IFR International - 28.07.2018

People

&Markets

Please contact us if you have information about job moves: [email protected]

Sam Powers has joined

BANK OF AMERICA

MERRILL LYNCH to

head its Americas

media and telecom

investment banking

group. He joins from

UBS, where he was

head of Americas TMT.

Powers will join the

firm this autumn. He

has advised on deals

for clients including

Advance/Newhouse,

CAA, TPG and Viacom.

BAML recently hired

Randy Russell from

Deutsche Bank as a

managing director in

the TMT group.

WESTPAC BANKING

CORPORATION has

appointed Anita Fung

as a non-executive

director and member

of its Asia advisory

board, effective

October 1. Fung is best

known for her 19-year

stint with HSBC,

including as Hong

Kong chief executive.

She has also previously

been with Standard

Chartered. Fung, who

left HSBC in 2015, is a

non-executive director

of China Construction

Bank and Hong Kong

Exchanges and

Clearing.

Lazard, Moelis post record revenue

LAZARDûISûHAVINGûAûGOODûYEARûANDûITûCOULDû

GETûBETTERûSTILLû4HEûINDEPENDENTû

INVESTMENTûBANKûBEATûEXPECTATIONSûBYû

POSTINGûlNANCIALûADVISORYûREVENUEûOFû

53MûINûTHEûSECONDûQUARTERû

ûUPûJUSTûû

FROMûAûYEARûAGOûBUTûSETTINGûAûNEWû

QUARTERLYûRECORD

h7EûAREûSEEINGûHEALTHYû-!ûACTIVITYû

ACROSSûTHEû!MERICASû%UROPEûANDû!SIAvû

SAIDû,AZARDûCHIEFûEXECUTIVEû+ENû*ACOBS

,AZARDûWASûEXPECTINGûTOûSTRUGGLEûTOû

MATCHûLASTûYEARSûSECONDûQUARTERûWHICHû

WASûITSûPREVIOUSûBESTûQUARTERûEVERû"UTû

MOMENTUMûACCELERATEDûTHROUGHûTHEû

QUARTERûANDûAûFEWûTRANSACTIONSûCLOSEDûMOREû

QUICKLYûTHANûANTICIPATED

)TûWASûBULLISHûONûPROSPECTSûTOOûh4HEû

SECONDûHALFûOFûTHEûYEARûSTILLûLOOKSûPRETTYû

GOODvû*ACOBSûSAIDû4HEûSUMMERûMONTHSû

AREûTRADITIONALLYûUSEDûTOûBUILDûBACKLOGû

h!NDûTHENûYOUûKINDûOFûGETûLUCKYûINû

3EPTEMBERûANDû/CTOBERv

'LOBALû-!ûDEALMAKINGûHITûAûRECORDû

53TRNûINûTHEûlRSTûHALFûOFûTHISûYEARûANDû

,AZARDûADVISEDûONûFOURûOFûTHEûûLARGESTû

GLOBALûANNOUNCEDûDEALSûANDûFOURûOFûTHEûû

LARGESTûCOMPLETEDûTRANSACTIONS

h4HEûROBUSTûGLOBALû-!ûMARKETûFORû

LARGEûSTRATEGICûTRANSACTIONSûPLAYEDûTOû

,AZARDSûSTRENGTHSvû*ACOBSûSAID

*ACOBSûSAIDûTHEûCURRENTûHISTORICûLEVELûOFû

TRANSACTIONSûAREûBEINGûDRIVENûBYû

TECHNOLOGICALûDISRUPTIONûSPREADINGûACROSSû

INDUSTRIESûSPURRINGûSTRATEGICûACTIVITYûASû

WELLûASûSHAREHOLDERûACTIVISM

BEATING BULGE BRACKET

$IRECTûCOMPARISONSûWITHûTHEûBULGEûBRACKETû

BANKSûAREûTOUGHERûNOWûTHATû,AZARDûLIKEûITSû

INDEPENDENTûRIVALSûDOESûNOTûSTRIPûOUTû-!û

ADVISORYûFEESûFROMûRESTRUCTURINGûFEES

/NûAVERAGEûTHEûlVEûLARGESTû53ûBANKSû

WEREûUPûûINû-!ûREVENUESûINûTHEûSECONDû

QUARTERûFROMûAûYEARûAGOûBUTûTHATûINCLUDESû

AûDISASTROUSûQUARTERûATû"ANKûOFû!MERICAû

-ERRILLû,YNCHûWHEREû-!ûREVENUESûWEREû

OFFû

#ROSS

BORDERûACTIVITYûREMAINEDûSTRONGû

FORû,AZARDûINûTHEûQUARTERûACCOUNTINGûFORû

ALMOSTûûOFûITSûANNOUNCEDûTRANSACTIONû

VOLUME

,AZARDûTAKESûAûBIGGERûPORTIONûOFûITSû

