Sponsors sit out M&A recovery in Q3 results

The M&A recovery continues to gather pace, but not to the benefit of private markets.

Speaking on the Goldman Sachs earnings call, CEO David Solomon said that “Year to date, sponsor share of announced M&A remains below historical averages.” Goldman Sachs reported a record $1.65bn in advisory fees for its Q3 results, up 18 per cent YoY.

“It’s very clear to all of us that it’s the strategic real corporate universe that’s leading the [corporate finance] life cycle,” said Morgan Stanley CEO Ted Pick on an earnings call. The bank reported $887m in advisory revenue for the quarter, up 30 per cent YoY. READ MORE