Colombia, Mexico Boutiques Defend Turf

Nov 1, 2010

The growth of boutiques in Mexico and Colombia has slowed. Pan-regional players continue to stick to their guns.

by Ben Miller

The credit crisis left opportunity for boutique investment banks in markets outside Brazil, though not on the same scale. In Mexico and Colombia, where an array of specialists sprang up, new entrants appear to have slowed. Pan-regional players are sticking to their specialties.

Though global investment banks have revived, LatAm business across the board has surged. Niche service providers hope this means more opportunity overall, even if it at the moment it is more difficult for new entrants.

“A year ago it looked like everyone was trying to be a boutique” says Randall Pike, partner at BCP. “But since the new issue business picked up, and prices have improved, big banks have built up and most boutiques have found it hard to compete.”

For local specialists in the region, restructurings, bankruptcies and other services to be offered during bad times are largely a thing of the past....

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