Judging by the numbers, this is a good time to be a mergers and acquisitions (M&A) banker. In 2017, global volumes exceeded $3500bn for the fourth year in a row, and the announcement of $276bn of M&A deals in January made it the briskest start to the year in nearly two decades.
Based on supportive financial markets, dialogue with clients and encouraging policy developments such as US tax reform and Chinese outbound investment rules, UBS's global head of advisory, Piero Novelli, expects 2018 to follow this trajectory. “The bull case seems to be stronger than the bear case,” he says. “I expect activity to be as healthy, if not healthier, than in 2017.”
