Martin Sorrell's S4 Capital Chooses Jefferies, Morgan Stanley as Corporate Brokers -- Financial News
March 17 2021 - 05:45AM
Dow Jones News
By Paul Clarke
Of Financial News
Jefferies and Morgan Stanley have nabbed the corporate broking
mandate for Martin Sorrell's S4 Capital PLC, as competition in this
British corner of investment banking continues to grow.
The two investment banks were named alongside Dowgate Capital as
corporate brokers for Mr. Sorrell's digital advertising and
marketing firm, which raised $146 million in July last year to fund
acquisitions.
The appointment is the 25th for Jefferies in the past year,
which has been building out its U.K. investment-banking business
under former HSBC investment banker Philip Noblet.
Mr. Noblet, who was formerly co-head of global banking for the
U.K. at HSBC, joined Jefferies in 2018, alongside two other senior
investment bankers in a bid to gain bigger market share in the
U.K.
Last year, the bank worked on $1.7 billion worth of initial
public offerings in Europe, the Middle East and Africa, according
to data provider Dealogic, jumping from 43rd in the rankings to
3rd. Jefferies ranks 11th by number of corporate broking clients,
according to league tables released in February by Adviser
Rankings.
Corporate brokers offer advice to the C-suite of U.K. companies,
usually for no or a nominal fee, with an eye on more lucrative
investment-banking deals. It is often the best route to securing a
role on any equity capital raises offered by the companies.
The pandemic has meant that the space has become increasingly
competitive. Andrew Foster, co-head of U.K. corporate broking at
Morgan Stanley told FN previously: "Competition is high because
whenever there is a crisis, companies question whether they are
getting the right things from their advisers."
Website: www.fnlondon.com
(END) Dow Jones Newswires
March 17, 2021 06:30 ET (10:30 GMT)
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