Asia’s investment banking industry has changed dramatically during the past four years. The ready supply of equity deals that once attracted banks from all around the world is now a shadow of what it once was. So far this year, equity deals have generated fewer fees for banks than advising on mergers and acquisitions, according to Dealogic.
That is quite a change. As recently as 2009, equity capital markets made up a whopping 69% of Asia’s investment banking wallet. During the bumper harvest of 2010, equity deals generated roughly $3 billion in fees, while this year Asia ECM is on target to earn around a third of that. Put simply,...
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