Dealmakers are being forced to reassess expectations for a surge in activity this year, as stock market falls and policy uncertainty from the new Trump administration have held back takeovers and initial public offerings.
As the end of the first quarter approaches, the volume of takeovers globally has risen more slowly than many advisers expected at the end of last year when investment banking stocks hit record highs in anticipation of a “Trump bump”.
The number of deals announced since the start of January is the lowest in more than a decade, according to data from Dealogic. There have been about 6,600 global transactions announced so far this quarter, down almost 30 per cent on a year earlier and 44 per cent below the peak in 2021.