How are imputed fees calculated at banks, why higher fees at some?
I notice from the league tables that certain banks like CS and UBS are consistently ranked highly on the "imputed fees" table but slightly lower on the transaction volume table. What explains the discrepancy? Do these banks charge higher fees? For example, CS was ranked 4th on the US imputed fees table but ranked 5-7 based on US transaction volume. On the other hand, Citi's fee ranking (5th-6th) is always lower than its transactions ranking (top 3). Why is this so?
How are imputed fees calculated (Originally Posted: 01/03/2011)
I've noticed that on the M&A league tables, there is a pretty big discrepancy between the sequencing of banks by deal value and their sequencing by imputed fees. What explains the discrepancy? Do some banks charge higher fees? For example, in the 4Q 2010 Thomson Reuters tables, Citi's worldwide completed value was ~$125bn more than Lazard's but Lazard generated ~$130m more in fees.
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