BANK of America Merrill Lynch has beaten off strong competition from rivals, including Barclays and UBS, to become new joint brokers to RSA, the insurance giant.
BoAML is replacing Deutsche Bank as joint broker alongside JP Morgan for the group which has changed its advisory line-up following the appointments of Simon Lee as chief executive and Martin Scicluna as chairman. The winning of the new mandate is being seen as a vindication of BoAML’s resilience after a period during which three of its senior brokers, Mark Astaire, Simon Fraser and Andrew Osborne, left its broking team in quick succession.
The RSA win follows the firm’s appointment as brokers to Tui Travel and St James’ Place towards the end of last year. BoAML has 26 FTSE 100 clients, putting it just a few clients away from the leader in the field of corporate broking, JP Morgan.
Broking in itself is not viewed as an especially profitable venture but is seen as important in developing relationships with clients who might then go on to use a bank’s advice in mergers and acquisitions or fund-raising deals.