JP Morgan’s lead over broking rivals increases

Tim Wallace
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US INVESTMENT bank JP Morgan increased its dominance in corporate broking in the UK, gaining two new listed clients in the past year, according to a study out today from Adviser Rankings.

JP Morgan has 204 listed clients, up from 202 a year ago and well above second-placed Numis’ 160 clients.

Panmure Gordon is in third place with 116, followed by Cenkos Securities which has 115 clients.

Finncap rounds out the top five with 112 clients, also up two on the year.

It comes after a turbulent week in the corporate broking sector, as both Barclays and RBS are putting their broking positions out to tender.

Corporate broking is an unusual activity. The bankers do not charge for their services, and advise firms on investor relations and on their financing arrangements. In return, they hope for a lucrative position advising firms when they undertake capital markets or merger and acquisition activity.

Looking at the FTSE100 index of the largest firms, JP Morgan tops the list with 33 clients. Bank of America Merrill Lynch is next with 28, followed by Morgan Stanley with 22.

UBS is fourth with 21 clients, and Barclays fifth with 16 clients.

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