U.S. 4Q 2009 M&A League Table
Source: http://online.thomsonreuters.com/DealsIntelligenc…
Finally 4th Q came out. I will post U.S. first since my boutique and many others do not have an international presence, but will list the world after.
United States M&A
- Morgan Stanley
- Goldman Sachs
- BAML
- Citi
- JP Morgan
- Barclays
- Evercore
- Lazard
- Greenhill
- Deutsche
- Rothschild
- Wells Fargo
- UBS
- Blackstone
- Credit Suisse
Other notable U.S. Players:
World M&A
My reaction:
Surprised at how high BAML is. Surprised at how high boutiques are...EVR and GHL are higher than DB, CS, and UBS
True, though boutiques are specialized in M&A, with sometimes 0 deals in debt and equity. But you are right, I was surprised as well.
Geez, Citi and BAML in 3 and 4....
Are you retarded? BAML has been killing it. Commercial and Investment Bank giants are the wave of the future. Look at where UBS and CS have been the past year, barely top 15-top 20; pathetic.
Grats to jefferies, that piece of shit actually made top 25 for once.
BAML is a pile of monkey shit, and you know it. Come on you work there, but it doesn't give you the right to be a propaganda machine. I worked on a deal with BAML guys in the summer, and we couldn't get a word in cross-ways, it felt like working with state school kids. This "used car salesman" tactics might float in the US, but in the UK that looked really lowlife. Even the client was cringing.
Actually, to be fair (and I'm sure that BAML does have some good guys somewhere, but they certainly weren't on that deal team), my MD told me that they were on the deal simply because they provided cheap financing, so credit where credit is due, it seems that BAML play their size card really well.
^ in speaking with BAML folks, not well. The Thain debacle is pretty much indicative of the culture clash going on in that joint. But I agree, size alone will keep these guys high up in league tables for some time.
BAML and Citi are suppose to be No 1 and No 2 given their size globally and the commercial business... but they are not, so they are underperforming...
I'm surprised some boutiques made it to the top for World M&A League Table....
Evercore advised on some blockbuster deals this year, so they did well. Would be interesting to see if they'll be able to pull it off next year.
Lazard and Rothschild are set up pretty much like BB IBs and have always been top10 thereabouts.
why not look at 2009 full year instead of just Q4?
pulled this out from bberg, 09 US announced deals.
http://img441.imageshack.us/img441/4103/2009ma.gif
A yearly synopsis would be good too, but I merely wanted to remark on the most recent data of 4Q. Also, target/complete > announced.
already got home (not a banker haha) to too lazy to pull out bberg anywhere.
will post the 2009 M&A completed deal tomorrow.
btw, foros group made it quite far this year. watch out for them! quite a rising star i'd say.
The above league tables were from all of 2009. They were completed deals of Worldwide and US. I think its more appropriate to look at completed deals since announced deals fall through all the time.
Runningcitylikediddy: Commercial banking has nothing to do with M&A. The investment banking division of BAML is actually smaller than that of GS and MS. Once you throw in capital markets, then it might be bigger. Back when there used to be standalone investment banks, GS was the biggest followed by MS, ML, then LEH. BAML is roughly the size that ML was prior to integration. They kept the best 70% of ML and the best 30% of BofA. Given all the shit that Citi has been through, I'm actually impressed that they're still competing at this level. I expected them to drop much like UBS did. So the idea that they're under performing is untrue. By that logic, JPM is also under performing which we all know is also untrue.
Hungry: As someone who has worked at ML as a sophomore then went back to BAML as a junior, I'll tell you first hand it's blown out of proportion. Initially yes, there was a lot of fear and uncertainty with the integration but its largely subsided. Keep in mind that the bankers started sitting on the same floors in April/May. Montag has done an excellent job thus far in unifying the firm. Obviously it wasn't particularly smooth but if you were to ask JPM or Bear people about their integration, they'd tell you the same thing. If BAML pays on par or above the street bonuses in the next month, and they've indicated they'll pay on par with JPM and MS, then everything will be just fine going forward.
