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Capital Markets

Risk management poll 2004: Complexity-averse clients still need risk management

As this year's Euromoney poll indicates, the banks that best satisfy their clients' risk management needs are the ones that have succeeded in integrating the function into the teams that offer capital raising products.

Global financing 2004:
Risk management results tables

FOR BORROWERS, EFFECTIVE risk management advice is a key service when they raise money. It is no coincidence that the top 10 banks in Euromoney's overall risk management poll also take the first 10 places in our overall capital raising poll – albeit with some variation in position – with Deutsche Bank keeping the top risk management spot by a wide margin.

The consistently strong year-on-year showing of leading derivatives trading houses such as Deutsche and JPMorgan indicate that a strong risk management practice is founded on a strong derivatives flow business. Beyond that, the key is service delivery and integration. Deutsche's success suggests that simplest is best.

"Our risk management model is relatively straightforward," says Miles Millard, Deutsche Bank's head of DCM for Western Europe. "Our risk management professionals are fully integrated into our bond coverage. Client feedback indicates they like being advised jointly on capital raising and balance sheet risk management, especially with regard to the accounting treatment of derivative instruments."

Clients today need more than simple hedging after they come to market, delivered by derivatives teams supporting each of their banks' individual product lines – equity capital markets, debt capital markets, foreign exchange, and so on.

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