1. Independent advisers have advised on close to $500bn of mergers and
acquisitions in each of the past two years.
2. A lot of bankers are so reliant on the brand behind them that, when it
is eat-what-you-kill, they nearly starve
3. All they are selling [at a boutique] is their expertise, and while they
might look good at a large bank, the client has to have confidence that
their advice, as a standalone service, is that much better than what they
are getting from a bulge-bracket bank with financing capabilities.
4. The percentage of global M&A advised by boutiques slipped from 17.6% to
16.8% last year, generating $473.3bn of deal volume, according to Dealogic.
In Europe, the percentage slipped from 12.4% to 11.8%, accounting for
$95.6bn in deal volume
5. As one boutique founder put it, at a bulge-bracket bank, the chief
executive’s door is always open. At a boutique, only the right solution
will get you into the boardroom.