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Tag: Fees

‘Add £10,000 for good luck’

One of the perks of working in an investment bank is – or rather was – a fairly casual approach to expenses. Virtually everything is billable back to the employer, who directly or indirectly passes the expenses onto clients. read

, , Expenses, Fees, UK

Death of a salesman

HONG KONG (Dow Jones Investment Banker) – With market volatility comes caution, and IPO syndicates are no exception. Internationally and in Asia, these are increasingly becoming crowded at the senior end for sizeable transactions in particular. Junior underwriters, whose contribution remains marginal, are being squeezed out. read

, , , , China, Fees, Hong Kong... +2 more

The double edge of Glencore’s cornerstones

The total number of shares subscribed for by cornerstone investors in Glencore’s IPO, which is targeting proceeds of about US$10 billion (excluding a 10% over-allotment option), is expected to represent approximately 31% of the global offer, assuming the overallotment option is not exercised. The US$3.1 billion tranche therefore represents one of the largest cornerstone books by value ever achieved for an IPO. But there are consequences to the practice, which could come back and haunt the issuer as well as other investors in the company. read

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