Weak IPO markets continue to take toll on fees

Investment banking fees in Asia disappointed during the first quarter as the number of initial public offerings dropped to its lowest level since the height of the global financial crisis in 2009.

Across the North Asia market, Dealogic data shows that the $1.3 billion fee pool was 9% smaller than the opening quarter of 2012 an even worse result than Europe’s 8% drop. Revenue in Southeast Asia showed a modest 2% rise, but at $352 million is barely more than a quarter the size of the North Asia market. India was somewhere between the two, suffering a 4% drop in investment banking revenues to $162 million across the subcontinent.