In deal boom, small boutiques to fare well?

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The deal resurgence we've seen over the past few months has investment bankers giddy at firms large and small. The bulge bracket investment banks are as busy as ever, as are the big-name boutiques, such as Qatalyst, Evercore, Wasserstein Perrela and others. But what about the really small boutiques, which we might call investment banking storefronts?

At least one has drawn attention. Deal Journal notes that Broadhaven Capital Partners, with just seven employees, is advising the IntercontinentalExchange (ICE), which has teamed up with Nasdaq OMX to bid for NYSE Euronext. It also advised BATS Global Markets, the exchange firm, on its deal for Chi-X Global, the dark pool operator. Broadhaven is led by co-founder Jerry von Dohlen, who was previously the global head of the exchange, brokerage and trading sector in investment banking at (where else?) Goldman Sachs (NYSE:GS).

The other co-founder is Greg Phillips, who has worked with von Dohlen for many years. This raises an interesting question: Will more investment bankers with vertical expertise and a fat list of industry contacts set up their own storefronts and compete for deals? That's basically the idea behind boutiques in general. But if you have the right contacts and the right deals, a really small firm may be one option. One big deal will produce a large payday.

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