GlobalData warns that fintech could experience a downturn in activity. Credit: Tero Vesalainen/shutterstock

Bank of America (BoA) and Rothschild & Co were ranked the top financial advisors in the Middle East and Africa in 2023, according to research and analysis company GlobalData. 

GlobalData’s deals database founds that BoA led on the value of deals it had advised on, with a cumulative value of $9.9bn. Meanwhile, Rothschild & Co led in terms of the number of deals by advising on ten deals. 

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“Rothschild & Co was the top adviser by volume in 2022 and managed to retain its leadership position by this metric in 2023 as well,” stated Aurojyoti Bose, lead analyst at GlobalData.

“In fact, it was the only adviser to hit the double-digit deal volume in 2023. Apart from leading by volume, Rothschild & Co also occupied the ninth position by value during the year,” added Bose.

Barclays ranked second to Rothschild & Co having advised on five deals. 

“The BoA, which was at the 21st position by value in 2022, registered a significant jump in the total value of deals advised and went ahead to top the chart by this metric in 2023,” Bose stated. 

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Citi and JP Morgan ranked just behind the BoA in terms of cumulative deal value, having advised on deals worth $8.5bn and $7.6bn respectively. 

BoA announced. in October 2023. that it plans to invest nearly $4bn in AI throughout 2024, including an AI personal assistant. 

However, GlobalData’s 2023 thematic intelligence report into fintech, noted that fintech could soon experience a ‘fintech winter’ after a funding peak in 2021 due to long-standing high interest rates. 

AI still has a lot of potential benefits for investment banking, such as M&A, including supporting due diligence and fact-finding.