The biggest beasts of American M&A are hiring at their new watering hole
If you're a senior American M&A banker who's looking for place to go after decades of dealmaking at major banks, Guggenheim might be the new place to go.
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US bankers are quietly observing the arrival of two big beasts of American M&A at Guggenheim this year. They are: Michael Richter, a former Lazard managing director of 17 years and specialist in aerospace and defense banking, who arrived at Guggenheim's Los Angeles office earlier this month; and Steve Edelman, the former head of industrials banking at Citi, who's due to arrive in the New York office in November.
Edelman, who is also known as Elvis, spent nearly 30 years at Citi. Last time we mentioned him was in the context of speculation about who might become Citi's new global head of M&A. Edelman didn't get that job, which was instead split between JPMorgan hires Guillermo Baygual and Drago Rajkovic. Moving to Guggenheim as a senior managing director seems to have been Edelman's response.
Other disaffected Citi bankers may want to join him there. Richter, who is also a senior managing director appears to have a budget to expand his team. Earlier this month, he recruited Michael McElhenney from Houlihan Lokey.
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