The average number of brokers used for in-person roadshows in the year Q3 2019 to Q2 2020 was 3.6, down 1.6 from the average number of brokers in our 2019 report. European companies tended to go on the road with more brokers in this time, while North American companies typically used fewer brokers. The number of brokers used for in-person roadshows increases with company size, although the number of brokers used by mega-cap companies has fallen by more than a third on the previous year.
The average number of brokers used for virtual roadshows during this period was 2.2. As with in-person roadshows, European companies used the highest number of brokers for virtual roadshows and North American companies used the fewest. The number of brokers used for virtual roadshows increases with company size, from 1.7 among small caps to 3.1 at mega-cap companies.
JPMorgan Chase is the most-used broker for in-person roadshows, with Bank of America Merrill Lynch taking second place. Both have risen in the rankings from their 2019 positions in the table for most-used brokers.
Because there were significantly fewer in-person roadshows in this year, the overwhelming majority of brokers have seen a percentage-point drop in the number of companies that use them. The brokers that have risen in the table this year have done so by holding on to – rather than expanding – their client base. Notable climbers in this year’s table include Royal Bank of Canada, Wells Fargo and Goldman Sachs, while Citi and Deutsche Bank saw the largest percentage-point falls in companies that have used them for in-person roadshows.
JPMorgan Chase is the most-used broker for in-person roadshows by North American companies, followed by Royal Bank of Canada and Wells Fargo. All three firms have actually increased the number of North American companies that use them, despite the fall in the number of roadshows. Raymond James is now the fifth-most used broker by North American companies, up from joint 10th spot last year.
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Kepler Cheuvreux and Exane BNP Paribas remain the top two most-used brokers by European companies, despite both seeing a drop from the previous year in the number of European firms using them. Bank of America Merrill Lynch has moved up from fifth to take third spot this year. The global success of JPMorgan Chase is largely due to the North American market, as it has fallen among European companies from third to joint-seventh-most used broker for in-person roadshows.
UBS and Citi have swapped places this year as the top and second-most used broker for in-person roadshows by Asian companies. Credit Suisse shares second spot with Citi, while Bank of America Merrill Lynch has risen in the rankings among Asian companies from joint seventh in 2019 to joint fourth, where it is joined by Macquarie, a new entry to the top 10, this year.
Citi is the most-used broker for virtual roadshows, having come joint fourth in the most-used table for in-person roadshows. Bank of America Merrill Lynch, which ranks second for in-person roadshows, is also the second-most used broker for virtual roadshows this time.
Third-placed UBS is sixth on the in-person broker list, while fourth-placed Credit Suisse is the third-most used broker for in-person roadshows. JPMorgan Chase, the most-used broker for going on the road this year, is the fifth-most used broker for virtual roadshows.
Royal Bank of Canada is the most-used broker for virtual roadshows by North American companies. Raymond James, the fifth-most common broker for North American companies to go on the road with, is the second-most used broker for virtual roadshows. Bank of America Merrill Lynch and Barclays Capital rank joint third for brokers used for virtual roadshows by North American companies.
Citi is the most-used broker by European companies for virtual roadshows, despite being in joint-ninth spot for in-person roadshows and jumping ahead of Kepler Cheuvreux – the most common broker for European companies to go on the road with. Bank of America Merrill Lynch keeps its joint-third place for most-used broker for virtual roadshows, the same place it holds for in-person roadshows.
UBS, the most-used broker by Asian firms for in-person roadshows, is also the most-used broker for virtual roadshows, though it shares this spot jointly with Credit Suisse. Citi swaps its joint-second place for in-person roadshows for third place for virtual, while Bank of America Merrill Lynch is the fourth-most used broker for virtual roadshows held by Asian firms, just as it is for in-person roadshows.
