????Perella Weinberg Partners聯(lián)合創(chuàng)始人,、董事長(zhǎng)兼首席執(zhí)行官,、摩根士丹利（Morgan Stanley）前副董事長(zhǎng)約瑟夫?佩雷拉說(shuō)：“有時(shí)候，大型金融機(jī)構(gòu)和一個(gè)行業(yè)中的幾家公司都有關(guān)系,。這未必是壞事,。它們需要這樣做往往是因?yàn)樗鼈兊慕?jīng)營(yíng)模式，而且這樣做的成本很高,。在一個(gè)行業(yè)中,，大型金融企業(yè)不能只依靠某一個(gè)客戶?！?/p>

????佩雷拉還指出：“在這些大型金融機(jī)構(gòu)里許多好人,，他們的見(jiàn)解也非常好。我覺(jué)得和客戶產(chǎn)生矛盾的并不是這些個(gè)人,，而是這些金融機(jī)構(gòu),。”

????其他一些大型金融公司的市場(chǎng)份額在過(guò)去一年中不斷流失,，但頂尖投行人士迅速指出，他們并不是唯一存在利益沖突的群體,。一位不愿公開(kāi)姓名的頂尖并購(gòu)?fù)缎腥耸空f(shuō),，小型投行處于獨(dú)立狀態(tài)的說(shuō)法是“一派胡言。能否做成一單生意會(huì)決定投行人士整整一個(gè)季度,、甚至一個(gè)年度的業(yè)績(jī),。如果我的客戶價(jià)值15億美元（92.4億元人民幣），我一定會(huì)如實(shí)提供建議,?！薄?/p>

????此外,，許多獨(dú)立金融機(jī)構(gòu)正在把業(yè)務(wù)擴(kuò)展到并購(gòu)領(lǐng)域以外,，在這種情況下，很難想象在這些機(jī)構(gòu)中不會(huì)出現(xiàn)其他的利益沖突,。（財(cái)富中文網(wǎng)）

????譯者：Charlie

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????"Sometimes big banks have relationships with several companies within an industry," says Joseph Perella, co-founder, chairman and CEO of Perella Weinberg Partners and former Morgan Stanley Vice Chairman. "This isn't necessarily a bad thing. It's often necessitated by their business model, which is costly. They can't rely on having one client in the industry."

????He adds, "There are a lot of good people who have very good insights. I think the clients' problem is not with the individuals but the institution."

????Though some other big banks have been losing share over the past year, bulge bracket bankers are quick to point out that they aren't the only ones conflicted. The idea that a boutique investment bank is independent is "hogwash," says one bulge bracket M&A banker who spoke on the condition of anonymity. "The difference between getting or not getting a deal can make that banker's year or quarter. If I'm giving advice to a $1.5 billion client, it's going to be honest advice."

????Moreover, as these independent shops grow beyond M&A alone, as many of them are doing, it is hard to see how other conflicts won't creep in.