JPMorgan Tops Fees League

A flurry of summer DCM and ECM underwriting has rocketed JPMorgan to the top of the investment bank fee charts for the year to date, Dealogic data shows. The US shop has bagged $100.5m in revenue in the year to August 31, or 15.2% of a battered regional fee pool, which includes commissions from M&A, ECM, DCM and loans. JPMorgan was fifth in mid-June, when it had booked $28m in fees. In second place is Bradesco ($66.7m, 10.1%), which jumped 8 places due to senior participation in VisaNet’s $4.26bn June IPO, according to Dealogic. Third is fellow VisaNet equity global coordinator Santander, with $59.2m, or 8.9% of the market. The top 3 is completely different to this time last year, when Credit Suisse led with $233.6m (20.2% share), Citi was second ($117.5m, 10.2%) and Itau third ($110.8m, 9.6%). The LatAm fee pool has shrunk 43% to $662m in the year to mid-August, from $1.16bn in the corresponding period of 2008, Dealogic data shows. However, bankers are hoping that a post-Labor Day Brazil-led revival will drag regional investment banking revenue back up. Year-to-date, Brazil has accounted for 75% of M&A and 97% of ECM revenue, according to Dealogic. Colombia leads a more diversified DCM fee market, with 27% of the fees from entities based there, while Brazil yielded 24% of the total bonds, down from 30% in 2008. By market, Credit Suisse has bagged most M&A fees, at $29.0m, or 17.7% share, while JPMorgan leads DCM revenue, with $30.4m, or 17.9%. By volume so far this year, JPMorgan tops DCM and ECM rankings, while UBS heads M&A and Santander is well ahead for loans. (For full rankings, see www.latinfinance.com/LeagueTables2.aspx#Fees)