2019 has been a strong year for the equity capital markets (ECMs). The ASX Small Ords has gained over 20 per cent and nearly $7 billion of deals were completed.

Investors will be happy but so will the rainmakers who made these deals possible. As the year draws to a close, Stockhead recaps the best performing ECM firms of 2019.

 

Bell Potter was the standout

With $1 billion in deals and a market share of nearly 15 per cent Bell Potter stood head and shoulders above the rest.

Its most notable deals included the IPO and subsequent capital raisings for telco Uniti Group (ASX:UWL), which is 2019’s best performing IPO.

Uniti is aspiring to be an alternative to the NBN and has raised capital several times post its IPO to fund acquisitions which fuelled grow. Notably though, one potential suitor that said ‘no thanks’ was fellow listee Spirit Telecom (ASX:SP1).

Bell Potter also raised $5m for Kyckr (ASX:KYK), which was led by WiseTech (ASX:WTC) founder Richard White.

 

Other top performers

Second was Morgans with $648m worth of deals and a 9.4 per cent market share. Its deals included a $40m capital raise for buy now, pay later stock Splitit (ASX:SPT) and a placement for Stavely Minerals (ASX:SVY) back in April, five months before it made a 40 per cent copper hit.

The merger between Canaccord and Patersons was completed only a few weeks ago. As a standalone entity for most of the year, Canaccord was third with $391m worth of deals and Patersons did another $143m worth of deals.

Canaccord’s clients included Evolve Education (ASX:EVO), Salt Lake Potash (ASX:SO4) and Hastings Technology Metals (ASX:HAS). The latter was a $12m raise earlier in December and went smoother than its previous capital raise earlier in the year.

When we first recapped ECM dealmakers in May we noted it had been a slow year for Shaw & Partners. It has picked up the pace since then finishing the year with $372m in deals on the books. Back in June it acquired WA-based wealth management business DJ Carmichael, which did $14.5m worth of deals in its own right.

Next is Ord Minnett with $364.7m. Its deals included the IPOs of fintechs Sezzle (ASX:SZL) and MoneyMe (ASX:MME).

 

Going down

The three firms that saw their market share decline the most were Hartleys, Macquarie and Deutsche Bank. For the latter it is easy to point the finger at its mid-year job cuts.

Macquarie is probably better known for its large cap deals and if you take these into account, its deals total over $2 billion.

Its largest clients included Karoon Energy (ASX:KAR), GPT Group (ASX:GPT), Mirvac (ASX:MGR) and Bravura Solutions (ASX:BVS). Nevertheless it did do some small cap deals, including for Amaysim (ASX:AYS), ReadyTech (ASX:RDY) and Prospa (ASX:PGL).

