As companies continue returning to in-person roadshows, JPMorgan Chase remains the most-used broker to go on the road with, while Bank of America remains the second most-used broker for in-person events. Both of these brokers have retained their respective positions for in-person roadshows since 2020’s report, remaining the most popular choices even during the pandemic.
Elsewhere, a few brokers have changed position on the most-used brokers table over the past 12 months. UBS has risen to third in 2023 after ranking seventh last year, while Royal Bank of Canada has risen from 18th spot in 2022 to seventh this year. Morgan Stanley has fallen from joint-second position last year to fifth in this year's list, while Credit Suisse has slid from joint-fourth to eighth. New entrants in the top 20 brokers list for in-person roadshows this year include TD Cowen and Daiwa.
JPMorgan Chase is also the most-used broker for virtual roadshows, retaining its top spot in the list for the second year running. Bank of America and Morgan Stanley have risen from joint-third last year to share second place in 2023, while Citi has fallen below them into fourth.
As was the case last year, the top five brokers for virtual events are the same ones that make up the top five for in-person roadshows. Four of them – excluding Morgan Stanley – also appeared in the top five most-used brokers for roadshows in 2019, before the pandemic.
Royal Bank of Canada has become the most-used broker for in-person roadshows by North American firms. It also shares the second spot for most-used virtual roadshow broker by North American firms with JPMorgan Chase.
Scotiabank has broken into the top five for in-person roadshows for North American companies, having ranked outside the top 20 in 2022 and 2020. TD Cowen is also a new entry this year as a recently merged entity, though both TD Bank and Cowen have appeared separately in the top broker list in previous years. Raymond James, Stifel, Barclays Capital and Jefferies have all fallen out of the top five most popular brokers for in-person events among North American companies in 2023.
For virtual roadshows, 2023’s top brokers are a reordered version of last year’s top five, with Stifel falling from its top spot to seventh this year.
Exane BNP Paribas and Kepler Cheuvreux have become the joint most-popular brokers for European companies organizing in-person roadshows, rising from joint-eighth and joint-second place, respectively, in 2022. For Kepler Cheuvreux this represents a return to a position it held in both 2020 and 2019. Last year’s leading broker for in-person events – Bank of America – is down to fourth.
Kepler Cheuvreux is also the preferred broker for virtual roadshows run for European firms, maintaining its top spot from last year. Bank of America is the second most-used, while Barclays Capital, Citi and JPMorgan Chase all share third spot.
The most popular brokers for Asian companies organizing in-person roadshows in 2023 are Citi – returning to a top spot it last occupied pre-pandemic – and UBS. Last year’s top-ranking broker, JPMorgan Chase, has fallen to joint-fourth alongside Daiwa.
For virtual roadshows, JPMorgan Chase is the most popular option among Asian companies, reclaiming the top spot it held in 2021. It was also named the ‘most impressive’ broker for virtual events by 24 percent of Asian respondents. Last year’s most popular broker for virtual roadshows – UBS – has fallen out of the top five in 2023.
