M&A advisers: tight money leaves specialists starved of deals
It is just as well that most footloose deal bankers snagged guarantees when they switched team jerseys in 2021. Last year set a record in mergers and acquisitions propelled by low interest rates, soaring equity markets and a post-vaccine economic boom. It has been followed by a dire slump.
In the third quarter, global M&A volume fell to $650bn after a string of $1tn quarters. The rest of the year looks just as bleak.
This is a tough time for US-listed advisers focusing on M&A such as Evercore, Lazard, Moelis, PJT, Houlihan Lokey and Greenhill. Their stocks have dropped on average by 34 per cent this year.
This story originally appeared on: Financial Times - Author:Tax Cognition
