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Accounting firm Ernst & Young complains that there are not enough people to do the growing M&A work in Asia so much so that it's declining work nor is it doing any business development. Reuters quotes Dave Read, the London-based head of Ernst & Young's transaction advisory services: "There is so much demand that we just don't have enough people. We are turning away business or not chasing business. We can get graduates and MBAs, but the key thing is to get people who have experience in transactions."

According to Read, reports Reuters, the M&A market in Asia - especially in China and India - is booming, and so it would need to double its transaction team over the next three years. The firm has 850 people in Asia currently, which it hopes to expand to 1,500 in three years.

Read says his firm is expecting a 30 percent growth in revenue from Asia, excluding Japan, over the next three years from $200 million in the year that ended in June. Asia, excluding Japan, accounted for 8 percent of E&Y's $2.4 billion in global revenue from transaction advisory services in 2006-07.

According to Dealogic, China saw M&A transactions worth $55 billion, while India saw deals worth $39 billion.