It's already been discussed - at length - that the elite boutiques have grabbed more of the M&A share from the traditional BB players. But I am curious to hear what you guys think of the relatively new elite boutiques (i.e. Raine, Liontree, PJT, etc.)
Liontree is at 14 in the global M&A rankings for the first half of 2015. PJT (Blackstone M&A) is sure to be very active based on what Paul Taubman has been able to do as an independent this year. At what point do we start considering young banks of this caliber on par with banks like Evercore, Greenhill, and Centerview?
Furthermore, what does this mean for exit ops at these places? How long will it take the younger elite boutiques to have exit ops comparable with those of older elite boutiques if they keep up this pace?