<p>Here you have it, boys and girls:</p>
<p>Not exactly earth shattering news. </p>
<p>Sure, there are a few boutiques who land the big mandates but by and large the role of the larger bulge brackets has remained unchanged. That’s exactly why you never see the elite boutiques acting as sole advisers on big deals – they are always to the right of a larger bank. If you look at the largest M&A deal in 2009 YTD, Pfizer-Wyeth, Evercore was the only boutique among a consortium of other larger banks. Why? You still need a balance sheet to do M&A.</p>