Which brokers were IROs’ favorites in 2015?
As revealed in IR Magazine’s most recent global roadshow report, Bank of America Merrill Lynch tops the most popular brokers’ list once again. Last year, the US bank was hired by nearly one third of respondents, who used the bank for an average of 1.4 roadshows each.
Following closely behind in the top five list, JPMorgan Chase, Deutsche Bank, Morgan Stanley and Citi all post good scores with more than a quarter of responding companies reportedly using their services.
In the research, IROs were also prompted to give qualitative judgment of brokers’ services by naming the one they believe put on the most impressive events. Credit Suisse, joint seventh on the most-used list, is cited by 31 respondents as the organizer of the most remarkable, ‘100 percent committed with the target list’ roadshows, with JPMorgan coming second thanks to its outstanding ‘logistics’ and ability to offer firms ‘pre-meeting intelligence’, ‘follow-through’ and ‘securing [of] buy-side meetings’.
Overall most-used broker Bank of America Merrill Lynch’s events rank third, with IR heads highly approving the bank’s ‘great execution’. Praised for its ‘proactive’ and ‘responsive’ service, Barclays Capital is also described as having a sound ‘knowledge of the industry and the investors’ as well as ‘good attention to detail’.
Asia’s most-used broker, Citi, is cited for the good quality of its US meetings, while Deutsche Bank, the top choice for European IROs with 40 percent of local respondents using its services, is lauded for the ‘good meetings with a mix of old and new funds’ and the delivery of a ‘nice written report afterwards’.
The survey further finds that European IROs use an average of 7.5 brokers for roadshows, the highest number globally, while North American firms use the least (4.8). In addition, European firms use an average of 4.1 brokers for roadshows outside their local zone, more than three times the number used by North American companies for events beyond their continent.