Martin Sorrell's S4 Capital Chooses Jefferies, Morgan Stanley as Corporate Brokers -- Financial News
|03/17/2021 | 05:31am|
By Paul Clarke
Of Financial News
Jefferies and Morgan Stanley have nabbed the corporate broking mandate for Martin Sorrell's S4 Capital PLC, as competition in this British corner of investment banking continues to grow.
The two investment banks were named alongside Dowgate Capital as corporate brokers for Mr. Sorrell's digital advertising and marketing firm, which raised $146 million in July last year to fund acquisitions.
The appointment is the 25th for Jefferies in the past year, which has been building out its U.K. investment-banking business under former HSBC investment banker Philip Noblet.
Mr. Noblet, who was formerly co-head of global banking for the U.K. at HSBC, joined Jefferies in 2018, alongside two other senior investment bankers in a bid to gain bigger market share in the U.K.
Last year, the bank worked on $1.7 billion worth of initial public offerings in Europe, the Middle East and Africa, according to data provider Dealogic, jumping from 43rd in the rankings to 3rd. Jefferies ranks 11th by number of corporate broking clients, according to league tables released in February by Adviser Rankings.
Corporate brokers offer advice to the C-suite of U.K. companies, usually for no or a nominal fee, with an eye on more lucrative investment-banking deals. It is often the best route to securing a role on any equity capital raises offered by the companies.
The pandemic has meant that the space has become increasingly competitive. Andrew Foster, co-head of U.K. corporate broking at Morgan Stanley told FN previously: "Competition is high because whenever there is a crisis, companies question whether they are getting the right things from their advisers."
(END) Dow Jones Newswires