February’s M&A figures predictably stayed on their dismal track, with announced deals down 49 percent to $157 billion from $310 billion during the first two months 2007, according to Dealogic.
But there was one surprise in the numbers — Moelis & Co, which rainmaker Ken Moelis founded after leaving UBS last year, ranks fifth in U.S. advisory so far this year. That puts the nascent firm above JPMorgan, Merrill Lynch — and UBS.
Of course it’s only two months into the year and Moelis’ ranking is due to advising on a single deal, Microsoft and Yahoo. But new names on static league tables are significant.
It’s way too early to tell — but with the credit crunch hampering bulge bracket banks, could deals this year be won more on advice than balance sheets or underwriting?
Below are the U.S. advisor rankings by volume from Dealogic. Rank Advisor Value (mln) 1 Goldman Sachs $71,225 2 Lehman Brothers $68,246 3 Morgan Stanley $59,977 4 Blackstone $50,590 5 Moelis & Co $44,700 6 JP Morgan $34,049 7 Merrill Lynch $31,373 8 UBS $12,469 9 Wachovia $9,345 10 Citi $8,808