The ins and outs of mandate hunting
Matthew Koder, UBS: understanding pitching process
One of the biggest reasons why people argue that the rainmaker era has run its course is because of the growth in sophistication in Chinese mandate processes, especially in the big state-owned-enterprise mandates. It would be a stretch to say that the decision-making process is transparent. However, many feel that it stands comparison with privatization beauty parades elsewhere in the world. In at least two bake-offs, for ICBC and Bank of Beijing, people who pitched say they heard back from the selection committees with detailed feedback on their performance – in some cases down to their precise rank among the bidding banks, or the score they were given in particular areas of the pitch.