Re ML bonuses: http://news.efinancialcareers.co.uk/newsandviews_item/newsItemId-23048
Can anyone provide insight on the Barcap/Lehman merger? Frankly, I was very surprised that Barcap was ranked 4th in U.S. M&A according to Bloomberg for 2009.
Agree with all that was said above, I think it is also important to look at the deal count as a measure of consistency. Looking at firms like Evercore (had a blockbuster year as mentioned above) completed only 27 deals this year and is ranked 6th, meanwhile companies like BofA consistently closes over a hundred deals a year. It could be that Evercore had an exceptional 2009, given what all the banks were going through, getting some of the bigger clients that would of traditionally went to the larger firms.
advising on tpg/ims and advised virgin/sprint. definitely better than just top 100. small as fuck though, like 5 bankers. founded by deutsche's head of m&a less than a year ago.
almost $7bn of deal pipeline for a firm with a few months of history. i think it's quite neat.
http://www.forosgroup.com/transactions.php
yea if you post by number of deals you'll see BAML and WF having a lot more action, since a few big hitters are enough to heavily influence 1 quarter's results since it ranks by fees.
Interesting.
Looking at regional tables is important, but there are deals where team cross-regionality does happen. For example, you are based in the UK and your firm is advising an American client buying a UK firm. Then even though the US team will dominate the deal, the UK team might get drafted in for a small role because they might know the region better/take over code/the industry in the region and the company. But the above is just a rough example.
So it's also important just how well your firm does in your industry, because you might work at MS but if you are at a poor (dealflow wise) MS team then that's not great.
^So what? Stop using stupid exceptions, no one is gonna look at Nomura asia rankings if they're working in U.S. and vice versa. Also if you don't know what your bank is good at you should just killself.
^ 1) I used an example. Learn the difference. 2) You missed my point compeletely. 3) "Good" is relative and open to interpretations. 4) Are you trolling on purpose or because you have no friends at the office and have to vent your anger and insecurities on here?
Almost 80% of their entire dealflow is IMS (still pending). Foros advised the Board on the transaction, while DB advised the Company. Guess which bank the Foros CEO just jumped ship from only a month before the transaction was announced?
in situations like this, would db get a larger portion of the fee than foros? how does the split work?
Yes, special committee or advising the board kind of assignments have a lower fee. DB would also be getting a retainer for a period leading up to the transaction if they had a medium to long term relation with the company. Since many BBs have prior relations and are usually retained even in cases where a transaction could take several years , new boutiques find such assignments reasonably lucrative.
we'll see if they actually complete anything
Lorican: Stop your BAML bashing and stick to discussing firms you actually know about.
http://online.wsj.com/article/SB100014240527487048549045746448222244235…
1st year banker: While BAML has been doing well, it's not quite the greatest thing since sliced bread you're making it out to be. There are definitely some improvements in the firm to be made.
Foros has potential. But it's too early to judge.
And my point is, if you care about Asia then look at the Asia tables. Most of care about the U.S. ones. No need to do worldwide when I'll never step foot in Asia in my entire life.
Untilted: Gtfo. You're a trader. Go back to your own forums, you know nothing about what bankers care about and your stupid image is wrong in many areas, such as picking announced and using bloomberg rather than Thomson Reuters. Get back to your boiler room and let the big boys worry about banking.
It doesn't hurt to be nice, you know...
This forum is created so the uneducated can learn.
why so hostile...
Heh, +1 1YB.
Though if you want to work in Canada (no idea why you would have such a desire), then it makes sense to look at Canadian rankings.
Surprised blackstone is always so low lately
not sure why analysts care about league tables anyway
most of the top 10 there is not much difference in just looking at league tables
it depends what group you are in
It's hard to rank coverage groups since there's a gray area of where an industry belongs, but there are Equity and Debt league tables as well, anyone have the info for that for U.S.?
league tables are the best way to see how much deal flow a BB or elite boutique is getting, even if the top 10 doesn't change much. It can also correlate with bonuses, like for example BAML did well so they are announcing paying good bonuses.
Untilted: Sorry if I hurt your feelings bro, just keepin' it real fembotma: First post of yours I didn't totally despite, yes indeed BAML is rumored to pay very handsomely.
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