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Consistency of IB Relationships

October 9, 2017

When is the right time to expand IB coverage to a new sector?  Banks tend to follow growth – adding coverage to rapidly growing segments of the fee pool.  However, this may not be the most effective approach for a bank that needs to win new clients, and unseat incumbent relationships.

 

Today’s FCS Intelligence report considers the share of follow-on ECM fees paid to non-IPO bankers.  If this share is high, incumbent banks are being replaced by new banks at a high rate – and ideal scenario for a would-be market entrant.  Our analysis of the Pharmaceutical and Energy sectors shows that the period of greatest IB relationship volatility occurs at the very bottom of a market downturn.  Rather than chase growth, banks might be better served by expanding counter-cyclically into beaten-down sectors.

Click here to download report as a PDF

 

 

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