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Many companies have tried, in various ways, to market both insurance policies and savings accounts, or to offer business customers both traditional bank loans and share underwriting.
It has lately beefed up share underwriting and mergers-and-acquisitions advising, but remains behind bigger rivals such as Goldman Sachs and Merrill Lynch.
Should league tables, which rank investment banks on their market share in businesses such as share underwriting, debt issuance and mergers and acquisitions (M&A), also be fingerprinted?That league-table positions matter to the banks is not in doubt.
But neither has been able to make a big breakthrough into equity underwriting, the investment-banking business that separates the best from the rest.The curse of historyJ.P. Morgan's share underwriting activities were profitable for the first time in 1999, but have been constrained by the quality of its clients, which is too high.
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Moreover, as UBS itself has discovered, the bigger a firm becomes, the more impersonal it seems, and that deters private-banking clients.Rich pickingsAt least M&A and share-underwriting should be less affected by such considerations.
Last year sias also drew attention to an initial public offering in which the local United Overseas Bank (uob) applied for shares underwritten by one of its own units.
The markets team handles debt and equity financing, share sales, underwriting activities and helps structure new investment products.
That offering, at $10 a share, was underwritten by Merrill Lynch.
Barclays today announced that it hopes to raise £6.5bn through a series of new share issues, underwritten by the government.
The TVO partners are also stumping up around 25% of the €3 billion ($3.6 billion) cost by buying shares and underwriting subordinated loans.
While peer-to-peer platforms like Lending Club have certainly provided more liquidity, the bigger challenge is building shared data underwriting platforms.
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