小型獨立投行迎來春天

????Perella Weinberg Partners聯合創始人、董事長兼首席執行官、摩根士丹利（Morgan Stanley）前副董事長約瑟夫?佩雷拉說：“有時候，大型金融機構和一個行業中的幾家公司都有關系。這未必是壞事。它們需要這樣做往往是因為它們的經營模式，而且這樣做的成本很高。在一個行業中，大型金融企業不能只依靠某一個客戶。”

????佩雷拉還指出：“在這些大型金融機構里許多好人，他們的見解也非常好。我覺得和客戶產生矛盾的并不是這些個人，而是這些金融機構。”

????其他一些大型金融公司的市場份額在過去一年中不斷流失，但頂尖投行人士迅速指出，他們并不是唯一存在利益沖突的群體。一位不愿公開姓名的頂尖并購投行人士說，小型投行處于獨立狀態的說法是“一派胡言。能否做成一單生意會決定投行人士整整一個季度、甚至一個年度的業績。如果我的客戶價值15億美元（92.4億元人民幣），我一定會如實提供建議。”。

????此外，許多獨立金融機構正在把業務擴展到并購領域以外，在這種情況下，很難想象在這些機構中不會出現其他的利益沖突。（財富中文網）

????譯者：Charlie

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????"Sometimes big banks have relationships with several companies within an industry," says Joseph Perella, co-founder, chairman and CEO of Perella Weinberg Partners and former Morgan Stanley Vice Chairman. "This isn't necessarily a bad thing. It's often necessitated by their business model, which is costly. They can't rely on having one client in the industry."

????He adds, "There are a lot of good people who have very good insights. I think the clients' problem is not with the individuals but the institution."

????Though some other big banks have been losing share over the past year, bulge bracket bankers are quick to point out that they aren't the only ones conflicted. The idea that a boutique investment bank is independent is "hogwash," says one bulge bracket M&A banker who spoke on the condition of anonymity. "The difference between getting or not getting a deal can make that banker's year or quarter. If I'm giving advice to a $1.5 billion client, it's going to be honest advice."

????Moreover, as these independent shops grow beyond M&A alone, as many of them are doing, it is hard to see how other conflicts won't creep in.