Lazards tops cross-border deals

Lazards topped the league table for cross-border bids and deals in Europe last year, but half of the top 10 were US banks, according to annual figures published yesterday.

The drive by US banks has been at the expense of UK banks and integrated European banks. Last year's total of Americans in the top 10 compares with four the year before.

Some US investment banks, such as Goldman Sachs and Morgan Stanley, have spent the last decade building up their cross-border advisory work in Europe, partly to get round the dominance of local advisers in domestic deals within European countries. The league table confirms the success of this strategy.

The US banks have "effectively a stranglehold on European cross-border mergers and acquisitions advisory work", said Philip Healey, editor of Acquisitions Monthly, which produced the data.

Lazards came top as a result of advising - jointly with the US bank JP Morgan - CarnaudMetalbox of France during a pounds 3.3bn takeover bid from Crown Cork & Seal of the US, the largest cross-border deal of the year. Lazards finished in sixth place in 1995. In total it advised on 46 deals worth pounds 12bn.

Second came Morgan Stanley of the US, with 26 deals worth more than pounds 11bn, while Goldman Sachs, first the year before, slipped to third with more than pounds 10bn.

JP Morgan was fifth, from 11th the year before, Merrill Lynch was sixth and Lehman Brothers eighth.

Acquisitions Monthly counts Credit Suisse First Boston as an American investment bank, which it said was for consistency with its previous data, bringing the total of Americans in the top 10 to six.

However, a spokeswoman for Credit Suisse said CSFB was now Swiss-owned and Swiss- registered and should be counted as a European bank.

UK banks had a poor year in Europe, with only Rothschild making it into the top 10, at number nine. Schroders was 11th, a fall from fourth the year before, and BZW was 15th.

SBC Warburg, the Swiss- owned group based in London, fell from second to seventh place while Deutsche Morgan Grenfell was 16th, after eighth place in 1995.

Societe Generale was the highest placed French bank at 10th, whereas the highest in 1995 was Banque Indosuez at 20th.

Acquisitions Monthly said towards the end of 1995 Merrill Lynch paid attractive salaries to lure experienced staff from Wall Street rivals and from Deutsche Morgan Grenfell.

"The league table seems positive proof that digging deep into one's pocket to hire the right people can have an almost immediate effect."

Cross-border league table

Financial advisers on European cross-border transactions January - December 1996, ranked by value of transactions

Adviser No of deals Value pounds m

1 Lazard Houses (6*) 46 12,003 2 Morgan Stanley (3) 26 11,085 3 Goldman Sachs (1) 23 10,815 4 Credit Suisse First Boston (5) 22 9,980 5 JP Morgan (11) 29 9,386 6 Merrill Lynch (13) 13 8,236 7 SBC Warburg (2) 41 5,896 8 Lehman Brothers (9) 23 4,289 9 Rothschild Group (7) 25 3,907 10 Societe Generale (-) 15 3,756 11 Schroders (4) 13 3,743 12 Baring Brothers (19) 14 3,216 13 Kleinwort Benson (17) 13 3,117 14 UBS (18) 10 2,491 17 Banque Paribas (-) 19 2,236 15 BZW (14) 5 2,164 16 Deutsche Morgan Grenfell (8) 39 1,997 18 Robert Fleming (16) 10 1,767 19 Hambros Bank (15) 6 1,160 20 NatWest Markets(-) 8 884

* 1995 full-year rating

The above table includes only those advisers acting on two or more transactions

Source: "Acquisitions Monthly"

Start your day with The Independent, sign up for daily news emails
ebooks
ebooksAn introduction to the ground rules of British democracy
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
SPONSORED FEATURES
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Recruitment Genius: Sales Executive / Foreign Exchange Dealer - OTE £40,000+

£16000 - £40000 per annum: Recruitment Genius: A Foreign Exchange Dealer is re...

SThree: Experienced Recruitment Consultant

£20000 - £40000 per annum + OTE + Incentives + Benefits: SThree: Established f...

SThree: Trainee Recruitment Consultant

£20000 - £25000 per annum + OTE 40/45k + INCENTIVES + BENEFITS: SThree: The su...

Recruitment Genius: Collections Agent

£14000 - £16000 per annum: Recruitment Genius: This company was established in...

Day In a Page

The long walk west: they fled war in Syria, only to get held up in Hungary – now hundreds of refugees have set off on foot for Austria

They fled war in Syria...

...only to get stuck and sidetracked in Hungary
From The Prisoner to Mad Men, elaborate title sequences are one of the keys to a great TV series

Title sequences: From The Prisoner to Mad Men

Elaborate title sequences are one of the keys to a great TV series. But why does the art form have such a chequered history?
Giorgio Armani Beauty's fabric-inspired foundations: Get back to basics this autumn

Giorgio Armani Beauty's foundations

Sumptuous fabrics meet luscious cosmetics for this elegant look
From stowaways to Operation Stack: Life in a transcontinental lorry cab

Life from the inside of a trucker's cab

From stowaways to Operation Stack, it's a challenging time to be a trucker heading to and from the Continent
Kelis interview: The songwriter and sauce-maker on cooking for Pharrell and crying over potatoes

Kelis interview

The singer and sauce-maker on cooking for Pharrell
Refugee crisis: David Cameron lowered the flag for the dead king of Saudi Arabia - will he do the same honour for little Aylan Kurdi?

Cameron lowered the flag for the dead king of Saudi Arabia...

But will he do the same honour for little Aylan Kurdi, asks Robert Fisk
Our leaders lack courage in this refugee crisis. We are shamed by our European neighbours

Our leaders lack courage in this refugee crisis. We are shamed by our European neighbours

Humanity must be at the heart of politics, says Jeremy Corbyn
Joe Biden's 'tease tour': Could the US Vice-President be testing the water for a presidential run?

Joe Biden's 'tease tour'

Could the US Vice-President be testing the water for a presidential run?
Britain's 24-hour culture: With the 'leisured society' a distant dream we're working longer and less regular hours than ever

Britain's 24-hour culture

With the 'leisured society' a distant dream we're working longer and less regular hours than ever
Diplomacy board game: Treachery is the way to win - which makes it just like the real thing

The addictive nature of Diplomacy

Bullying, betrayal, aggression – it may be just a board game, but the family that plays Diplomacy may never look at each other in the same way again
Lady Chatterley's Lover: Racy underwear for fans of DH Lawrence's equally racy tome

Fashion: Ooh, Lady Chatterley!

Take inspiration from DH Lawrence's racy tome with equally racy underwear
8 best children's clocks

Tick-tock: 8 best children's clocks

Whether you’re teaching them to tell the time or putting the finishing touches to a nursery, there’s a ticker for that
Charlie Austin: Queens Park Rangers striker says ‘If the move is not right, I’m not going’

Charlie Austin: ‘If the move is not right, I’m not going’

After hitting 18 goals in the Premier League last season, the QPR striker was the great non-deal of transfer deadline day. But he says he'd preferred another shot at promotion
Isis profits from destruction of antiquities by selling relics to dealers - and then blowing up the buildings they come from to conceal the evidence of looting

How Isis profits from destruction of antiquities

Robert Fisk on the terrorist group's manipulation of the market to increase the price of artefacts
Labour leadership: Andy Burnham urges Jeremy Corbyn voters to think again in last-minute plea

'If we lose touch we’ll end up with two decades of the Tories'

In an exclusive interview, Andy Burnham urges Jeremy Corbyn voters to think again in last-minute plea