LONDON — Robey Warshaw, a Mayfair-based M&A advisory firm with around 20 employees, made $105 million (£85 million) in fees in 2016, according to figures from Dealogic.
The firm, set up by former Morgan Stanley and UBS bankers Simon Robey and Simon Warshaw, advised on four mega-deals worth a total of $67 billion (£54.1 million) in 2016 against a backdrop of a cooling M&A market.
The boutique is growing fee revenue rapidly. It earned $37 million (£29.8 million) in the 18 months to March 31, 2015, according to accounts filed last year. The partners didn’t draw a salary, but accounts show the “a profit of £9,414,881 is provisionally attributable” to the highest-earning member of the firm.
In 2016, Robey Warshaw advised Softbank on its £24 billion ($29.7 billion) takeover of chipmaker ARM as well as on the National Grid’s sale of a stake in British Gas. The firm declined to comment on the Dealogic data.
Here’s the Dealogic table for global M&A boutiques:
Meanwhile, total global deal volume dropped to $3.7 trillion (£2.9 trillion) from last year’s record high of $4.7 trillion (£3.8 trillion). The dip follows three year-on-year rises.
Here’s how that looks in context:
UK M&A plunged more than 50% in 2016, as political uncertainty and currency volatility hit dealmaking:
The value of withdrawn M&A topped $839 billion (£677.9 billion) globally in 2016, the highest since 2008.
“Two of the top five $100bn+ withdrawn deals on record, were pulled in 2016, led by Pfizer’s $160bn bid for Allergan, withdrawn in April 2016 — the largest withdrawn deal on record,” Dealogic said.
The fourth quarter of 2016 was more promising. The average deal size was $304 million (£245.6 million) — the highest quarterly average on record.
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