By Steven I. Davis (auth.)
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Extra info for Investment Banking: Addressing the Management Issues
7 provides estimates of both the trend and level of aggregate margins in Europe and the US. Institutional or wholesale client trading has exploded since the early 1990s, with turnover increasing largely as a result of hedge fund activity in recent years. The correspondingly higher bargaining power of a diminishing number of large institutions has driven down average wholesale margins in both the US and Europe. There has been a corresponding surge in retail activity on the back of buoyant stock markets and the equitization of the European retail sector.
4 provides such a breakdown. Given this data, the response of most mid-sized European banks is to allocate relationship management resources to the segments which are perceived to be most attractive as well as most likely to be won. For such banks, faced with the competition of the global institutions, the second size tier is often given the highest priority. ’ Yet partnering with global competitors for major mandates is a viable strategy for many mid-sized European banks. As Lars Bertmar, CEO of Carnegie Group, explains: “We don’t have the penetration of the large caps, where the competition from the globals is most severe.
This is the dark side to an ever-expanding product universe. The ebullient creativity of its bankers can push back the envelope with new ideas, but the new businesses may or may not be viable. British merchant banks diversified into the securities business from a highly successful M & A activity in the 1980s in an understandable desire to ensure adequate distribution for the securities issued by their clients. In retrospect it contributed to the hollowing-out of the UK banking sector as the US banks overwhelmed them with superior distributor power and capital.