Citi’s corporate access efforts in Asia have seemingly paid off, with the banking group overtaking Bank of America Merrill Lynch and JP Morgan Chase as the most used broker for the region in 2015.
According to IR Magazine’s latest Global Roadshow Report, Citi was hired by 38.2 percent of Asian companies to handle their roadshows, more than any other firm. On a global basis, the bank was used by 26.6 percent of companies, placing it in fifth position overall.
Among other advantages, several respondents highlighted Citi’s efficient organization of meetings, as well as the quality of its relationships in the US and beyond. ‘We were able to schedule meetings in New York, Rotterdam, London and Paris, focused on emerging markets funds,’ says one US-based IRO.
Bank of America Merrill Lynch and Credit Suisse came joint second on the list of most used brokers by Asian companies, followed by Macquarie and Morgan Stanley.
As the report notes, the brokers’ total percentage figures are lower than they were in the previous year’s survey and the gaps between the top five brokers have narrowed. This may indicate that companies are using a larger number of brokers or that IROs are finding ways of bypassing brokers for their investor outreach.
