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Too Big To Boutique: Firms Lose Luster As M&A Boom Wanes (1)

Feb. 13, 2020, 11:16 PM

After spending years stealing market share from bulge-bracket peers on Wall Street, many boutique investment banks are stalling as a lengthy merger boom sputters.

Global boutique banks advised on the fewest number of deals last year since 2016, and their share of the deal pool fell to their lowest point since 2013, based on the number of transactions they worked on, according to data compiled by Bloomberg, which tracked deal participation by 248 boutiques. That led to the first annual decline in advisory revenue for the six biggest U.S. boutique firms since 2011.

They’re losing ground at a potentially perilous...

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