- Centerview Partners UK nearly doubled average non-partner pay in London to about £480k per head in the year to 31 March 2025.
- Total compensation for 61 London staff rose to £29.3m while UK deal fees increased modestly to £86.7m.
- UK partner pay fell, with average payout dropping from roughly £7m to £5m as partner count rose to nine and the partner pool shrank to about £45m.
- The boutique ranked 7th in UK M&A fees with around a 4.2% market share.
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The most striking development from Centerview’s UK accounts for the year ending 31 March 2025 is the sharp realignment in pay structure between non-partner and partner employees. Average compensation for non-partner employees nearly doubled year-on-year to ~£480,000, mirroring a large increase in total staff compensation. Meanwhile, partner pay declined both on a per-person and absolute basis, even as revenues modestly increased. This indicates a rebalancing of rewards in favour of broader employee remuneration, likely driven by competitive pressures to retain and attract dealmakers outside the partner level.
Despite stronger UK deal fees (rising to £86.7m vs £80.1m), the increase in non-partner compensation far outpaced the revenue or fee growth. The UK business’s £29.3m wage bill represents approximately one third of deal fees earned, a much higher ratio than typical in elite boutiques, suggesting a more aggressive redistribution of revenue to non-partner staff. This could also mean slimmer margins for partners, at least in the short term.
Partner compensation falling from an average of ~£7m to ~£5m, while the number of partners rose from eight to nine, materially reduced the compensation per partner and the total partner payout pool. While this might reflect current performance (Q1 2025 revenue share declines were noted in EMEA’s competitive landscape), the longer-term risk is whether this demotivates senior talent or alters expectations in future compensation cycles.
On the competitive front, Centerview’s performance in the UK and Europe remains strong. It took 7th place in the UK M&A fee rankings with a ~4.2% share, while globally investment banking had its second best year. However, relative declines in partner pay and rising employee costs suggest pressure points: sustaining high non-partner payouts in years when dealflow weakens could hurt profitability.
Strategic implications include: potential tension between partner and non-partner composition of pay; sustainability of elevated pay for staff amidst revenue volatility; and possible shifts in promotion, retention, and headcount strategies. Questions remain about what expectations are set for future fee growth, cost control, and aligning partner incentives with firm performance.
Supporting Notes
- Centerview UK average payout per non-partner employee (61 employees) was £479,600 in year ending 31 March 2025, up from ~£260,700 the previous year, with total non-partner compensation rising to £29.3m.
- UK dealmaking fees rose to £86.7m in the same period vs £80.1m the year earlier.
- Partner average pay dropped from ~£7m to ~£5m, with the partner population increasing from 8 to 9, and total partner compensation falling from ~£55m to ~£45m.
- Centerview ranked 7th in UK M&A fee league tables in 2025, with ~4.2 % market share.
- Across the investment banking sector, 2025 was the second-best year on record globally for deal fees (~£103bn globally).