What are some of the differences between a “boutique” investment bank like DRP and a “bulge bracket” global investment bank like where some DRP team members worked previously?

Boutique investment banks are smaller scale versions of global investment banks and are typically focused on a particular product or sector unlike bulge bracket banks that have many departments and groups carrying out different businesses. The business model of boutiques, especially sector-focused ones like DRP, allows them to develop deep expertise in their areas of specialty and close relationships with a core group of clients. In addition, M&A advisory boutiques like DRP are free from the conflicts of interest that affect larger banks, especially those that have principal investing divisions and are active in public equity financing and trading.

In the past 12 years, the market share of boutiques, especially those started by top bankers from bulge bracket firms, has increased worldwide as a growing number of clients have recognized the advantages that they offer.