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Awards for Excellence 2014: Best emerging markets M&A house

Far from struggling in the new regulatory environment, a more diverse business keeps Goldman first among equals in M&A.

Best emerging markets M&A house:

Goldman Sachs

Also shortlisted:
  Bank of America Merrill Lynch
  Credit Suisse
  Morgan Stanley

View more 2014 awards

For years, Goldman’s rivals scoffed that the bank’s relatively modest DCM position, the limited supply of lucrative bespoke and structured trades compared to the pre-crisis era, and challenges of generating returns from principal investments in a new regulatory environment, would imperil its emerging market franchise.

Goldman’s EM franchise is now more diverse across product offering, from debt, IPOs to margin financing, propelled by an ever-expansive geographic footprint. Meanwhile, its onshore China presence highlights Goldman’s under-appreciated on-the-ground advisory as well as sales and trading presence in growth markets, which has compensated for limited deal flow in other markets.

The heart of Goldman’s strength – and ability to derive ancillary business – lies in M&A, where it is famed for its prowess as a dealmaker in both developed and emerging markets. From domestic champions buying locally or in developed markets, or Western corporates pouncing on targets in emerging markets, Goldman’s bankers remain the natural M&A advisers from the perspective of corporate executives, thanks to their industry expertise, breadth of contacts and market instincts, from asset disposals to strategic M&A, where it won a good number of sole buy-side advisor mandates.

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