European executives rank individual ability as the key factor when selecting advisors on M&A transactions and divestments, according to mergermarket, the M&A research unit.
Almost two-thirds of survey respondents rate individual ability with an eight-out-of-ten ranking or above. The individual, rather than the institution, is obviously the most attractive variable for European executives.
Daniel Vasella, CEO of Novartis, comments: "Investment banks on the whole have similar infrastructures and access to information but the choice of investment bank comes down to the individual. This is due to their quality of contacts and business knowledge."
European executives are also ambivalent about the full service capability of an advisor. This is indicative of a rise in the use of in-house advisors and boutiques who can offer a specialised service.