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BofA leads fintech, asset management M&A advisers in 2018

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BofA leads fintech, asset management M&A advisers in 2018

Editor's note: S&P Global Market Intelligence has reclassified industries according to the Global Industry Classification Standard. The league tables data dispatches are now based on the new industry classification and are not comparable with 2017 and prior league table data dispatches.

Financial technology and payments

Two fourth-quarter 2018 deals helped Bank of America Merrill Lynch take the top spot in the M&A deal value league table for the 2018 financial technology and payments space.

During the most recent quarter, the investment bank served as the financial adviser to banking technology company NCR Corp. in its $171.0 million acquisition of payment processor JetPay Corp.

In addition, Bank of America Merrill Lynch was the sole adviser to LendingTree Inc. in its $370.2 million deal to acquire insurance comparison marketplace QuoteWizard.com LLC. The investment bank earned deal credit of $41.06 billion from nine deals in 2018.

Raymond James & Associates Inc. led the number-of-deals league table for the 2018 financial technology and payments space with 15 deals.

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Asset management and investment banks, brokers and capital markets

Bank of America Merrill Lynch also clinched the No. 1 position in the M&A deal value league table for the asset management, investment banks, brokers and capital markets sectors for 2018.

In the quarter ended Dec. 31, 2018, the investment bank, along with Ardea Partners LLC, served as the buy-side adviser to Invesco Ltd. on its pending $5.71 billion acquisition of Massachusetts Mutual Life Insurance Co.'s asset management affiliate, OppenheimerFunds Inc. Bank of America Merrill Lynch also acted as the sole adviser to Allianz Group-owned Pacific Investment Management Co. LLC in its acquisition of Gurtin Municipal Bond Management.

Additionally, the company was the sole adviser to Benefit Street Partners LLC in its pending $553 million sale to asset management company Franklin Resources Inc.

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Specialty finance and mortgage REIT

Citigroup Global Markets Inc. topped the specialty finance and mortgage real estate investment trust financial adviser M&A league table for 2018 with deal credit of $5.52 billion from three deals. The investment bank did not work on any deals in the fourth quarter of 2018.

Houlihan Lokey Inc. secured the top spot in the number-of-deals league table for the specialty finance and mortgage REIT M&A space for 2018 with nine deals.

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