When Merrill Lynch set up a European middle market mergers and acquisitions team one year ago, it was something of a bold step at a difficult time. Global M&A activity had already dropped off 50% by deal value in 2001 compared to 2000, and while the middle market has proved more robust than the top end, it has not been plain sailing for advisers. And although the bank has had a mid-market M&A team in the US for around 20 years, Merrill Lynch clients did not regard the bank as a mid-market player in Europe.
As a result, clients have needed some convincing that Merrill would be in the middle market for the long term â rather than as a bear market stop-gap to ensure a flow of much-needed fees.
