In January, Merrill Lynch won a mandate in Brazil as global coordinator for the privatization of mining conglomerate CVRD. The fee will be just 1.91% of the funds raised. This is bad news for other leading investment banks which regularly compete for the world’s top mandates. Fees are coming down. Rewards for executing large, complex, time-consuming privatization issues are falling, just when the deals are getting tougher to complete, and the cost of maintaining a high-powered privatization team is still rising.
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