Wednesday’s Headlines: Dealmakers expect M&A to be up in 2012
Economy, snonomy. That’s the attitude of bankers and lawyers surveyed about the future of M&A this year, according to a DealBook story today. More than half of the 100 dealmakers surveyed by a PR firm said they believe global and North American merger activity is on the upswing. “As important drivers, the respondents cited improving economic conditions; huge stockpiles of corporate cash; and strong confidence among chief executives and corporate boardrooms,” the blog reported.
These insiders predicted energy, natural resources, health care and technology will be the focus of this year’s deals, while 80 percent said most transactions will take place here, and just over half expect foreign buyers – especially those from Asia – will grab U.S. assets.
But don’t get too giddy – 42 percent of respondents say they thought mergers would be flat in North America, compared with just 28 percent who predicted flat lines for deals around the globe. Also of note: 70 percent of China-based respondents believe it is easier for American companies to buy Chinese assets, while 44 percent of North American dealmakers say the reverse.
HSBC will sell its insurance units in Asia and Latin America for $914 million. [DealBook]
Goldman’s M&A fees grew 13 percent to $20.3 billion, leading rivals. [Bloomberg]
National Australia Bank will likely put its bank in the UK up for sale. [Reuters]
Barclays and J.P. Morgan surpassed Morgan Stanley and tied with Goldman in their share of clients for energy derivatives trades. [Bloomberg]
Tiger Global raised $1.5 billion for its latest fund. [Fortune]
Seven of the 10 major advisor defections in the three past months were from BofA Merrill Lynch. [Investment News]
Citi will use the “smartest computer” to improve customer service. [Telegraph]
Financial advisors crack the U.S. News & World Report list of top 25 careers. [U.S. News & World Report]