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Corporate Finance Advisors to the European
Financial Services / Business Processing / Technology Sectors
Our Market
(mouse-over the diagram and click to select a sector)
Central Counterparties
CSDs
ICSDs
Organised Exchanges
Building Societies
European Banks
Execution-only Stockbrokers
Hedge Funds
IFAs
Institutional Brokers
Institutional Fund Managers
Insurance Brokers
Insurance Underwriters
Inter-broker Dealers
Investment Banks
Life and Pension Companies
Mortgage Brokers
Pension Funds
Private Banks
Private Investors
Retail Fund Managers
Universal Banks
Wealth Managers (including Advisory)
Specialist Private Equity
Clearing and Settlement
Custody
Fund Platforms
Hedge Fund Administration
Information Providers
Investor Communications
Market Data and Information
Order Execution
Pension Administration
Prime Brokerage
Share Registrar
SIPP
Specialist Management Consultancy
TPAs / Fund Administration
Communications Hardware
Asset Pricing
Asset Servicing / Corp Actions
Banking
Business Intelligence
Cards
Client Profiling
Client Reporting
Custody
Data Management
Decision Support
Derivatives
ETL
Fees and Commissions
Hardware
Insurance
Order Management and Trade Execution
Payments
Performance Measurement
Portfolio Management
Risk Management
Sector Specific
Settlements
STP and Messaging Middleware
Systems Connectivity
Latest Transactions
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Citi
Scottish Friendly Group
B2 Group
DealHub
ValueLink Information Services Limited
SunGard Data Systems Inc
Hover for details, click for full report
Market Trends
Overall: Acceleration of financial services’ pervasive themes, post ‘Crisis’, stimulating corporate activity & investor interest.
Consolidation to achieve critical scale, product range & market access
Structural cost reductions & spin off non-core activities
Focus on risk monitoring, strengthened compliance
‘Professionalization’ of investment advice
Open architecture
Separation of asset management, asset administration & asset gathering
Importance of brand
Outsourcing of all types of activity
Relevant Transactions
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B2 Group
DealHub
Euroclear
EMXCo
Hover for details, click for full report
Market Trends
Growing intolerance of market participants & politicians to cross border market ‘inefficiencies’
Need for lower cost & transparency in cross border transactions (cash & mutual funds) & settlements
Creating acquisition needs for infrastructure players, exchanges, CSDs & iCSDs
Relevant Transactions
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Torquil Clark
Skipton Group
Natwest Stockbrokers
TD Waterhouse
Asset Management Company
Premier Asset Management
Hover for details, click for full report
Market Trends
Tectonic re-structuring of universal banks in Europe creating ‘spin offs’ , BPO acquisition opportunities, acquisitions ( of distribution / platform capability )
Similar, acquisition demand from insurers to acquire distribution channels, access to key markets
Capital driven sales of investment managers by banks
Need to deploy best customer analytics & customer servicing technologies
Acquiring technologies which support ‘best of breed’ customer offerings
Increased ‘professionalization’ of independent investment advisers & regulation – across Europe – leading to demand for high quality processing / wrap platforms
‘Bar Bell’ consolidation in institutional & private wealth management between ‘global’ big brand providers & specialist pure alpha providers
Unwinding of multi boutique managers leading to MBO opportunities
Relevant Transactions
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Adepa Asset Management
Espirito Santo Financial Group
World Gold Council
BullionVault
Advent International
Advent International
Hover for details, click for full report
Market Trends
Searching for quality opportunities in financial services: solutions addressing large markets, embedded clients, opportunity to accelerate expansion internationally
Era of distressed asset / low value opportunities quickly passing
Relevant Transactions
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Citi
Scottish Friendly Group
ValueLink Information Services Limited
SunGard Data Systems Inc
IRML
Mercuria
Hover for details, click for full report
Market Trends
Concentration on those services which leverage core competitive advantage (‘asset based’ services for custodians, providing multiple revenue streams & leveraging their capital, scale & regulation)
Spin off of ‘non-core’ services to pure play BPOs & new entrant PE funded service providers
Urgent demand for proven capability leading to acquisitions in: risk & performance monitoring, compliance
Radically improved process efficiency / operational gearing required to offset revenue falls form AUA values, interest rates, stock lending & lowered transaction volumes
Heightened demand for ‘independent’ accounting, price verification & valuation services, encouraging some new entrants
In- fill acquisitions sought to ensure coverage of key jurisdictions pending fund rationalisation & UCITS IV
Fall in AUA / revenues & client preference for ‘big name’ administrators, leading to exit of smaller providers
Data vendors seeking acquisitions which bolster ‘subscription’ revenues & improve client stickiness with ‘added value’ services
Opportunity for new services in ‘benchmarking’ service providers, or ‘accreditation’ of service providers or underlying fund structures
Continued need for improved technology & service offerings for retail investors, portable pensions & life policy holders
Relevant Transactions
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Citigroup
L&T Infotech
Citi
Bravura
Marketpipe
Ipreo
Hover for details, click for full report
Market Trends
Recovery of technology multiples stimulating sales
Rationalisation of software products, leading to MBO / PE opportunities
Spin off of ‘in-house’ IT development providing acquisition opportunities for technology companies
Capital being sought to fund market expansion & conversion to variable pricing (instead of perpetual licence / maintenance)
Potential major projects if technology offers demonstrable & structural cost savings to clients
Technology that assists clients meet increased regulatory demands