M&A boutique Centerview Partners should pay exceptionally well globally for last year. As Business Insider pointed out in late December, Centerview had a "monster" 2017 after working on massive deals like the $69bn CVS-Aetna merger and Disney's $66bn buyout of 21st Century Fox's film and TV assets. Given that Centerview only has 37 senior bankers, this should surely amount to a massive payday.
Maybe so. But newly released accounts for Centerview Partners UK LLP for the year ending March 31st 2017 suggest things weren't necessarily that great in London nine months ago.
Both profits and revenues fell at Centerview's UK operation in the year to March 2017. Revenues were down 11% on the previous year to £35.4m; profits fell 20% to £21.4m.
Nonetheless, Centerview hiked London headcount by nearly 30% to 35 people. At the same time, it cut average pay per head (possibly as a result of hiring additional juniors) from £334k ($417k) to £308k.
The most remunerative positions at Centerview are predictably held by the firm's partners. In the year to March 2017, the average London partner earned £2.7m. Like the rank and file, however, the average partner received a pay cut in the year to March 2017: average partner compensation was down nearly 20% on the previous year.
Despite all the pay cuts and the falling revenues and profitability, someone at Centerview did very well last year. The firm's highest paid partner earned a massive £7.8m, up from £6.7m the year before. If you bring in the fees at Centerview, you'll clearly get a cut.
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