JP MORGAN cruised to first place in the global mergers and acquisitions (M&A) rankings for the first quarter of 2011 released by Dealogic yesterday, pushing Goldman into runner-up position.
Goldman fell in the US M&A rankings as well, down to fifth place versus its place in the top spot last year. But the Dealogic tables make better reading for the bank than last week’s Thomson Reuters equivalent, which put it in tenth place on US M&A.
Despite having mandates on $163.7bn’s (£102bn) worth of deals to JP Morgan’s $216bn during the quarter, Goldman generated more revenues from its business, bringing in $335m versus JP Morgan’s $304m.
Credit Suisse retained first place in European M&A rankings for the quarter, advising on $99.5bn of deals. In Europe, Goldman was again pushed down by JP Morgan, which won deals worth $97.2bn.
It was a good quarter for boutique firms, in part due to both Evercore and Greenhill getting places to advise AT&T on its $39bn bid for T-Mobile US.
Bankers don’t view the tables as definitive measures of their progress, but consistent trends between data providers, such as Evercore’s rise and Goldman’s slow start to the year, usually draw attention.
Overall, M&A volumes were up 15 per cent on the same quarter last year.