Finance

Bank of America most favored for activism defense in 2021 -Refinitiv data

An individual walks previous a Financial institution of America signal within the Manhattan borough of New York Metropolis, New York, U.S., January 19, 2022. REUTERS/Carlo Allegri

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BOSTON, Could 3 (Reuters) – Financial institution of America (BAC.N) ranked as the highest monetary adviser to corporations focused by activist buyers in 2021, vaulting previous three rivals to say the highest spot, in line with Refinitiv information revealed on Tuesday.

Throughout 2021, Financial institution of America suggested on 35 campaigns, up from 28 reported for the earlier yr.

The highest 9 advisers labored on 186 campaigns final yr, roughly the identical quantity because the 187 they labored on in 2020 when the pandemic curbed activism. In 2019, activists focused 197 corporations.

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Final yr activists focused ExxonMobil (XOM.N), Duke Power (DUK.N), Worldwide Flavors and Fragrances (IFF.N), LabCorp (LH.N) and Greenback Tree (DLTR.O) amongst others.

Goldman Sachs (GS.N), which ranked as the highest monetary adviser in 2020 and in 2019, in line with Refinitiv information, slipped to the third spot with 33 campaigns. In 2020 Goldman suggested on 52 campaigns.

Morgan Stanley (MS.N) moved into the second spot with 34 campaigns, up from 29 in 2020, the information present.

JP Morgan (JPM.N) suggested on 30 campaigns, up sharply from 9 campaigns in 2020, serving to it rise to fifth spot from eighth.

Highlight Advisors, which works for each corporations and activists, took the fourth spot with 32 campaigns, roughly the identical as in 2020 when it suggested on 33 campaigns.

Varied suppliers compile league tables which might be typically used to woo new purchasers. However they seldom inform your complete story, bankers say, noting that discrepancies can come up as a result of many corporations fend off activists privately and ask their advisers to remain silent about their involvement.

Elliott Administration held on to its spot because the busiest activist, launching 14 campaigns final yr after 16 in 2020. Jana Companions adopted with 8 campaigns, up from 5 in 2020.

Olshan Frome Wolosky was the busiest regulation agency, engaged on 85 engagements for activists. Vinson & Elkins LLP, which dealt with 40 campaigns, together with one for an activist, was No. 2. Sidley Austin LLP ranked third with 36 campaigns, together with one for an activist.

Morrow Sodali and Innisfree had been the highest proxy solicitors.

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Reporting by Svea Herbst-Bayliss; enhancing by Richard Pullin

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