M & A Law Prof Blog

Editor: Brian JM Quinn
Boston College Law School

Thursday, June 14, 2007

The New Junior Investment Banker

Highlighting that even investment bankers may need to fear globalization, Merrill Lynch & Co. has announced an $11 million dollar investment in Copal Partners.  Copal is an analytics and research Indian outsourcing firm which, according to the Wall Street Journal, specializes in creating "deal books" for corporate mergers and takeovers.  Merrill is the third investment bank to invest in Copal along with Deutsche Bank and Citi.  The three banks now own approximately 25% of Copal. 

And Copal is a growth business.  Founded only five years ago, it is officially based in the United Kingdom but maintains a research staff of about 540 near New Delhi.  Initially focused on the business of outsourcing by investment banks of research and deal preparation tasks, Copal is now expanding into other research opportunities, including research in credit and equity, as well as starting up a consulting business.  As Copal and other Indian firms grow their experienced talent base in this area, expect the investment banks to shift even more junior preparation work abroad.


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