When it comes to boutiques, you've just got to have a defined niche. Keefe Bruyette & Woods is a great example of that. In the financial services sphere, it has built up a substantial brand that was evident in its most recent earnings. It reported 87 cents a share vs. the estimated average of 35 cents a share. Revenue was up 32 percent from the previous quarter. All this reflects a really busy investment banking environment in the financial services industry. So the vaunted boutique trend of last year really boils down to individual companies. Companies that can dominate a market stand to do well. Companies trying to be generalists may have a tough time against some awesome competition.

For more on KBW:
- here's an update from The Street