The latest accounts from M&A advisory boutique Zaoui & Co raise an interesting question about how boutiques plan for the future.
The firm’s UK entity saw revenues fall sharply in 2016 and overall it made a loss of more than £1m, down from profits of almost £8.7m the year before. It is less clear if the firm as a whole posted a loss as these are UK accounts and the firm’s three known mandates were all in Europe, according to Dealogic. But it does illustrate the volatile nature of boutique revenues.
