Volumes for cross-border merger and acquisition (M&A) deals so far this year are down by almost a third from 2012 levels, making this the slowest year to date for international transactions since 2009, according to Thomson Reuters data.
Despite the period since the start of 2013 including deals such as the US$19.3bn merger of publishers Publicis Groupe and Omnicom Group, which lifted announced cross-border volumes to US$384 billion in 2013, according to the data, the volumes are still 31% lower than at the same period last year.
Morgan Stanley and Goldman Sachs head the advisor league table, with just over US$103bn of cross-border work each, with JP Morgan third at US$65bn.
However after a subdued first half, in which continued fears over the eurozone crisis and the potential effect of spending cuts on the US economy subdued deal making, last month showed a revival. According to Thomson Reuters’ data, global M&A activity in July totalled US$237.3bn, the strongest figure for the month since the $352.7bn recorded in July 2008.
Cash-flow based metrics now feature prominently alongside traditional revenue measures of business performance in the key figures or financial summary pages of any public company.
GTNews asks Pugsley about what advice she would give to treasurers dealing with mergers and acquisitions, what the key challenges for her year ahead will be and how she is selecting a treasury management system (TMS).
The US money market fund reforms came into effect in 2016 and are already dramatically shaping US fund industry with investors flooding out of prime funds and into government securities. While the reforms are similar, they are not the same. GTNews interviews Yeng Bulter, global head of the cash business at State Street Global Advisors on the differences.
Tim de Knegt, strategic finance and treasury manager for the Port of Rotterdam, discusses how he is using blockchain, the challenges he will face in his role of treasury over the next 12 months and the advice he would give to someone starting out their career in treasury.