The top 25 firms.
Fees for global Investment Banking services, from M&A advisory to capital markets underwriting, totaled US$86.9 billion during 2015, an 8% decrease over last year at this time and the slowest annual period since 2013. Fees during the fourth quarter of 2015 totaled US$19.6 billion, a slight uptick compared to the third quarter of this year, which marked the slowest quarter for Investment Banking fees since the third quarter of 2013. Fees from the Americas fell 3% compared to a year ago, while fees from Europe declined 16%. Asia Pacific Investment Banking fees fell 12% compared to a year ago.
JP Morgan Takes Top Spot for Global Investment Banking Fees; Within Top 25, Top Five Firms Gain a Combined 1.1 Wallet Share Points
JP Morgan topped the global investment banking league table during full year 2015 with US$5.98 billion in fees, or 6.9% of overall wallet share. Goldman Sachs booked US$5.94 billion in fees during full year 2015 for second place and an increase of 0.9 wallet share points. The composition of the top ten banks remained nearly unchanged, with Bank of America Merrill Lynch falling to third place from second place a year ago. Within the top 10 firms, the top five firms saw a combined wallet share increase of 1.1 points, while the second five firms saw an aggregate wallet share decline of 1.3 points.
Healthcare IB Fees Register 36% Increase; Strong Double-digit Percentage Gains for Energy & Power, Government & Agencies, Real Estate
Investment banking activity in the financials, healthcare and energy & power accounted for 50% of the global fee pool during full year 2015. JP Morgan topped the fee rankings in five sectors during full year 2015, with 11.3% share in the telecom sector. Fees from deal making in the healthcare sector increased 36% compared to a year ago with JP Morgan commanding 10.3% of all fees booked in the sector during the year. Fees from energy & power companies, government & agencies and real estate posted strong double-digit percentage gains during 2015.
Financial Sponsor-related Fees Down 21%; Blackstone Group Tops Financial Sponsor Fee Rankings, Goldman Sachs Tops Sponsor-Related Fee Rankings
Investment banking fees generated by financial sponsors and their portfolio companies reached $12.2 billion during full year 2015, a decrease of 21% compared to 2014. Fees generated from leveraged buyouts accounted for 36% of financial sponsor-related fees during the period, while ECM exits accounted for 16% and M&A exits comprised 17% of overall fees. Blackstone Group and related entities generated $560 million in investment banking fees this year, down 35% compared to full year 2014, while Goldman Sachs collected an industry-leading 7.2% of sponsor-related fees during the period.
IPOs Pull Equity Capital Markets Fees Down 13%; Debt Capital Markets Fees Fall 18%, while M&A Fees Register 8% Uptick
Dragged down by a 29% decrease in fees from IPOs, equity capital markets underwriting fees totaled US$20.6 billion during 2015, down 13% from a year ago. Fees from debt capital markets underwriting totaled US$26.0 billion during the period, down 18% compared to a year ago while fees from completed M&A increased 8% compared to the same period last year and accounted for 30% of the global fee pool. Fees from syndicated loans decreased 9% compared to full year 2014.