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INVESTMENT BANKS ON COURSE FOR FIRST-HALF ASIA RECORD
Francesco Guerrera

Investment banks are poised to celebrate their best first half on record in Asia with buoyant capital markets and strong takeover activity driving up revenues.
Financial firms have earned an estimated $1.7bn (€1.3bn) in revenues from deals in Asia and, with seven weeks to the end of the period, are within striking distance of the record high set in the first half of 2005, according to figures by Dealogic, the research firm.
Most investment banking fees are confidential but executives say the Dealogic figures underestimate their firms' earnings, highlighting the fact that rapid growth in revenues has turned Asia into a key battleground form global investment banks.

Large listing such as next month's $9.9bn Hong Kong offering by Bank of China and several takeover deals in coutries such as South Korea and Taiwan are helping Asia shake off its reputation as a region of slim pickings for Wall Street.
«There is phenomenal liquidity in the market place,» says Mark Renton, head of Asia Pacific investment banking at Citigroup, which is estimated to have earned the most revenues in 2004 and 2005 but lies behind Goldman Sachs and UBS in this year's standings. «Companies are confident about entering into transactions».
Although fierce competition to service a smaller group of companies keeps deal commissions in Asia lower than in the west, bankers say that revenues have been boosted by a sharp rise in the colume and size of transactions.
A report pubblished by PwC last week showed the average size of equity listings in Greater China had overtaken the levels of the US and Europe for the first time last year.
Bankers predict that Asian revenues for 2006 will beat last year's records because of favourable economic conditions and strong interest from foreign fund managers and hedge funds.
«The pipeline is robust for both ourselves and the rest of the street,» says Michael Berchtold, Morgan Stanley's Asia Pacific president and head of investment banking. «But I dont't think it is an unabeshed frenzy. Investors are selective and focused on the details of specific offerings.»

The spread of revenues since 2004 suggests that the competitive landscape in Asia mirrors the US, where the investment banking industry is dominated by a small number of «bulge bracket» firms.
«The bulk of the earnings goes to a "gang of drive" of Citigroup, Goldman Sachs, Morgan Satnley, UBS and Merrill Lynch,» said a senior banker.
Merrill Lynch, which has undergone restructuring in the region, is the inverstment bank with the fastest growth in estimated revenues between 2004 and 2005. However, banks with strong derivatives and trading businesses, such as Deutsche Bank and Credit Suisse, argue their earnings are much bigger than estimated because of the large, unpublished, profits from these activities.

FRANCESCO GUERRERA
Tratto dal «Financial Times» del 15 maggio


  • Buoyant: tendente al rialzo
  • "Bulge bracket" firms: aziende della cosiddetta "fascia dell'opulenza" (cfr. Le parole-chiave)
  • Capital markets: mercati finanziari
  • Competitive landscape: panorama competitivo
  • Deal commissions: commissioni sugli accordi
  • Derivatives: derivati
  • Earnings: profitti, utili
  • (Equity) Listings: quotazioni (azionarie)
  • Executives: dirigenti
  • Financial firms: imprese del settore finanziario, case d'investimento
  • Foreign fund managers: gestori di fondi esteri
  • "Gang of five": banda dei cinque
  • Greater China: Grande Cina (oltre alla stessa Cina, è costituita da Hong Kong, Taiwan e Macao)
  • Hedge funds: fondi di copertura
  • Investment banking fees: competenze dovute alle banche d'affari per le loro attività
  • Investment banks: banche d'affari/di investimenti
  • Liquidity: liquidità
  • Listings: quotazioni
  • Market place: mercato
  • On record: agli atti, registrato
  • Record high: livello da primato
  • Research firm: agenzia di ricerche (del settore)
  • Restructuring: ristrutturazione
  • Revenues: entrate
  • Senior banker: alto dirigente del settore bancario
  • Slim pickings: modesti guadagni
  • Standings: classifiche
  • Takeover activity: attività nell'ambito delle acquisizioni di controllo
  • Trading businesses: imprese commerciali
  • Unpublished profits: profitti/utili non pubblicati
  • Within striking distance: a portata di mano