Its ability to deal with all the complexities intrinsic in organisational change and produce an integrated FIG platform show a willingness to adopt radical thinking. This platform encompasses fixed income, M&A and equity activities on a global and regional basis.
Using this platform as its springboard, the bank has won top mandates. It is now the dominant underwriter across all asset classes of fixed income hybrid capital. Likewise, it is a leader in advisory mandates and equity capital product issuance.
Its restructuring of Royal Bank of Scotland, Santander and Abbey celebrates a philosophy that stresses the critical importance of cross-border structures, and of banking cadres who see the market as fluid and multi-dimensional rather than narrowly national.
According to Andrea Orcel, head of global financial institutions group and co-head of global markets and investment banking for EMEA, Merrill’s success has been helped by its organisational structure.
“Merrill Lynch has long used a cross-border model for its FIG strategy and now that is paying off. We are closer to clients, we are getting in earlier on the deals and we are able to use our innovative product range to satisfy them. Many clients have sat up and taken notice in the past year as Merrill has increasingly differentiated itself from its competitors in the level of idea generation, product innovation and execution across all aspects of the business. The progress in Merrill Lynch’s market share is a reflection of this.”
