GLOBAL infrastructure group Balfour Beatty has decided to hold a beauty parade of advisers ahead of a likely change in its corporate brokers.
The group’s current broking advisers are JP Morgan Cazenove and RBS, who have served the company for many years.
Group chief executive Ian Tyler (pictured) is believed to feel that it is time to ring the changes, especially since the group has changed significantly in recent years, with almost one third of its revenues now coming from the US.
The existing brokers will be pitching but they will be joined by a list of other major investment banks, including Bank of America Merrill Lynch and Citi.
Brokerships often tend to be loss makers for the investment banks but they can often lead to key roles on major corporate finance transactions that bring in commissions.
Balfour Beatty has been a FTSE 100 company but it is currently in the FTSE 250.
“There have been lots of changes at the company in the recent past and I think management feel it is right to reconsider external advisers,” said one source.
RBS has a host of big corporate brokerships, mainly through its ownership of Hoare Govett.