The Financial Institutions Group (FIG) advises banks, insurance companies, asset managers, specialty finance companies, fintech firms, and other financial services businesses. FIG is a unique coverage group because the companies it covers have fundamentally different financial structures than traditional corporate clients. Banks hold loans and deposits rather than inventory, insurance companies manage risk pools, and asset managers generate fee-based revenue, all of which require specialized analytical frameworks.
FIG transactions include bank M&A, insurance company consolidation, asset management platform deals, and fintech acquisitions. The group also handles significant capital-raising activity, particularly around regulatory capital requirements like Basel III and Solvency II. IPOs and follow-on offerings for specialty lenders, insurers, and fintech companies are common.
What sets FIG apart is the regulatory overlay. Every transaction must account for regulatory approval processes, capital adequacy requirements, and the unique accounting standards that apply to financial institutions. FIG bankers develop expertise in regulatory capital, book value analysis, and the nuances of financial services accounting that do not apply to other industries.
Career paths from FIG lead to financial services-focused private equity, insurance-focused funds, fintech investing, and corporate development at major banks and insurance companies. The highly specialized nature of the work means FIG analysts are in strong demand from buy-side firms that invest in the financial sector.
