About a year ago, the stars seemed to be aligning for M&A boutiques. The thought was that the world seemed bent on punishing bankers, even though traders were the ones who caused the industry's woes. Many assumed that top bankers from league-leaders would stream to the likes of Evermore, Lazard and others--to continue to get paid. But reality is setting in a bit.

Evercore just released its a second quarter numbers, a sobering downside surprise that may reflect more than the timing of deal closings. The top investment banks have held on to their top folks. And they have reasserted themselves when it comes to big deal mandates.

There is still plenty of business for the top boutiques, but a fundamental realignment of the advisory business does not seem to be at hand. The hazards of being a non-diversified business certainly are apparent.

For more:
- here's the Reuters article

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