Get it while it's hot

1 Oct 2010 By Jeffrey Goldfarb Follow @jgfarb

Boutiques and their ilk grabbed a whopping 20 pct of the U.S. fee pot this year, triple their share a decade ago. Bulgebracket banks have faced distractions and defections. Independent advice has been as de rigueur as midsize deals. That favors small firms but it won’t last.

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Of the top 25 U.S. merger advisers, the 16 independent firms have accounted for 19.9 percent of the fees so far this year, according to Thomson Reuters. In 2000, they accounted for 6.4 percent and in 2008 10.2 percent. The nine biggest banks had 45.1 percent of the fees yeartodate in 2010. In 2000, they had 56.6 percent and in 2008 they claimed 49.2 percent.

The 16 independents include, from biggest to smallest market share in 2010: Lazard, Houlihan Lokey, Jefferies & Co, Evercore Partners, Centerview Partners, Rothschild, RBC Capital Markets, Blackstone Group, Moelis & Co, Perella Weinberg Partners, Greenhill & Co, Tudor Pickering & Co, William Blair & Co, Piper Jaffray Cos, Raymond James Financial and Stifel Financial.

The bulge bracket banks in order of market share so far this year are: Goldman Sachs, JPMorgan, Bank of America Merrill Lynch, Morgan Stanley, Barclays Capital, Citigroup, Deutsche Bank, Credit Suisse and UBS.

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