小型独立投行迎来春天

    Perella Weinberg Partners联合创始人、董事长兼首席执行官、摩根士丹利（Morgan Stanley）前副董事长约瑟夫•佩雷拉说：“有时候，大型金融机构和一个行业中的几家公司都有关系。这未必是坏事。它们需要这样做往往是因为它们的经营模式，而且这样做的成本很高。在一个行业中，大型金融企业不能只依靠某一个客户。”

    佩雷拉还指出：“在这些大型金融机构里许多好人，他们的见解也非常好。我觉得和客户产生矛盾的并不是这些个人，而是这些金融机构。”

    其他一些大型金融公司的市场份额在过去一年中不断流失，但顶尖投行人士迅速指出，他们并不是唯一存在利益冲突的群体。一位不愿公开姓名的顶尖并购投行人士说，小型投行处于独立状态的说法是“一派胡言。能否做成一单生意会决定投行人士整整一个季度、甚至一个年度的业绩。如果我的客户价值15亿美元（92.4亿元人民币），我一定会如实提供建议。”。

    此外，许多独立金融机构正在把业务扩展到并购领域以外，在这种情况下，很难想象在这些机构中不会出现其他的利益冲突。（财富中文网）

    译者：Charlie

    "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.