Independent investment firms are taking a greater share of advisory fees than ever as companies turn to old-fashioned skills in an uncertain market.
Boutique banks, which provide advice on mergers and acquisitions and restructurings, accounted for 14 per cent of global M&A fees so far this year – the highest level since records began, according to Dealogic.
The data show that top boutiques such as Lazard, Evercore and Gresham Partners are gaining ground in a market that is well off the highs of past booms. Global M&A volume totalled $1,140bn in the first half of 2009, the lowest since 2004.
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