Manager Rank Volume ($M) Deals Market Share (%) Market Share Difference (%)
Bell Potter Securities Ltd 1 1,035.04 74 14.97% 6.39%
Morgans 2 648.29 43 9.37% 2.47%
Canaccord Genuity 3 391.14 33 5.66% 0.70%
Shaw & Partners Ltd 4 371.73 21 5.37% 2.91%
Ord Minnett Ltd 5 364.68 13 5.27% 2.56%
Moelis & Co 6 347.76 9 5.03% 4.45%
Taylor Collison Ltd 7 317.25 32 4.59% -0.44%
Wilsons Corporate Finance Ltd 8 242.08 7 3.50% 1.44%
Macquarie 9 202.51 5 2.93% -5.66%
Petra Capital Pty Ltd 10 188.99 10 2.73% 1.79%
Euroz Securities 11 186.20 19 2.69% -1.78%
JP Morgan 12 185.06 3 2.68% -1.34%
National Australia Bank 13 177.98 2 2.57% 1.10%
Argonaut Ltd 14 176.40 12 2.55% 0.16%
Hartleys Ltd 15 151.79 36 2.19% -2.57%
Commonwealth Bank Australia 16 146.67 1 2.12% 1.38%
Patersons Securities Ltd 17 142.58 42 2.06% -0.82%
Morgan Stanley 18 125.53 3 1.81% 0.94%
Blue Ocean Equities Pty Ltd 19 110.04 21 1.59% 0.87%
PAC Partners Pty Ltd 20 88.69 19 1.28% -0.18%
CPS Securities Pty Ltd 21 76.06 7 1.10% 1.10%
Goldman Sachs 22 64.90 2 0.94% 0.49%
Bridge Street Capital Partners Pty Ltd 23 60.33 11 0.87% 0.82%
Credit Suisse 24 55.80 1 0.81% -0.93%
UBS 25 54.88 1 0.79% -0.86%
CPS Capital Group Pty Ltd 26 52.64 22 0.76% -0.83%
Deutsche Bank 27 51.52 1 0.74% -1.78%
Henslow Pty Ltd 28 46.73 9 0.68% 0.56%
Baillieu Holst Ltd 29 44.96 7 0.65% -0.12%
Evans Dixon Ltd 30 41.31 2 0.60% 0.60%
Peloton Capital Pty Ltd 31 40.42 10 0.58% -0.05%
Citi 32 40.30 2 0.58% -1.05%
Ashanti Capital Ltd 33 29.06 7 0.42% 0.20%
Aitken Murray Capital Partners Pty Ltd 34 25.85 4 0.37% 0.30%
Cenkos Securities 35 25.24 2 0.36% -0.27%
Oppenheimer & Co 36 25.00 1 0.36% 0.36%
Forsyth Barr Ltd 37 24.38 1 0.35% -0.28%
Curran & Co 38 22.49 3 0.33% 0.33%
Alto Capital 39 20.38 5 0.29% 0.17%
Nplus1 Singer Advisory LLP 40 20.13 1 0.29% 0.29%
RM Capital Pty Ltd 41 16.89 8 0.24% -0.12%
Everblu Capital Pty Ltd 42 16.03 9 0.23% -0.12%
Armada Capital Ltd 43 15.49 2 0.22% 0.22%
Merchant Group Pty Ltd 44 14.79 7 0.21% 0.06%
DJ Carmichael Pty Ltd 45 14.51 7 0.21% -0.31%
Bell Securities 46 14.03 1 0.20% 0.20%
Veritas Securities Ltd 47 13.65 2 0.20% -0.09%
Cowen & Co 48 13.33 1 0.19% 0.19%
Pinnacle Corporate Finance Pty Ltd 49 13.19 11 0.19% -0.01%
Discovery Capital Partners 50 12.48 6 0.18% 0.03%
Roth Capital Partners Inc 51 12.29 1 0.18% 0.07%
Forrest Capital Pty Ltd 52 11.50 3 0.17% 0.01%
BW Equities Pty Ltd 53 11.32 4 0.16% -0.24%
Panthea Capital Partners 54 10.00 4 0.14% 0.05%
WG Partners 54 10.00 1 0.14% -0.13%
JP Equity Partners 56 9.72 6 0.14% 0.14%
Xcel Capital Pty Ltd 57 9.38 8 0.14% -0.24%
Jett Capital Advisors LLC 58 9.04 1 0.13% 0.13%
Strategic Bank International LLC 59 8.75 2 0.13% 0.13%
Otsana Pty Ltd 60 7.80 2 0.11% 0.02%
Gleneagle Securities Aust Pty Ltd 61 7.46 3 0.11% 0.05%
MST Financial Services Pty Ltd 62 7.32 1 0.11% 0.11%
Peak Asset Management 63 7.13 4 0.10% -0.13%
Ironside Capital Group LLC 64 7.01 2 0.10% 0.06%
Foster Stockbroking Pty Ltd 65 6.63 3 0.10% -0.33%
Wentworth Global Capital Partners Pty Ltd 66 6.54 2 0.09% 0.01%
CCZ Statton Equities 67 6.28 2 0.09% -0.21%
Sanlam Private Wealth Pty Ltd 68 6.22 5 0.09% -0.25%
RBC Capital Markets 69 6.00 1 0.09% -0.75%
Empire Equity Australia Pty Ltd 70 5.95 1 0.09% 0.09%
KTM Capital 71 5.76 1 0.08% -0.02%
Kentgrove Capital Pty Ltd 72 5.70 1 0.08% 0.08%
Triple C Consulting Pty Ltd 73 5.67 3 0.08% 0.03%
Taurus Capital Group Pty Ltd 74 5.40 1 0.08% 0.08%
Nascent Capital Partners 75 5.21 3 0.08% 0.05%
Hawkesbury Partners 76 4.99 1 0.07% 0.01%
Deutsche Balaton AG 77 4.98 2 0.07% 0.07%
Fordham Financial Management Inc 78 4.83 2 0.07% 0.07%
