The bulge bracket investment banks don't typically work with activists

The title says it all! Based on the available data, it does not appear that any one investment bank has carved out a dominant position in terms of activist financial advisory services.

I would like to question the added value of financial advisory for the activist hedge fund industry. (The need for advise on the target side is clear to me)

How do you guys see the added value of a financial advisor for an activist HF? Based on some research it appears that Houlihan Lokey has some credentials in this field. Marcato Capital and InterContinental Hotels Group for example.

What kind of services do they provide? How are fees structured and is money earned?

Thanks in advance!

 

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