Today’s Financial Times is reporting that boutique firms are increasing their market share in terms of M&A fees as firms begin to seek “old-fashioned skills in an uncertain market”. Firms such as Lazard, Evercore and Gresham Partners have collected a share of 14% of M&A fees so far this year, the biggest since Dealogic has began collecting data on the matter. It has risen from 8% during the dotcom bubble era. The bulge bracket firms, on the other hand, hold 53% of the market.
Highlighting the role of boutique firms, the FT writes:
Independent firms have had a prime role on almost all of this year’s biggest deals. Evercore advised Wyeth on its $68bn takeover by Pfizer; Gresham was one of three advisers working for BHP Billiton on its $58bn joint venture with Rio Tinto; and Lazard is helping Xstrata in its bid for a tie-up with rival Anglo American.
Read more HERE.