FILE PHOTO: An indication is displayed on the Morgan Stanley constructing in New York U.S., July 16, 2018. REUTERS/Lucas Jackson
BOSTON (Reuters) – Morgan Stanley (MS.N) ranked as the highest monetary adviser in activist campaigns throughout the first six months of 2019 whereas Goldman Sachs (GS.N) and Highlight Advisors every added shoppers and tied for second place, in response to Refinitiv information.
Holding onto the No. 1 spot, Morgan Stanley suggested 19 firms, together with Bristol-Myers Squibb Co (BMY.N) and United Applied sciences Corp (UTX.N), within the first half of 2019. A 12 months in the past, when activists launched extra campaigns general, Morgan Stanley endorsed 23 firms within the first six months of 2018.
Goldman Sachs, which labored for eBay Inc (EBAY.O), Mattress Bathtub & Past (BBBY.O) and Zayo Group Holdings Inc (ZAYO.N) within the first half of 2019, and Highlight, which labored for the Rice brothers as they took management of vitality firm EQT Corp (EQT.N), every listed 17 campaigns. A 12 months in the past, Goldman Sachs suggested 12 firms whereas Highlight, which works for each firms and activist buyers, labored on 10 campaigns.
The highest adviser rankings are intently watched in a world the place buyers push firms for enhancements by urging strategic critiques and asking for board seats, amongst different pressures dropped at bear on the nook workplace.
Starboard Worth tied with Saba Capital Administration for busiest activist as every agency launched seven campaigns within the first half. Saba, run by Boaz Weinstein, has been focusing on closed-end funds. Elliott Administration, which ranked as busiest activist with 16 campaigns a 12 months in the past, was in third place with 4 engagements within the first half.
Okapi Companions held onto its spot because the busiest proxy solicitor, companies that collect shareholders’ votes, with 24 campaigns. MacKenzie Companions was second with 23 campaigns whereas Innisfree M&A listed 22 campaigns. Olshan Frome Wolosky was once more listed as prime authorized adviser with 36 assignments, whereas Vinson & Elkins remained in second place with 19 campaigns.
Reporting by Svea Herbst-Bayliss; Modifying by Tom Brown