I never placed much merit on rankings, but I occasionally glance at league tables to give myself an idea of where firms stand... As such I'd like to have an accurate idea of how they are compiled.
I was told by an associate at a boutique that M&A league tables for example take into account financing fees in addition to advisory, which is why big balance sheet guys (JP, Citi, BofA) are all up there. In reality they are oftentimes simply there to lend balance sheet. How accurate is this? If so, is there a way to look up advisory fees?
To clarify, this notion would imply that MS/GS/elite boutiques/smaller balance sheet banks are even more dominant in the M&A space than initially seems.
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