JPMorgan Chase was the most-used broker for in-person roadshows, reveals the 11th annual Global Roadshow Report from IR Magazine. For the first time, however, IR Magazine also looked at virtual roadshows, with companies having been forced to shift their corporate access online as Covid-19 put the brakes on global travel – leading to Citi being named the most-used broker for virtual meetings.
Rounding out the top three for physical roadshows is Bank of America Merrill Lynch (BofAML) in second place and Credit Suisse in third. For virtual roadshows, BofAML again takes the second-place spot, followed by UBS.
‘Because there were significantly fewer in-person roadshows in this year, the overwhelming majority of brokers have seen a percentage-point drop in the number of companies that use them. The brokers that have risen in the table this year have done so by holding on to – rather than expanding – their client base,’ write the report authors.
The report notes that more than 60 percent of companies held a virtual roadshow. Regionally, North American companies were most likely to do so (67 percent), compared with less than half (47 percent) of Asian companies.
And the research backs up what we all know: that the big driver behind virtual roadshows was Covid-19. Three quarters of the roadshows held during the research period took place in the second quarter of 2020, with just 8 percent being held in the second half of 2019.
It’s not all about numbers, however. BofAML and Citi also held the most impressive roadshows, both in-person and virtually, according to the research, followed by JPMorgan Chase, Morgan Stanley and UBS.
The research captured comments from some respondents about the brokers and roadshows they were most impressed with:
Bank of America Merrill Lynch: ‘It had access to all the target investors of our choice. Its equity sales people knew most of the senior people in buy-side targeted fund houses and were up to date on any changes that had taken place in buy-side organizations’ – Asia, large cap, industrials
Citi: ‘Most proactive and team-oriented across geographies’ – Europe, mega-cap, financials
JPMorgan Chase: ‘Introduced us to new investors we had not met before’ – North America, mid-cap, financials
Morgan Stanley: ‘We are happy with the organization of Morgan Stanley’s roadshows. Some brokers are more open to using video platforms than others’ – Europe, large cap, financials
UBS: ‘Good lineup of investors and smooth infrastructure’ – Asia, mid-cap, consumer discretionary
Click here for more information and to download your copy of the Global Roadshow Report 2020.
