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Bay Street climbs global league tables for investment banking – Advisor.ca

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Equity underwriting generated US$25.3 billion in fees, which was double the total in the first half of 2020.

Refinitiv said the surge in equity underwriting revenues came amid record issuance in secondary offerings, convertibles and initial public offerings, including special purpose acquisition companies.

At the same time, M&A advisory fees rose by 18% year over year to US$18.3 billion.

Syndicated lending was up 17% compared to last year, while debt underwriting declined by 5% from last year.

JP Morgan remained the top-ranked firm overall in the industry league tables, followed by Goldman Sachs and Morgan Stanley. BofA Securities Inc. and Citi rounded out the top five firms, which accounted for a combined 32% of the total fee pool, up 1.5 percentage points from last year.

Four Canadian firms also ranked in the global top 25, led by RBC Capital Markets in 11th pace, up one spot from last year.

BMO Capital Markets ranked 19th, up from 27th place; TD Securities held on to 23rd place overall; and Scotiabank took 25th spot, up from 29th last year, according to Refinitiv.

The financial sector remained the biggest source of investment banking fees in the first half, accounting for 34% of all global fees, followed by the tech sector and the industrials.

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Canada Sets Plan to Merge Investment Regulators Into One Agency – Bloomberg

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Canada’s securities regulators plan to merge two industry groups that oversee financial advisers into a single organization, a move intended to address years of complaints about the overlapping roles and higher costs of the groups.

Provincial regulators published Tuesday a framework for how to combine the Investment Industry Regulatory Organization of Canada, which regulates investment advisory firms that sell a broad range of securities, with the Mutual Fund Dealers Association of Canada, which oversees firms that sell funds.

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Carlyle to Invest in Abrigo at $1 Billion-Plus Valuation – Bloomberg

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Abrigo, an Accel-KKR-backed software provider for financial institutions, has secured an investment from private equity firm Carlyle Group Inc.

The Austin, Texas-based company is valued at more than $1 billion after the investment, according to people with knowledge of the matter who asked not to be identified discussing private information.

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Canada plans to merge investment regulators into one agency – Financial Post

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Move aims to address years of complaints about the overlapping roles and high costs

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Canada’s securities regulators plan to merge two industry groups that oversee financial advisers into a single organization, a move intended to address years of complaints about the overlapping roles and higher costs of the groups.

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Provincial regulators published Tuesday a framework for how to combine the Investment Industry Regulatory Organization of Canada, which regulates investment advisory firms that sell a broad range of securities, with the Mutual Fund Dealers Association of Canada, which oversees firms that sell funds.

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They also plan to merge two existing investor protection funds into a new one that’s independent of the expanded regulatory body.

Among other things, IIROC and MFDA levy fines and other penalties on individual financial advisers who break the rules.

IIROC oversees about 175 firms, including full-service investment dealers such as BMO Nesbitt Burns Inc. and RBC Dominion Securities Inc., while the MFDA supervises about 90 mutual fund dealers, such as CIBC Securities Inc. and National Bank Investments Inc. Some financial firms are forced to be members of both agencies because their employees hold different licences for selling investment products.

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Combining the staffs of the two bodies “will be critical during the creation of the new self-regulatory organization and investor protection fund, and will be crucial to their future success,” Louis Morisset, the chair and president of Canadian Securities Administrators, said in a statement. The CSA is an umbrella group of Canada’s provincial securities watchdogs.

In late 2019, the CSA began studying the existing framework. It created a working committee to determine the structure of the new organization and oversee the integration of the two groups. The review prompted both the MFDA and IIROC to publish their own proposals.

The combination is aimed at saving costs for investment dealers while aligning and streamlining their processes, the CSA said. A majority of the new organization’s board members and its chairperson will be independent, and the group will be required to solicit CSA comment on its priorities, business plan and budget, according to a statement.

The CSA will also consider the possibility of incorporating additional registration categories into the newly minted entity.

Bloomberg.com

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