DEALMAKER OF THE YEAR
Recessions are when reputations are made, they say, and that has been true in the world of fund managers. While some have battened down the hatches, the ones on our list have seen opportunity in crisis, and pushed ahead with flotations and expansions, or have just taken the chance to expand. All are stars in their own way.
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JIM RENWICK
BARCLAYS CAPITAL
Barclays Capital has swept up the ranks of corporate brokers since Jim Renwick moved to the bank from UBS last year to be chairman of corporate broking and head of UK equity capital markets (ECM).
The bank broke into the top ten in FTSE 100 corporate broking this year after signing its first FTSE 100 client, National Grid, in October, and has since added International Consolidated Airlines Group (the result of British Airways’ merger with Iberia), Resolution and 3i to the fast-growing list.
Renwick has advised Resolution on its £2bn right issue and accompanying purchase of AXA’s life insurance arm for £2.75bn and secured a place for BarCap advising LSE on its attempted C$3.2bn takeover of TMX.
SIMON ROBEY
MORGAN STANLEY
Morgan Stanley’s well-known UK chief executive and co-chair of M&A, Simon Robey has a reputation for a canny strategic mind that anxious management can call upon in times of trouble.
No wonder that Morgan Stanley has, through Robey’s work, gained a slot as lead adviser on both LSE’s C$3.2bn takeover bid for Canadian rival TMX and BSkyB’s ongoing dealings with News Corp this year – not to mention Robey being in for advice during last-ditch efforts by BP to save its Arctic tie-up with Rosneft.
The bank narrowly missed out on a high-profile mandate to re-privatise Northern Rock due to its ongoing relationship with National Australia Bank, which could be a bidder, but is already seen as the front-runner to buy Lloyds’ 632 branches.
JOSH CRITCHLEY
RBC
Formerly of Goldman Sachs, equity capital markets (ECM) and corporate broking chief Josh Critchley has led a hiring and new business drive that has seen RBC Capital Markets repeatedly finding itself head to head – and often also advising alongside – this year’s other mover up the corporate broking ranks, Barclays Capital.
Critchley has established a new financial institutions group (FIG) at the bank and led RBC to gain a slot on LSE’s bid for TMX, alongside bulge bracket banks like Morgan Stanley and BarCap, as well as Resolution’s £2bn rights issue last year.
Most recently RBC has been working on the $1bn float of Ophir Energy, the African-focussed exploration company.
RUPERT HUME-KENDALL
BOA MERRILL LYNCH
As chairman of Bank of America/Merrill Lynch’s flagship global capital markets division, Hume-Kendall has led a business drive that has seen the bank become the second biggest underwriter of deals globally since the start of 2011.
His division has won slots on many of the capital-raising mega-deals of the year, acting as a joint book-runner on Glencore’s $60bn float and joint lead on both the successful $3.3bn privatisation of Russia’s VTB and on the $7.1bn capital raising by Italy’s Intesa Sanpaolo.
Under his leadership, Merrill Lynch has become the go-to bank for capital raisings, a position it is likely to cement by leading the London float of Santander UK, expected to raise around £4.5bn.
He has also presided over a welcome period of stability in the bank’s capital markets team after the turbulence of the financial crisis.
DAVID WORMSLEY
CITI
Even in the fast-moving City, it’s rare to have quite such ride from rock bottom to the heights of success as Citi’s UK banking chairman David Wormsley – known to those in the business simply as “The Worm” – has seen in the last year.
Cleared of misleading prominent Citi client Guy Hands’ Terra Firma over the purchase of EMI in November 2010, Wormsley returned to London from the court rooms of New York to bag his bank a top spot in the biggest float in UK history, leading a consortium of 23 banks that brought commodities giant Glencore to market.
All the more impressive because Wormsley helped pull off the $60bn float, which raised some $10bn in London and Hong Kong, against the backdrop of wildly fluctuating commodity prices and a shaky local IPO market that has forced lesser rivals to turn back.