The New York Times reports that in 2013, boutiques and independents earned a combined 30% of fees for completed transactions, according to Thomson Reuters, the highest since it began keeping track in 2000.
The figure was a big jump from 2011, when it was about 25%, and was almost double what it was a decade ago, at about 15%. In 2012, the number was 28%.
With global M.&A. advisory fees topping $19.1bn in 2013, boutiques and independents collectively earned $5.73bn for their work. By contrast, the four top banks - Goldman Sachs, JPMorgan, Morgan Stanley and Bank of America Merrill Lynch - collected nearly $5bn in fees combined.
But overall fees from M.&A. deals were down 12% in the year, so boutiques and independents were getting a larger slice of a smaller pie.
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