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J.P. Morgan在2016年是拉丁美洲的顶级企业访问提供商
美国银行Merrill Lynch推进了第二名;BTG愤怒曲折到第三。
Brazil is beset with crushing problems these days — political scandals, soaring inflation and the worst recession in decades. It’s also the Latin American economy that most intrigues金钱经理from around the world.
“巴西在大小,发行人和流动性方面仍然是该地区最大,最具活力的市场,”Camila Penna,J.P. Morgan的圣保罗负责人Latin America股票销售和企业访问。“此外,它已经被一个主要(正在进行)的政治转型所震动,这导致了许多投资机会。”
货币管理人员渴望抓住这一刻,但许多人想在决定在何处分配资金之前与公司决策者见面。该公司能够安排这样的聚会的最佳工作是J.P. Morgan,哪个顶部亚博赞助欧冠’s roster of拉丁美洲的顶级企业访问提供商连续第二年。它在15个行业中获得的一个地方,该行业产生了可发出的结果,仅在电动和其他公用事业中失踪。更重要的是,它被认为是它排名的一半以上的一半,坐拥九个第一名位置 - 近似双倍索取美国Merrill Lynch所声称的人数。后者的成套装备将在整体上突破一个梯级,其中13个点。
赢家的保监会后共享le with J.P. Morgan in 2015, BTG Pactual tumbles to tie for third with Credit Suisse, which leaps two levels. These access providers earn a dozen positions each, but neither is a sector champion. In fact, the only other firm to top an industry roster is Itaú BBA, which drops two notches to fifth place.
J.P. Morgan’s Brazil Opportunities Conference, held each December in São Paulo, is its largest event in the region, according to Penna. The three-day gathering draws more than 800 attendees and features over 100 speakers, including C-suite executives, government officials and politicians.
Over the past two years, investors have increasingly sought meetings with leaders and consultants beyond the corporate sphere. “This demand has especially spiked in Brazil and Argentina, where politics and government measures have had such a strong impact on investment opportunities,” observes Penna. In response, J.P. Morgan has begun targeting its conferences to include access to relevant regulators and policymakers who could shed light on possible impacts to corporates coming from macroeconomic development or fiscal measures.
The bank held its annual Brazil Macro and Political Conference in Brasília in February. The two-day event allowed investors to meet with main representatives of the government, as well as politicians, consultants and journalists. Attendance is capped at about 50 money managers to facilitate more intimate discussions, Penna explains.
Brazil’s economy has contracted in each of the past five quarters, and an ongoing political crisis shows no sign of ending. In May, its Senate voted to suspend President Dilma Rousseff for six months pending the outcome of her impeachment trial over allegations that she manipulated the government’s budget numbers prior to her reelection bid in 2014, among other accusations.
That’s a lot for investors to take in. “Questions and concerns are centered on the new government’s ability to build a strong enough political coalition to vote and approve the necessary fiscal reforms — reforms that are key for interest rates to fall, investors’ confidence to improve and the country to resume growth,” says Carlos Eduardo Sequeira, head of BTG Pactual equity research in Rio de Janeiro.
His firm’s largest event was its 17th annual CEO Conference in São Paulo in February. Over 1,000 investors turned out to meet with representatives from 126 companies, with 76 percent of participating corporate officials being senior executives and management.
“Demand for corporate access in Brazil and Argentina has been growing nicely as prospects for both countries’ economies improve,” Sequeira reports.
BTG Pactual also organized nearly 90 nondeal road shows in the past year across Brazil, Chile, Europe and the U.S. for visitors to meet with Latin American executives, typically CEOs and CFOs. Over the past year and a half, the firm organized more than 30 field trips to the region and hosted nearly 200 small group meetings, including breakfast and lunch events, at its offices.
Foreign investors need not travel far. BTG Pactual also hosts corporate access events in London in April and in New York in October.
据纽约企业通道首都伊丽莎白埃弗雷特·克里斯伯格(纽约公司)负责人,Bofa Merrill通常会看到墨西哥最兴趣的。“2015年,由于总统选举,对阿根廷的需求拿起,去年是第二次要求的国家,而是迁移到历史层面,”她说。
AcrossLatin America, the bank has seen steady appetite for bespoke trips and nondeal road shows, though interest has skewed toward large and midsize companies with good liquidity rather than smaller-capitalization stocks. “Questions from both investors and corporates are focused on politics, economic recovery and interest rate cuts,” Everett Krisberg adds.
每年II询问在更广泛的人中投票的货币管理人员拉丁美洲研究团队调查表明哪家销售方公司是提供对该地区的高管的最佳选择。今年,我们收到了来自超过465名投资者的答复,在280名机构中统称在拉丁美洲股票估计的2.46亿美元。
共有21家公司使今年的团队(加上一个接受荣誉提到的14份)。排名最高的人列于Leaderstable. Data regarding firms not appearing here are available from the Institutional Investor Research Group; for information please contact Esther Weisz at 212-224-3307 or eweisz@iiresearchgroup.com.