I signed an offer with a lower tier bulge back IB recently in their generalist M&A group. Does anyone have access to the U.S. M&A league tables for the first quarter? I am not starting until the summer, but I wanted to see how things shaped up for everyone.
Everyone else: how did your M&A groups do this quarter?
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Q1 ended yesterday... Not sure if any are out yet.
According to Financial Times (this is global, they don't publish US only, and fees, not deal value)
http://markets.ft.com/investmentBanking/tablesAndTrends.asp
Citi seems to be the glaring absence.
Glad I'm not doing Citi M&A
CS had a good quarter
funny how citi's still up at no.4 overall when their M&A is not doing anything.....
Odd thing is Citi is 2nd by deal value for M&A but not in the top 10 for fees.
good point, didnt notice that, any idea why this happened?
The fees are imputed based on the deals and role each bank played. So when you get these big deals where 10 banks latch on for credit, they all get full credit in rankings for deal value, but the fees are obviously much lower for the right book/non-lead banks.
Oh wow RBC is in global top 10 now. Good for them.
http://articles.marketwatch.com/2012-03-30/commentary/31258902_1_equity…
Citi is 2nd Q1 2012. JPM is 1st. GS dropped from 2 to 4. No mention of MS or CS but most recent league tables I saw mid March had them both in bottom 5 of top 10 by deal value.
the most meaningful take-away from that ft league table: all IB fees across all products down 15% from last year. ouch.
Lazard (only boutique in the list) is not even top 10 in deal value, but is number 7 in fees. How does this happen?
By being bausssss (boss).
The independent advisory model doesn't provide financing on deals, therefore "full-service" banks like the BBs can skimp on the fee structure for the actual advisory component because they know that being able to provide financing for the deal will more than make up for it. This is evidenced not only by Lazard's absence from the deal value size list, but BNP and Nomura's presence on it.
If anything, it's a testament to the "Elite Boutique" banks because it means clients are truly hiring them for their human capital, even in the face of potentially higher fees. It's also why you see the relative strength of top boutiques in cash-rich sectors like Tech, where a shop like Citi can have 10,000x the number of employees as Qatalyst or Centerview yet still get their lunch eaten at every Mega-pitch because Google and Apple don't need financing for their acquisitions.
Yeah wow RBC CapMarket's M&A fees are up 211% from last year... pretty incredible. Anybody think they will eventually grow bulge bracket? Maybe through an acquisition of an top boutique like Evercore?
Yet the flock obviously keeps coming back to slaughter by the wolves.
The bigger takeaway, as is obvious on every earnings call, is that M&A advisory revs are a rounding error for the large banks.
Completed Deals ranked by Total Value from January 1st to March 30, 2012
From Dealogic: 1. JPMorgan ($113.5bn from 58 deals) 2. Credit Suisse ($101.3bn from 59 deals) 3. Goldman Sachs ($88.3bn from 58 deals) 4. Citi ($82.9bn from 41 deals) 5. Morgan Stanley ($79.2bn from 62 deals) 6. Lazard ($65.3bn from 44 deals) 7. Bank of America Merrill Lynch ($60.0bn from 44 deals) 8. Barclays ($54.3bn from 31 deals) 9. Deutsche Bank ($51.7bn from 46 deals) 10. UBS ($49.8bn from 45 deals)
I am very impressed with Credit Suisse. Keeps on getting better and better. Quite disappointed though with Deutsche. What's happening with Citi?
These are announced deals (which is how I usually like to see league tables, not as completed deals for a quarter). Doesn't look like Bloomberg has put out their PDF for m&a yet.
There are a few Thomson Reuters league table links floating out around the web. This one looks like it's outdated by a few days (seems to be as of 3/22/2012): http://graphics.thomsonreuters.com/F/11/Deals.html
These look to be the real numbers, as of 3/31/2012 (included below): http://hereisthecity.com/2012/04/03/q1-worldwide-ma-league-table/
There must have been some big announcements in those two weeks, because positions changed a bit.
Thomson Reuters Q1 2012 Worldwide M&A League Table ($ volume, # of deals):
Look at all the Canadian banks in Top 25. They must be really busy.
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