Lower fees and underwriting government-backed sales from here to China is paying off for Morgan Stanley, which overtook JPMorgan as the top equity sales banker for this year, Bloomberg reports.
37% of the bank’s underwriting business came from state-controlled companies.
The bank’s market share increased by 10.4 %per cent with $72.7 billion worth of IPOs, additional sales and convertible bond issues.
JPMorgan placed second, and underwrote 10% more deals than Morgan Stanley worth $59.7 billion; Goldman Sachs came in third ($57.2 billion). Goldman’s share sank by 51% this year, to 8.6%.
In fact Goldman’s share of the market has “slumped to the lowest level since at least 1998.”
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