Move over boutique houses.

绕过精品投行。

Home-grown investment banks are taking root within China’s tech groups, which are fostering in-house M&A groups to carry out their multi-billion dollar shopping sprees.

土生土长的投行部门开始在中国的科技集团内生根，这些集团正在培育内部并购(M&A)团队，为数十亿美元的收购提供服务。

Baidu, Alibaba, and Tencent— China’s internet trinity collectively known as BAT — are among the country’s biggest dealmakers, spending a combined $64bn on acquisitions in the past 18 months, according to Dealogic data.

Dealogic数据显示，被合称为BAT的中国互联网三巨头——百度(Baidu)、阿里巴巴(Alibaba)和腾讯(Tencent)如今已进入该国最大交易机构行列，过去18个月共斥资640亿美元进行收购。

The trio are home to alumni from Goldman Sachs and other Wall Street banks and now boast in-house banking units of 40 to 70 people apiece, according to industry players.

这三家企业中拥有许多曾在高盛(Goldman Sachs)等华尔街投行任职的员工，目前每一家都成立了40人至70人的内部投行部门。

The function reflects expanding portfolios of strategic and venture capital investments alongside a belief that investment banks increasingly lack the wherewithal to keep pace in the fast-changing world of tech.

这一职能部门的设立，反映出战略与风险投资的投资组合不断扩大，以及一种观念：投行越来越缺乏必要资本、无法跟上快速变化的科技世界。

Investment banks nowadays have lost the capability to advise clients in M&A transactions, said one in-house player.

如今的投行已丧失了在并购交易中向客户提供咨询服务的能力，一名公司内部投行部门人士说。

In the internet world things are changing so fast that investment banks are finding it hard to keep up with the industrial logic of why certain M&A should or should not happen.

在互联网领域，事物的变化太快了，投行开始发现很难跟上某些并购交易应当或者不应当发生的行业逻辑。

While bankers in oil and gas or finance know these industries as well as the industry guy running the business, tech bankers know maybe 1 per cent of what we know about our business, the person added.

此人补充称，尽管油气或金融领域的投行人员了解这些行业以及这些行业中的企业掌管者，但科技领域的投行员工对我们企业的了解程度或许仅仅相当于我们自己的1%。

It’s all DIY, said Scott Likens, partner at PWC.

这一行全是DIY，普华永道(PWC)合伙人李敬思(Scott Likens)说。

It’s partly about control, partly being flush with funds and partly not trusting foreign bankers or not wanting to give away money.

部分原因是为了掌控，部分原因是资金太多，还有部分原因在不信任外部人或不想花钱。

However, bankers are quick to distinguish the BAT bankers from the big Chinese state-owned enterprises and other institutions that cut out bankers to skimp on fees.

然而，银行家很快可以把BAT内部投行员工跟那些为了省钱而不聘用银行的中国大型国企和其他机构区分开来。

I don’t want to do these small deals, said one banker.

我不想做这些小案子，一名银行家说。

Some 65 of Tencent’s deals over the past 18 months were for less than $500m, according to Dealogic, compared with 75 bigger acquisitions; in Baidu’s case the split was 20 small deals versus just two above $500m.

Dealogic数据显示，腾讯在过去18个月里实施的大约65个收购案规模都不到5亿美元，75项交易的规模则更大；至于百度，实施了20个小型收购案，规模高于5亿美元的案子仅有2个。

Another banker points to the trio’s bulging pipelines of deals, from partnerships through to acquisitions.

另一名银行家提到了上述三巨头日益增多的交易结构——从合作到收购。

If they were to complete everything they are working on today there will be a couple of hundred items in there, said one banker.

如果他们今天正实施的项目，一切流程都由自己操办的话，那么项目将有一两百个，一名银行家说。

For the substantial majority of these they would never hire an outsider.

在这些项目中的绝大部分，他们将不会聘用外来者去实施。

Added another: The deals come to them.

另一名银行家接着说：交易到了他们手里。

They are out looking but have enough prominence that they can sit around and look at 100 a day and choose one.

他们朝外看，但拥有足够高的声望，结果就到处坐坐，每天看100个项目，然后从中选出1个。

The expanding functions in-house contrast with the shrinking world outside: big global banks have cut up to 15 per cent of their Asian investment bankers since 2012 as the gap between Asian M&A fees and those paid by western clients ballooned to its highest level in more than a decade.

内部投行职能部门的扩张，与外部投行的收缩形成了反差：随着亚洲并购交易收费与西方客户付费金额之间的差距上升至10多年来最高水平，全球大型银行已削减了高达15%的亚洲投行员工数量。

The in-house deal teams are composed largely of former bankers, private equity executives and consultants.

内部交易团队主要由前投行员工、私人股本公司高管和咨询顾问组成。

Prominent banking alumni include Tencent’s Martin Lau and James Mitchell, respectively president and chief strategy officer and both formerly of Goldman Sachs.

知名的投行业同僚包括腾讯的刘炽平(Martin Lau)和詹姆斯.米切尔(James Mitchell)，此二人都曾在高盛任职，目前分别担任腾讯的总裁和首席战略官。

Alibaba president Michael Evans and Douglas Feagin, who runs the international operations of Ant Financial, Alibaba’s online payments affiliate, also hailed from the US bank.

阿里巴巴总裁迈克.埃文斯(Mike Evans)和集团在线支付业务子公司蚂蚁金服(Ant Financial)的国际业务负责人道格拉斯.费根(Douglas Feagin)，也来自高盛。

Alibaba was an early player, hiring Wei Zhang — now president of Alibaba Pictures — as its first head of strategic investments in 2008.

阿里巴巴是这方面的先行者，在2008年聘用张蔚——如今的阿里影业(Alibaba Pictures)总裁——担任集团的首位战略投资部负责人。

The team at Baidu is understood to be the smallest of the three.

据了解，百度的内部交易团队是三巨头中最小的。