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Capital Markets

Independent advisory: Trend to independent ECM advisers hits US

Rothschild, Moelis see more business; Foreign firms say US IBs too ‘fast and loose’

Chris Ryan, head of capital markets at Moelis

"In the US, the idea of an independent adviser is gaining traction and is something we are keeping an eye on"

Chris Ryan, Moelis

The number of equity issuers now using independent advisers has been increasing in Europe since the financial crisis. Now the US is starting to see a greater presence from such firms as Lazard, Evercore, Greenhill, Rothschild and Moelis in advisory roles in equity capital markets offerings.

Chris Ryan, head of capital markets at Moelis, says his firm is witnessing a greater interest in independent advice in the US. The shift to independent advisers started in the UK market about five years ago, spreading across Europe. "In the UK there is more of a tradition of separating advisory roles from execution and Europe has tended to have more advisory roles in capital markets deals in general," says Ryan. "In the US roles have tended to be more transactional, but the idea of an independent adviser is gaining traction and is something we are keeping an eye on as we think about resources for our business."

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