DC Advisory growth shows resilience of mid-market M&A despite Covid crisis
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DC Advisory growth shows resilience of mid-market M&A despite Covid crisis

Mid-market specialist DC Advisory has come a long way since its days as a unit of Close Brothers. UK chief executive Richard Madden reckons its acquisition by Daiwa and subsequent build-out of a more coherent international franchise has stood it in good stead.

Richard Madden, CEO of DC Advisory UK

Richard Madden’s year has turned out better than he had dared to expect back in the early stages of the coronavirus pandemic. As the chief executive of DC Advisory UK, part of a global network of operations that form the corporate finance business of Japanese bank Daiwa, he had feared that Covid-19 would set back the deal-making environment far more than it has.

But nearly one year after lockdowns became widespread in developed markets, he can look back on a period of rising revenue and decent deal flow.

It is a picture shared throughout the DC Advisory franchise, the brand under which Daiwa unified all its M&A advisory teams in April 2019. The better coordination that came from that had an immediate effect. In the firm’s fiscal year to the end of March 2020, M&A fees rose 27% year on year to ¥28.9


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Deputy editor
Mark Baker is deputy editor. Prior to joining Euromoney magazine he was based in Hong Kong as managing editor, Asia, for the Capital Markets Group. He previously edited EuroWeek magazine and was also deputy editor at International Financing Review.
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