Boutique Bandwagon?

What does everyone make of this Bloomberg article (and corresponding league table data?)about mergers and acquisition advisory?

http://www.bloomberg.com/apps/news?pid=conewsstor…

Essentially, its states that JPM, MS, and GS gained the most market share due to the crises, and that BB's like BOA-ML and Barclays also gained market share.

  • JPM, MS, and GS had an average of 12% market share each (up from average of 8% each)
  • BOA-ML has 8%, up from 7% (rounded both)
  • Barclays has 6% (down from 7%)
  • UBS has 4% (significant drop from 7%, which was in line with BOA-ML last year)

Further:
- 13 boutique banks that don't do lending combined for 10% of market, down from 12% of total market
- 5 top ranked bulge brackets (GS, MS, JPM, BOA-ML, and Citi) went from 39% of market share to a total of 52% of market this year)

Thoughts? Obviously don't want to read too much into numbers, plus this is only for half the year, so the pitches that have been going down the past few months have not yet been reflected in the final tallies.

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