Despite a difficult quarter for investment banking, Morgan Stanley has performed well in Europe, avoided the worst of trading pitfalls and gained share in traditional revenue streams, according to a Financial News article on June 5.
Referencing Morgan Stanley's move back to the top of the M&A league table for Europe, Financial News said two defence advisory mandates stood out: cable broadcaster BSkyB on its $7.8 billion takeover approach from News Corp. and Talecris Biotherapeutics on an agreed $4 billion takeover by Barcelona-based Grifols.
Summing up the achievements, Financial News said: "James Gorman, Chief Executive of Morgan Stanley, has ensured the continuation of a plan launched last year by his predecessor John Mack to hand senior manager's greater responsibility for the bank's big clients. His approach appears to have paid dividends."
The article follows recent news from data providers Bloomberg and Thomson Reuters, which ranked Morgan Stanley in first place for global IPOs.
In Equity Capital Markets, Financial News highlighted Morgan Stanley's work on two of the three largest initial public offerings in Europe:
Morgan Stanley also showed market share improvement in Debt Capital Markets during the second quarter, Financial News noted, as the Firm served as bookrunner for a landmark $3.4 billion preferred-share offering by HSBC and a $1.5 billion dual-tranche Sovereign bond by the Arab Republic of Egypt - its first dollar offering in nine years.