Rawson Lewis Pty Ltd 79 4.26 2 0.06% 0.06%
Shore Capital Group Ltd 80 4.11 2 0.06% 0.01%
Barclay Wells Ltd 81 4.00 1 0.06% -0.01%
Bizzell Capital Partners 81 4.00 1 0.06% -0.02%
Vested Equities Pty Ltd 81 4.00 1 0.06% -0.03%
708 Capital Pty Ltd 84 3.75 2 0.05% -0.13%
Baker Young Ltd 85 3.74 2 0.05% 0.01%
Enrizen Capital Pty Ltd 86 3.66 1 0.05% 0.05%
Chieftain Securities Pty Ltd 87 3.63 2 0.05% -0.01%
Canary Capital Pty Ltd 88 3.50 2 0.05% 0.00%
Aurenda Partners 88 3.50 1 0.05% 0.05%
TMT Partners Pty Ltd 88 3.50 1 0.05% 0.05%
Aahana Global Resources & Investment Pte Ltd 91 3.39 1 0.05% 0.05%
Fawkner Capital Management Pty Ltd 92 3.30 1 0.05% -0.06%
Azure Capital Pty Ltd 93 3.29 1 0.05% 0.05%
Lodge Partners 94 3.19 2 0.05% 0.05%
Cove Capital Pty Ltd 95 2.84 1 0.04% 0.03%
Altor Advisory Partners Pty Ltd 96 2.72 1 0.04% 0.04%
Blackwood Capital Ltd 97 2.57 1 0.04% -0.18%
Altor Capital Pty Ltd 98 2.53 3 0.04% 0.04%
Brandon Hill Capital Ltd 99 2.50 1 0.04% 0.04%
RFC Ambrian Ltd 99 2.50 1 0.04% -0.87%
Viaticus Capital LLC 99 2.50 1 0.04% 0.04%
Viriathus Capital 99 2.50 1 0.04% 0.04%
XEC Partners 103 2.48 2 0.04% 0.03%
GTT Ventures Pty Ltd 104 2.42 4 0.03% -0.16%
SP Angel Corporate Finance LLP 105 2.30 2 0.03% -0.07%
Acova Capital 106 2.28 1 0.03% 0.03%
Salient Corporate Pty Ltd 107 2.20 1 0.03% 0.03%
Novum Securities 108 2.00 2 0.03% 0.01%
QA Capital Pty Ltd 108 2.00 1 0.03% 0.03%
Alignment Capital Pty Ltd 110 1.85 1 0.03% -0.01%
Cygnet Capital Pty Ltd 111 1.76 2 0.03% 0.03%
Originate Capital 112 1.75 1 0.03% 0.03%
Empire Capital Partners Pty Ltd 113 1.59 2 0.02% 0.02%
Oracle Capital Pty Ltd 114 1.55 1 0.02% 0.02%
Turner Pope Investments Ltd 114 1.55 1 0.02% -0.44%
Harbury Advisors Pty Ltd 116 1.53 2 0.02% 0.02%
Lodge Corporate Services Pty Ltd 117 1.50 1 0.02% -0.13%
Lucerne Investment Partners 117 1.50 1 0.02% 0.02%
Trident Capital 119 1.49 1 0.02% 0.02%
Red Leaf Securities Pty Ltd 120 1.47 2 0.02% -0.08%
EAS Advisors LLC 121 1.42 1 0.02% 0.02%
Twenty 1 Corporate Pty Ltd 121 1.42 1 0.02% -0.09%
SI Capital Ltd 123 1.36 1 0.02% 0.02%
Westar Capital Ltd 124 1.25 1 0.02% -0.16%
Burnvoir Corporate Finance Ltd 125 1.22 1 0.02% 0.02%
Ascot Securities Pty Ltd 126 1.20 1 0.02% 0.02%
Hunter Capital Advisors Pty Ltd 127 1.19 1 0.02% -0.54%
Pinnacle Equities 128 1.06 2 0.02% -0.01%
Angophora Capital Pty Ltd 129 1.02 1 0.01% 0.01%
Bluebird Capital Ltd 129 1.02 1 0.01% 0.01%
Diamond Capital Partners Pty Ltd 129 1.02 1 0.01% 0.01%
Southern Cross Equities Ltd 132 1.00 1 0.01% 0.01%
WH Ireland Ltd 133 0.98 1 0.01% 0.00%
Entrepreneur Development Capital Pty Ltd 134 0.93 1 0.01% 0.01%
Peregrine Corporate Ltd 134 0.93 1 0.01% -0.10%
Rymill Global Ventures Ltd 136 0.84 1 0.01% 0.01%
Municipal Advisor Solutions LLC 137 0.75 1 0.01% 0.01%
Melbourne Capital Ltd 138 0.72 1 0.01% 0.01%
SVS Securities 139 0.69 1 0.01% 0.00%
Beaumont Cornish 140 0.68 1 0.01% 0.00%
Shard Capital Partners LLP 140 0.68 1 0.01% 0.00%
Grange Capital LLC 142 0.67 1 0.01% 0.01%
LeMessurier Securities Pty Ltd 143 0.66 1 0.01% 0.01%
Thundering Herd Pty Ltd 143 0.66 1 0.01% 0.01%
Golden Triangle Pty Ltd 145 0.63 1 0.01% 0.01%
Pamplona Capital Management LLP 146 0.59 1 0.01% -0.07%
SLM Corp 147 0.58 1 0.01% 0.01%
SinoPac Financial Holdings 148 0.45 1 0.01% 0.01%
Brentridge Capital Pty Ltd 149 0.43 1 0.01% 0.01%
Adelaide Equity Partners Ltd 150 0.36 1 0.01% 0.01%
Moore Stephens 150 0.36 1 0.01% 0.01%
Sixty Two Capital Pty Ltd 152 0.35 1 0.01% 0.01%
Zark Capital Ltd 153 0.30 1 0.00% 0.00%
Ikigaii Capital Pte Ltd 154 0.22 1 0.00% 0.00%