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Goldman Sachs remains atop fintech M&A adviser league table rankings in Q3

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Goldman Sachs remains atop fintech M&A adviser league table rankings in Q3

Financial technology and payments

Third-quarter M&A deal activity in the financial technology and payments sector did little to change S&P Global Market Intelligence’s league table rankings since the previous period.

Goldman Sachs & Co. LLC maintained its top spot for M&A by deal value. It advised Fidelity National Information Services Inc. in its $35.36 billion acquisition of Worldpay Inc. and Total System Services Inc. in its $22.15 billion sale to Global Payments Inc. The company also advised The Ultimate Software Group Inc., which provides cloud-based human capital management solutions, in its $10.97 billion sale to an investor group, which counts Blackstone Group Inc. as one of its members.

Still in the No. 2 spot was J.P. Morgan Securities LLC, which worked on three deals during the third quarter to bring the firm's total deal credit to $51.14 billion. Among the deals the bank worked on was Prudential Financial Inc.'s pending $3.5 billion acquisition of Assurance IQ Inc.

Bank of America Merrill Lynch stayed in the third spot with $45.57 billion of deal credit on seven deals, the most fintech and payment deals of any financial adviser through the third quarter.

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Asset management and investment banks, brokers and capital markets

While Perella Weinberg Partners LP and Sandler O'Neill & Partners LP maintained their hold as the top advisers for M&A between asset managers, investment banks, brokers and others by deal value in the third quarter, Goldman Sachs surged to the No. 3 spot from eighth place in the second quarter.

Goldman Sachs advised Charles Schwab Corp. in its pending $1.8 billion acquisition of United Services Automobile Association's assets, which helped raise the investment banking giant's total deal credit in the space to $2.71 billion.

Raymond James & Associates Inc. worked on nine deals so far this year, the most among its peers in the space. The biggest deal it participated in was blank-check company Trinity Merger Corp.'s pending $1.20 billion acquisition of Broadmark Capital LLC.

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Specialty finance and mortgage REIT

J.P. Morgan, Evercore Inc. and Sandler O'Neill retained the top three spots in the M&A league table for the specialty finance and mortgage REIT industries. J.P. Morgan still holds the top spot by a wide margin, based on deal value.

Evercore and Sandler shared the second spot, as both were part of YieldStreet Management LLC's $170.0 million acquisition of Athena Art Finance Corp. Evercore advised YieldStreet, while Sandler was on the sell side of the deal.

Hovde Group LLC has worked on six deals so far this 2019, the most in the specialty finance and mortgage REIT space. The largest deal it worked on was LEAF Commercial Capital Inc.'s $60.0 million purchase of VAR Resources LLC.

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