MALCOLM MAIDEN: Matthew Grounds and Alastair Lucas, the corporate crashes and scandals that adopted the 1990s boom led to tough new rules of engagement for securities marketplaces players and companies. You head up the Australian investment bank advisory businesses of UBS and Goldman Sachs JBWere, respectively, big global investment bank combines that also trade, lend and spend money on the markets. From your vantage point, is the idea of a global, one-stop-investment banking shop as attractive now as it used to be before the regulatory changes?
Are the shop firms that concentrate on merger and acquisition advice more practical? MATTHEW GROUNDS: Global investment banking institutions and boutiques offer different services, and almost always there is room for both. Boutiques can’t offer all the assistance and do not say that they actually, but there’s always going to be always a place on their behalf.
I don’t believe that there surely is whatever has happened on the market which has really had an impact on that. ALASTAIR LUCAS: We’ve used the US restrictions: the border between investment banking and research is greater than it was before, for example. But by the end of the day, the investment banking part and the trading aspect of a built-in investment bank or investment company are available of buying and offering securities. That’s all a takeover is: takeover offence is buying securities and takeover defence is offering securities, so we’re not finding as an integrated bank or investment company is a disadvantage.
Relationships remain the key … Read more