A volatile first quarter hasn’t diminished interest in M&A among top finance executives, according to Ernst & Young.

US targeted M&A deal value totalled $293bn for 4,105 transactions between January and March— the lowest level since the first quarter of 2014 according to Dealogic.

However a recent Ernst & Young survey, which polled 1,700 senior executives (445 from the US), showed 57% of executives planning to pursue an acquisition in the next 12 months.

Two thirds, meanwhile, said there is at least one deal in their company's pipeline.

At the same time, more companies expect to pursue alliances, in some cases with the competition, to achieve growth.

"As US executives face anemic organic returns, the impetus for M&A should persist,” said Rich Jeanneret, Ernst & Young Americas vice chair, transaction advisory services.

“While it's unclear if record deal values will persist at last year's level, we should still experience one of the best years for M&A in the last decade and our study indicates a sustainable M&A environment as growth, globalization, technology and divestitures, coupled with ample resources, will power M&A forward."

Jeanneret added that boardrooms are taking notice of these conditions and elevating acquisitions as a strategic priority to drive growth, reduce costs and improve margins.

“The threat of disruption and continued shareholder pressure will keep M&A at the top of their agenda," he added.