2021's global investment banking fees hit $115.8bln in 9 months: Refinitiv

Powered by record IPO issuance (including SPACs), equity capital market underwriting fees totaled a record $30.1 billion

  
Image used for illustrative purpose.

Image used for illustrative purpose.

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Global investment banking fees reached $115.8 billion during the first nine months of 2021, posting a 21 percent rise compared to the first nine months of 2020 and the strongest opening nine-month period for global IB fees since records began in 2000, according to global data provider Refinitiv.

Fees during the third quarter of 2021 totalled $35.3 billion, a 12 percent decline from the second quarter of this year. 

The Americas contributed 53 percent of all fees generated globally, at $61.7 billion, a 28 percent uptick compared to 2020 levels. Imputed fees in the EMEA region increased 22 percent to $26 billion during the first nine months of 2021, driven by year-over-year gains in the UK and France.  Total IB fees in Asia-Pacific and Japan hit $28.1 billion with a 7 percent uptick compared to 2020.

Powered by record IPO issuance (including SPACs), equity capital market (ECM) underwriting fees totalled a record $30.1 billion during the first nine months of 2021, a 36 percent increase compared to 2020 levels, Refinitiv said in its quarterly report. 

However, despite a record level of high yield corporate bond offerings, debt capital market (DCM) underwriting fees was down by 4 percent compared to the first nine months of 2020. 

Completed M&A advisory fees registered a 44 percent uptick compared to a year ago with $32.2 billion in fees globally, the strongest first nine months since records began in 2000.  Syndicated lending activity reached a record $19.2 billion, a 21 percent increase compared to the first nine months of 2020.

While most sectors registered gains, fees from global financials-related activity led all other sectors with $36.3 billion, up 38 percent compared last year and accounting for 31 percent of all fees globally.

According to available data with Refinitiv, the Tech and Financial sectors registered the strongest double-digit percentage increases compared to a year ago, while Media & Entertainment and Government/Agency sector fees both fell 5 percent compared to the first nine months of 2020.

JP Morgan held the top spot for investment banking fees with $9.6 billion. Goldman Sachs remained in second place with an estimated 7.5 percent of global wallet share and Morgan Stanley took the third spot with $6.7 billion in fees.

(Writing by Seban Scaria seban.scaria@refinitiv.com; editing by Daniel Luiz)           

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