JP Morgan Cazenove stays ahead of rival Bank of America Merrill Lynch in top broker battle
JP Morgan Cazenove’s capture of Barclays’ coveted broking mandate has helped the investment bank stretch its lead at the top of the latest adviser rankings.
The bank, which brokers giants like Vodafone and Standard Chartered, has 34 FTSE 100 clients, seven more than its nearest rival Bank of America Merrill Lynch, according to the latest list published by Adviser Rankings.
Morgan Stanley’s loss of one broking mandate puts it in joint third place with UBS. Both have 21 FTSE 100 clients. Barclays rounds off the top five with 16 clients.
JP Morgan’s FTSE 100 lead could be cut soon with two clients – RSA Insurance and BG Group – on the verge of takeovers by Zurich Group and Royal Dutch Shell respectively.
The bank also tops the FTSE 250 rankings with 90 clients, three less than in May. Numis is second with 39 clients in total and Jefferies Hoare Govett is third with 33 clients.
Corporate broking is a uniquely British institution, with investment banks earning little for the work in return for an appointment when a firm needs to raise cash or undertake M&A work.
FTSE 100 firm’s favoured service providers were also unchanged. PwC kept the number one audit spot with 38 blue-chip clients, Brunswick was the top FTSE 100 PR adviser with 26 clients, and Slaughter & May kept its crown as top law firm with 33 clients.
JP Morgan takes the FTSE 100 mantle:
| Rank | Name | Number |
| 1 | JP Morgan | 34 |
| 2 | Bank of America | 27 |
| 3= | Morgan Stanley | 21 |
| 3= | UBS | 21 |