REVENUEûFROMû%UROPEANûDEALSûTHANûRIVALSû

ANDûTHEûBANKûSEESûAûTURNûINûTHEû

ENVIRONMENTû2IVALSûWEREûNOTûSOûSUREû

HOWEVER

%UROPEûCONTINUESûTOûBEûDOWNûSLIGHTLYû

SAIDû+ENû-OELISûFOUNDERûANDû#%/ûOFû

-OELISûû#Oûh)ûTHINKûTHEûNUMBERSûOFû

ANNOUNCEDûTRANSACTIONSûANDûCLOSEDû

TRANSACTIONSûISûDOWNûPRETTYûSIGNIlCANTLYû

YEAR

OVER

YEARûINû%UROPEû"UTûWEû

CONTINUEûTOûBEûVERYûOPTIMISTICûABOUTûTHEû

TALENTûBASEûTHATûWEREûHIRINGûTHEREvûHEû

SAID

!CCORDINGûTOû4HOMSONû2EUTERSû

%UROPEANû-!ûINCREASEDûûATûTHEûHALFû

YEARûMARKûFROMûAûYEARûAGO

MOELISûREPORTEDûREVENUEûOFû53Mû

UPûûCOMPAREDûWITHûTHEûYEARûAGOû

QUARTERû)TûWASûALSOû-OELISûBESTûQUARTERû

EVER

h7EûCONTINUEDûTOûCAPITALIZEûONûAûROBUSTû

ENVIRONMENTûFORû-!ûANDûEXPERIENCEDû

GROWTHûACROSSûOURûADDITIONALûSTRATEGICû

ADVISORYûOFFERINGSvû-OELISûSAID

EVERCOREûREPORTEDûADVISORYûREVENUEûOFû

53MûINûTHEûSECONDûQUARTERûUPûû

COMPAREDûWITHûTHEûYEARûAGOûPERIODû4OTALû

REVENUEûINûTHEûQUARTERûWASû53MûUPû



%VERCORESûPUSHûINTOûEQUITYû

UNDERWRITINGûISûBEGINNINGûTOûPAYûOFFû4HEû

lRMûREPORTEDûUNDERWRITINGûREVENUEûOFû

53MûMOREûTHANûDOUBLEûAûYEARûAGO

Philip Scipio

5"3ûHASûBEENûBUILDINGûUPûITSû53ûEQUITIESû
BUSINESSûTOûBALANCEûITSûTRADITIONALLYûSTRONGERû
%UROPEANûANDû!SIANûFRANCHISES
%QUITIESûINû!SIA
0ACIlCûALSOûBENElTEDûFROMû
#HINESEû!
SHARESûNOWûBEINGûINCLUDEDûINûTHEû-3#)û
INDICES ûCAUSINGûAûRUSHûOFûBUSINESSûINûTHISûAREA
)Nû%UROPE ûWHEREû-I&)$û))ûTRADINGûRULESû
TOOKûEFFECTûINû*ANUARY û5"3ûDIDûNOTûSPLITûOUTû
REVENUESûFROMûRESEARCHûANDûTRADING ûASûITûISû
NOWûOBLIGEDûTOûDOûFORûCLIENTSû-OSTûBANKSûSAYû
ITûWILLûTAKEûATûLEASTûAûYEARûFORûTHEûREALûIMPACTû
OFûTHEûNEWûREGULATIONSûTOûBEûSEEN
h-I&)$û))ûHASûNOTûHADûAûBIGûIMPACTûSOûFAR vû
SAIDû'ARDNERûh)TSûSTILLûAûBITûEARLYûANDûITûWILLû
TAKEûTWOûORûTHREEûQUARTERSûTOûSEEv
/NûTHEûADVISORYûANDûUNDERWRITINGûSIDE ûWHICHû
5"3ûCALLSûCORPORATEûCLIENTûSOLUTIONS ûACTIVITYûWASû
MOREûSUBDUEDû/VERALLûREVENUESûWEREûDOWNûû
ATû3&RM ûDRAGGEDûBACKûINûPARTICULARûBYûEQUITYû
CAPITALûMARKETS ûDOWNûûTOû3&RM
h)Nû%#-ûWEûHAVEûSEENûLESSûLIQUIDITYûFORûBLOCKû
TRADESûINû%-%!ûTHANûAûYEARûAGOû"REXITûANDû)TALYû
AREûPUTTINGûINVESTORSûOFFûAûLITTLE vûSAIDû'ARDNER
$EBTûCAPITALûMARKETSûWEREûALSOûSLIGHTLYû
LOWERûTHANûLASTûYEAR ûREmECTINGûTHEûWEAKERû
MARKETûACROSSûTHEû3TREET
Christopher Spink

ONLYûOTHERûPOSSIBLEûFEMALEû#%/ûOFûAûMAJORû
INVESTMENTûBANK
h7EûDONTûHAVEûAûLOTûOFûFEMALESûINûLEADERSHIPû
INûTHEûlNANCEûSECTOR vû7IKRAMANAYAKE ûANû
!USTRALIANûOFû3RIû,ANKANûORIGIN, TOLDûJOURNALISTSû
INûTHEûCALLû
h7EûNEEDûTOûPROVIDEûMOREûmEXIBILITYû;AND=û
WEûNEEDûTOûALLOWûMOREûmEXIBILITYûTOûMALES û
TOûAûHAVEûMOREûBALANCEûINûTHEIRûLIFEûANDû
ALLOWûFEMALEûPARTNERSûxûTOûTAKEûAûFRONTûLINEû
INûCAREER vûSHEûSAID
7IKRAMANAYAKEûWASûTHEûBANKSûSECOND
HIGHESTûPAIDûPERSONûINûTHEûûlNANCIALûYEAR û
ACCORDINGûTOûITSûANNUALûREPORT ûEARNINGû!Mû
53M ûLESSûONLYûTHANû-OOREûWHOûTOOKû
HOMEû!Mû
Paulina Duran, Colin Packham