The volume of large mergers and acquisitions (M&A) deals completed in Q1 2013 was 33% down on the final quarter of 2012, finds professional services firm Towers Watson.

There were 180 deals struck whose value exceeded $100m (£65.7m) in the first three months of the year, according to research run in partnership with London’s Cass Business School, down from a record 268 at the end of last year.

Towers Watson M&A practice leader (EMEA) Steve Allan comments: “As predicted last quarter, the surge of activity late in 2012 has proved to be more representative of a short-term spike than a long-term upward trend in the market.

“This may well have been triggered by a desire to close deals ahead of changes to US tax structures and to avoid the need to complete during an uncertain New Year period.”

• Next month sees the launch of the 2013 M&A Barometer survey for M&As in the recruitment sector, run by Recruiter in partnership with law firm Osborne Clark. Click to read last year's Barometer report, published in Recruiter, July 2012.