The decline in IPOs in the UK and in M&A deals is bad news for domestic investment banks. But self-help is always the best remedy. One of the few bright sparks in the gloom is consolidation among brokers that serve UK mid-caps.
Last year, Cenkos Securities merged with finnCap, and Deutsche Bank paid a premium to acquire Numis, corporate broker to 166 listed UK companies, also adding its decent research capabilities.
In January 2024, Panmure Gordon agreed a merger with Liberum to create what the two claim will be the largest UK independent investment bank.
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