What exactly do you do in "Corporate Broking"
I don't mean corporate banking. I've seen "corporate broking" as apart of some UK coverage groups in the London offices of some BBs, namely Barclays.
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Basically just advise corporates on investor relations stuff and everything to do with their equity and market conditions. It's a very British thing, and not particularly transferable to buyside roles although will be better hours than traditional IB.
Drink w/ clients all day.Although not so much these days#
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Key to IB/listed cos coverage in the UK. MDs usually hold relationships with Chairmans / CEOs (compared to M&A MDs which can have more of a direct calling into CFOs and Corp Dev heads at cos).
Corporate broker will be usually the first point of contact for the clients whenever they are looking at a transaction, defence situation, rights issues, dual listings or have an activist in the register, etc.
When not in a deal type situation, the corporate broker will be providing market intelligence (e.g. key updates on peers, share price moves), provide inputs into results announcements and presentations and feedback from current/prospective shareholders (feedback following results, or announcement of a deal etc.)
On a day-to-day basis you will start at 7am (when the London Stock Exchange's RNS goes live) and after sending out updates to your clients (staffing is client based) you work on your projects, pitches and marketing materials.
During the day, you speak with traders and equity sales to get any insight into who is buying and selling shares of your clients (this makes the role interesting as you get to interact with different products and parts of the bank).
Day will finish on average by 7pm (but 2020/21 has been busy with so many covid rescue rights issues). You still do 12 hours/day but helps with your evening plans because you can leave work in the evening and not 2 am. Weekend work is not very common but like in any situation, if you're working on a bake off or project you may have to work on weekends.
On the technical side, you get exposure to the UK Takeover Code and Listing Rules. However, the teams will not do financial modelling, manage datarooms or work on IMs etc as those are exclusively managed by sector/m&a teams.
You are likely to work closer with your ECM colleagues and I know some people who have moved to ECM and vice versa. Overall, it's a good place to be, comp is at par with IB, you cover your client holistically and it comes down to your own personal preference and what you want to do.
Like someone mentioned earlier, given the nature of work its unlikely that you get recruited for PE or HFs but the investor relations teams at those places/ftse majors would be ideal exit op. Good luck
It's a very British old school industry, on the public-markets side that acts as investor relations, hosting CMD (capital markets days), quarterly/ semi annual market updates, strategic and defence advisory for all things related to share price performance. This may include move ups from say the AIM to LSE, so a lot of your role is applying the takeover code and advising clients with these issues. If you're with a pushy / absorbing client, they will effectively outsource every investor relations matter to their corporate broker. Being corporate broker doesn't actually guarantee any future M&A advisory roles too and a lot of it involves being low-balled on fees (retainer basis). The client will get benefitted access to a bank's equity research and ECM capabilities too ; a lot of corporate broking mandates are centered on the firm getting research coverage. The likes of JPM Cazenove, UBS, Barclays, Goldman, BoFA, Stifel-KBW, Panmure Liberum, Investec, Jefferies etc are quite active in the space
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