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what I don't understand is this: there are only a few big mergers and acquisitions every year. (correct me if i am wrong, please). yet there are ten or nine BBs, dozens of MM firms plus the vast universe of boutiques specialized on M&A. how does that work? arent there far more M&A bankers than deals to execute?? how do all these firms survive? same with ECM. there are a lot of firm offering ECM advice, but not so many IPOs and capital increasements it seems. im struggling to understand where all the deal flow comes from

 
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UK2013pluswhat I don't understand is this: there are only a few big mergers and acquisitions every year. (correct me if i am wrong, please). yet there are ten or nine BBs, dozens of MM firms plus the vast universe of boutiques specialized on M&A. how does that work? arent there far more M&A bankers than deals to execute?? how do all these firms survive? same with ECM. there are a lot of firm offering ECM advice, but not so many IPOs and capital increasements it seems. im struggling to understand where all the deal flow comes from

Each deal takes a long time to actually complete from start to finish, there are probably up to 10x more pitches than there are actual live deals, nothing is ever 'finished' until an hour before the meeting. All in all, there is more than enough work to go around :)

UK2013pluswhat I don't understand is this: there are only a few big mergers and acquisitions every year. (correct me if i am wrong, please). yet there are ten or nine BBs, dozens of MM firms plus the vast universe of boutiques specialized on M&A. how does that work? arent there far more M&A bankers than deals to execute?? how do all these firms survive? same with ECM. there are a lot of firm offering ECM advice, but not so many IPOs and capital increasements it seems. im struggling to understand where all the deal flow comes from

Also just putting things into perspective, in Global Technology alone last year there was 2,934 deals. (Source: E&Y M&A 4Q'12 report). There is a good amount of work!

 

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