M&A boutique Centerview Partners has made some big hires from investment banks this year. The company's latest UK accounts, released today for the year to March 2018, help explain its appeal.
In the 12 months to March, the average of Centerview’s 36 UK employees earned £323k ($409k). The average of its seven UK partners earned £5.2m ($6.6m), with the highest paid partner earning £9.1m – more than most hedge funds.
The lavish payday came after Centerview’s UK business made a loss of £221k last year, down from a loss of £886k the year before. The boutique was profitable, however, before cash was distributed to its partners. Revenues rose 44% to £52m in the year to March.
Centerview has had a good 2018. In October, Business Insider reported that the boutique ranked 11th for global M&A deals announced in the first nine months of the year, up from the 20th one year earlier. Founded by star bankers Blair Effron, Stephen Crawford, and Rob Pruzan, formerly of UBS, Morgan Stanley and Dresdner Kleinwort Wasserstein respectively, Centerview’s U.S. operation has worked on major deals, including Disney's purchase of $71bn of assets from 21st Century Fox.
While extremely high by most standards, Centerview’s pay isn’t out of kilter with that at some other boutiques. The average employee at PJT Partners globally is on track to take home $750k for 2018, while Evercore bankers are on around $600k.
Nonetheless, Centerview is certainly a lucrative place if you’re a partner. The boutique recently hired Tadhg Flood, Deutsche Bank's co-head of global financial institutions group (FIG) banking. Flood was appointed as a partner on December 7th 2018.
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