs (employee stock ownership plans), mergers and acquisitions, and capital advisory services for middle-market businesses.
Arma Partners LLP – An investment banking firm and M&A adviser specializing in the CMT sector (communications, media and technology). The company maintains offices in London, UK; New York, NY; Palo Alto, California, and Munich, Germany.
DCS Advisory – A leading North America-based M&A advisory firm created through integration of Sagent Advisors and Signal Hill LLC by Daiwa Securities Group. Sagent Advisors is a major independent investment bank with offices in Chicago, New York and Tysons Corner.
Europa Partners Ltd – A boutique investment bank headquartered in London, UK. It offers services in the following fields: media, luxury goods, professional services, technology and insolubles (tricky issues). The company’s largest M&A transaction was a $650 million merger, largest debt fundraising - $450 million and largest equity fundraising - $85 million.
Fennebresque & Co is a leading investment bank and advisory firm focused on technology sector, life sciences, food, nutrition & agriculture; government services (ADGS), manufacturing & industrial, and consumer & retail. The company was established in 2007 and is headquartered in Charlotte, North Carolina with additional offices in Raleigh, San Diego, Charleston, and Des Moines.
Financo Inc is a retail & consumer boutique investment bank with offices in New York, Los Angeles and London. The company’s services include sell-side and buy-side M&A, financial sponsor advisory, growth capital and minority recapitalization transactions, family office & entrepreneur advisory, special situations, sports M&A and fairness opinions. The firm was establishes in 1971 by Gilbert Harrison.
Foros Group LLC is an American M&A advisory boutique providing financial advisory services to U.S. and international clients. The company was ranked among the top 15 M&A advisors and among the top 5 independent advisory firms in the United States by league table providers. Jean Edward Manas is Founder and Chief Financial Officer (CFO) of Foros. Financial Times called the firm one of the big fish among the boutique investment banks. The company was established in 2009 and is headquartered in New York.
Guggenheim Partners, headquartered in New York and Chicago, is a global investment bank with over 2,400 employees and assets under management of over $275 billion as of November 2019. It also has offices in Boston, Los Angeles, Atlanta, Houston, Dallas, Indianapolis, Rockville, San Francisco, St. Louis and abroad including London, Dublin, Dubai, Mumbai and Tokyo.
Keefe, Bruyette, & Woods, based in New York, is a full-service boutique investment bank focused exclusively on the financial services sector. It has additional locations in Atlanta; Austin, Texas; Chicago, Illinois; San Francisco, California; Richmond, Virginia; Boston, Massachusetts; Columbus, Ohio and Hartford, Connecticut as well as office abroad in London, United Kingdom. KBW is a division of Stifel Financial Corporation.
Ladenburg Thalmann, with offices in Miami, Boca Raton, Naples (Florida), Boston (Massachusetts), New York, Melville, and Calabasas, California, it provides strategic and financial advisory services to companies with a market value below $500 million. The firm’s business areas are independent brokerage & advisory, investment banking, capital markets, trust and estate planning, insurance services, and wealth and asset management. The company was founded in 1876 and employs over 1,500 full-time employees. Richard Lampen is CEO, President and Chairman.
Lancaster Pollard is mortgage and investment banking firm focused on serving healthcare and senior living sectors. The company was established in 1988 and is headquartered in Columbus, Ohio with regional offices in California, Colorado, Texas, Minnesota, Kansas, Georgia, Georgia and Pennsylvania.
Lazard Ltd – One of the leading independent investment banks with total AUM of over $230 billion and 3,000 employees. With principal offices in New York, London and Paris, Lazard is headquartered in Hamilton, Bermuda and has locations in 43 cities around the world. The company’s shares are traded on the New York Stock Exchange (NYSE) under the ticker symbol LAZ, with a market capitalization of $3.0 billion as of June 30, 2020.
Lincoln International LLC is an international boutique investment bank headquartered in Chicago, Illinois. It is ranked as a top global M&A advisor to the mid-market. The company offers mergers & acquisitions, capital advisory, joint ventures & partnering and valuations & opinions. The company is active in the following sectors: business services, energy, power & infrastructure, healthcare, consumer sector, industrials, and technology, media & telecom. The firm boasts 200+ transactions in 2018 of which over 50% transactions are cross-border.
Marathon Capital LLC is a North American investment bank specializing in the global power and infrastructure markets. It maintains offices in Chicago, San Francisco and New York as well as representative office in Halifax, Canada.
Marlin & Associates, with focus on financial technology, data and analytics, and healthcare market, is a boutique investment bank and strategic advisory firm headquartered in New York. Over 20 transactions on which the firm has advised have been recognized as Deal-of-the-Year. It also has offices in Washington DC, and Toronto, Canada.
Miller Buckfire & Co. is an international investment bank focused on corporate restructurings. The firm restructured more than $200 billion of debt and advised on more than $16 billion of mergers and acquisitions. Miller Buckfire operates as a subsidiary of Stifel Financial Corp.
Montgomery & Co (formerly Digital Coast Partners), headquartered in Santa Monica, California, was a leading investment bank for media and technology companies.
Raymond James, headquartered in St. Petersburg, Florida, has about 8,000 financial advisors in the U.S., Canada and abroad. In 2012 it acquired Memphis-based investment firm Morgan Keegan & Co; and in 2019 it acquired Silver Lane Advisors, a boutique investment bank focused on M&A in the financial sector.
Needham & Co. is an American boutique investment bank and asset management company with focus on growth companies. It was established in 1985 by George Needham, Raymond Godfrey and David Townes.
Panmure Gordon & Co – The UK-based stockbroker and investment bank. The firm is known for its close connection with the family of David Cameron. In 2017 Panmure Gordon was acquired by Ellsworthy Ltd, a division of Qatari investment bank QInvest.
PCE Investment Bankers, headquartered in Orlando, Florida, is an investment bank offering financial advisory services to mid-market businesses. It has branches Atlanta, Chicago and New York.
Roth Capital Partners, based in Newport Beach, California, is a privately owned company specializing in the small-cap public market. Roth Capital completed more than 320 merger, acquisition and advisory assignments. It is a member of FINRA (Financial Industry Regulatory Authority) and SIPC (Securities Investor Protection Corporation).
B. C. Ziegler & Company, headquartered in Chicago, is a privately-owned financial advisory firm focused on healthcare, senior living and education markets. It also specializes in general municipal and structured finance. The firm is licensed in all 50 states, D.C. and Puerto Rico. It is a member of FINRA and SIPC.
Sonenshine Partners – A private boutique investment bank with offices in New York and London. The firm executed on more than $100 billion in transactions.
Stephens Inc, based in Little Rock, Arkansas, is one of the largest private investment banks in the United States with 28 offices nationwide. Warren A. Stephens is Chairman, President and Chief Executive Officer (CEO) of the company.
Sucsy, Fischer & Company, established in 1972, was a middle market investment banking firm headquartered in Highland Park, Illinois, United States.
WR Hambrecht + Co is a San Francisco-based investment bank founded by William Robert Hambrecht (also known as Bill) in 1998.
Top Global Boutique Investment Banks
Here is the list of the largest global boutique investment banks based on revenue.
Perella Weinberg Partners
Greenhill & Co.
Moelis & Company
Piper Sandler Cos
Oppenheimer & Co