Sure, global deal volume is down. But acquisitions by companies in emerging markets of targets in developed countries are climbing quick and fast. Dealogic says such deals rose a whopping 91 percent to $51.5 billion just in the first quarter.

China was the top emerging market nation to invest in developed nations, boosted by the $14.3 billion acquisition of a stake in U.K.-based mining giant Rio Tinto by Aluminum Corp of China earlier this year.

This huge increase comes amid a global dowturn in M&A actitivity. Total deal volume was down 22 percent from a year earlier, at $861.2 billion, according to the same data.

U.S. targeted M&A totaled $318 billion, down 28 percent. More than one-third of that volume was driven by the Altria Group spin-off of Philip Morris International ($111.3 billion), according to Dealogic.

Interesting to note here is that the U.S. targeted deal count was actually up 16 percent — which means people did more deals for less. The average deal size dropped 37 percent to $385 million. No big surprise here: Interest from private equity companies had pushed takeover prices sky-high, but the credit squeeze that began last year has made it harder for those companies to borrow, forcing asset prices down.

And finally, how much advisory revenue do you think was generated from global M&A in the first quarter? Just $4.3 billion. Of that, U.S. companies generated only $1.6 billion.

As analysts have said, expect the trend to continue: smaller deals, cheaper assets. And Lakshmi Mittal, known for being the head of the world’s largest steel group and growing his company primarily through  takeovers, has said: “At the end of the day you have to keep emotions away.”