Inside the corporate finance engine of Houlihan Lokey

In finance the words “boutique bank” camouflage the size, range of services and geographical coverage that certain institutions offer. This is true of Houlihan Lokey, which is one of the largest of that cohort with a market capitalisation of just under $11bn and being listed on the New York Stock Exchange. 

Larry DeAngelo and Jay Novak are the global co-heads of its corporate finance division, which accounts for 60 per cent of the company’s revenue. They are the rainmakers for the bank, with the other two arms — financial restructuring, and financial and valuation advisory — making up the remaining 25 and 15 per cent of revenues, respectively.