The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Joint venture success arouses envy

A joint venture that can only be described as a success, Nikko Salomon Smith Barney is a rare creature, and other banks in Japan are green with envy.

Nikko Salomon Smith Barney is a rare creature. It's a joint venture that can only be described as a success. And it has the other banks in Japan green with envy. In equity underwriting it's at the top of the pile, and it's also moving up the tables in the M&A business. Thomson's league table for advisers for Japan places it fourth, behind the usual suspects of Goldman Sachs, Merrill Lynch and Morgan Stanley Dean Witter. Morgan Stanley is now looking over its shoulder because in 2000, Nikko Salomon Smith Barney was only $500,000 behind. And it was involved in more transactions: 23 compared with MSDW's 18.


In both the equity capital markets and the M&A side, the Japanese name Nikko has undoubtedly brought benefits. "The Nikko relationship has helped absolutely," says David Hatt, managing director in charge of equity capital markets. "Nikko has given us a whole new dimension in terms of capability and access to corporate Japan."


SSB acquired the capability and access because Nikko quite simply was in trouble. And Sandy Weill, chairman and chief executive officer of Citigroup, who is described by one banking competitor as being the best bottom fisher in the universe, picked up a powerful franchise and a client list that would have taken years to build.



You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree