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ISSUE 30 – MAY 2020 ISSUE 30 – MAY ISSUE 29 – FEBRUARY 2020 Promoting positive mental health in teenagers and those who support them through the provision of mental health education, resilience strategies and early intervention What we offer Calm Harm is an Clear Fear is an app to Head Ed is a library stem4 offers mental stem4’s website is app to help young help children & young of mental health health conferences a comprehensive people manage the people manage the educational videos for students, parents, and clinically urge to self-harm symptoms of anxiety for use in schools education & health informed resource professionals www.stem4.org.uk Registered Charity No 1144506 Any individuals depicted in our images are models and used solely for illustrative purposes. We all know of young people, whether employees, family or friends, who are struggling in some way with mental health issues; at ARL, we are so very pleased to support the vital work of stem4: early intervention really can make a difference to young lives. Please help in any way that you can. ADVISER RANKINGS – CORPORATE ADVISERS RANKINGS GUIDE MAY 2020 | Q2 | ISSUE 30 All rights reserved. No part of this publication may be reproduced or transmitted The Corporate Advisers Rankings Guide is available to UK subscribers at £180 per in any form or by any means (including photocopying or recording) without the annum for four updated editions, including postage and packaging. A PDF version written permission of the copyright holder except in accordance with the provision is also available at £360 + VAT. of copyright Designs and Patents Act 1988 or under the terms of a licence issued by the Copyright Licensing Agency, Barnard’s Inn, 86 Fetter Lane, London, EC4A To appear in the Rankings Guide or for subscription details, please contact us 1EN. The written permission of the copyright holder must also be obtained before directly on 01732 742743 or 07910 818810. any part of this publication is stored in a retrieval system of any nature. Applications for the copyright holder’s written permission to reproduce, transmit or store in a retrieval system any part of this publication should be addressed to the publisher. Published quarterly by Adviser Rankings Ltd. The statistical and financial information in this publication has been compiled by Address 9 Oakhill Road, Sevenoaks, Kent, TN13 1NW Adviser Rankings on the basis of factual information and does not constitute any Telephone +44 (0)1732 742743 investment advertisement or investment advice. Email [email protected] Website www.adviser-rankings.com The information contained in this publication has been compiled from sources believed to be reliable, but no warranty, expressed or implied, is given that the Publisher Andrew Parson information is complete or accurate nor that it is fit for a particular purpose. All Corporate Research Manager Kerry Oldfield such warranties are expressly disclaimed and excluded. Research & Production Manager Steve Smith Editorial Mark Robinson FTSE Indices and Sectors source: FTSE Russell. Contents 2 Editorial INTRODUCTION 3 Foreword 4 Methodology 5 Auditors Editorial 6 Total Stock Market Client rankings AUDITORS 11 FTSE 100 rankings by number and market cap of clients 13 FTSE 250 rankings by number and market cap of clients 14 Small Cap / Fledgling rankings by number and market cap of clients 15 AIM rankings by number and market cap of clients 23 Sector Rankings 29 Financial Advisers Editorial 30 Total Stock Market Client rankings FINANCIAL ADVISERS 33 FTSE 100 rankings by number and market cap of clients 35 FTSE 250 rankings by number and market cap of clients 37 Small Cap / Fledgling rankings by number and market cap of clients 39 AIM rankings by number and market cap of clients 47 Sector Rankings 53 Financial PR Advisers Editorial 54 Total Stock Market Client rankings FINANCIAL PR ADVISERS 58 FTSE 100 rankings by number and market cap of clients 59 FTSE 250 rankings by number and market cap of clients 61 Small Cap / Fledgling rankings by number and market cap of clients 63 AIM rankings by number and market cap of clients 65 Sector Rankings 77 Law Firms Editorial LAW FIRMS 78 Total Stock Market Client rankings 86 FTSE 100 rankings by number and market cap of clients 88 FTSE 250 rankings by number and market cap of clients 90 Small Cap / Fledgling rankings by number and market cap of clients 93 AIM rankings by number and market cap of clients 97 Sector Rankings 106 Offshore rankings, by number and market cap of clients 109 Registrars Editorial 110 Total Stock Market Client rankings REGISTRARS 113 FTSE 100 rankings by number and market cap of clients 113 FTSE 250 rankings by number and market cap of clients 114 Small Cap / Fledgling rankings by number and market cap of clients 115 AIM rankings by number and market cap of clients 119 Stockbrokers Editorial 120 Total Stock Market Client rankings STOCKBROKERS 126 FTSE 100 rankings by number and market cap of clients 128 FTSE 250 rankings by number and market cap of clients 130 Small Cap / Fledgling rankings by number and market cap of clients 132 AIM rankings by number and market cap of clients 136 Sector Rankings Corporate Advisers Rankings Guide Editorial ith any luck, by the time we review the next all-market An M&A deal, like any other corporate action, needs to be rankings, a semblance of normality may have returned to efficiently communicated to market, hence the opportunity for Wpublic life in the UK. Infection rates in London - seen as PR agencies. FTI Consulting has been joined by Finsbury in a the epicentre of the domestic outbreak - have been falling steadily share of second place in the FTSE 100 rankings, though it was the and from the beginning of June we are likely to witness a step-up market sectors, rather than the indices rankings, which provided in high street activity. much of the activity through the quarter. Walbrook PR has taken The extent to which regular commercial activity will be restored the lead from FTI Consulting in the Health Care sector, while MHP is difficult to predict because of the course of the virus. It is difficult Communications now holds pole position with FTI Consulting in to gauge whether near-term challenges will give way to long- the Industrials rankings. Buchanan added Bidstack Group to its term effects. We will almost certainly witness another spike in the client roster, leaving the consultancy in a four-way tie for third place unemployment rate once the government’s furlough schemes in the Consumer Discretionary & Consumer Staples client rankings. are pulled. Those looking to re-enter to the workforce will find All change in the stockbroker rankings. Peel Hunt changed significantly fewer opportunities. Figures from The Office for places with Numis Securities to take the silver medal in the Health National Statistics (ONS) show that online job vacancies more than Care rankings. However, the stockbroker could not make up any halved from March through to May. ground on sector frontrunner finnCap. J.P.Morgan Cazenove has The turmoil in capital markets we have witnessed prefigure replaced Investec at the head of the Industrials table. Investec has recessionary pressures in the real economy. A sharp fall in aggregate been forced to settle for joint second place with Numis Securities. demand is a given, but its duration is not set in stone. But even if Numis Securities has replaced J.P.Morgan Cazenove at the head the economy rebounds strongly, an unlikely V-shaped recovery, the of the Financials & Real Estate rankings, after the latter stockbroker hiatus in normal commercial activity has served to illustrate how shed a few clients. There is now a three-way tie for third in the many companies are woefully undercapitalised or over-leveraged. Energy sector involving Canaccord Genuity, Peel Hunt and Shore Those which have not gone to the wall could emerge as viable Capital Stockbrokers. J.P.Morgan Cazenove is up into third place M&A targets, particularly as market valuations have been slashed in Consumer Discretionary & Consumer Staples after it secured a by comparison to last year’s highs. We have already seen a step-up handful of mandates. in activity from activist investors and private equity prior to this Initial public offerings (IPOs), already down on their historical year. Though a correlation exists between the level of risk appetite average, virtually dried-up once the pandemic took hold. That is and M&A activity, with many deals either pulled or put on ice since particularly bad news for the financial advisers due to their centrality March, it may not be too long before vulnerable companies, both in the listing process. Rothschild & Co has secured outright second public and private, will be caught in the crosshairs. in the FTSE 100 client rankings at the expense of Bank of America The trouble is in the pricing of risk assets – when is a bargain Securities and Morgan Stanley & Co. The iconic investment not a bargain? The volatility in markets and the widespread sell- house has also taken the outright lead in the Small-Cap/Fledgling off triggered by Covid-19 came on the heels of record highs in rankings. Jefferies Hoare Govett moved alongside Barclays on the benchmark indices. Buyers may find it hard to bridge the gap FTSE 250 table. SP Angel has stretched its lead over industry peers between pre-pandemic valuations and where they are today. in the Basic Materials sector, as Shore Capital & Corporate was on Nevertheless, we are transitioning towards an M&A market which the rise in Financials & Real Estate. favours buyers, particularly those with robust capital positions. Audit reform seems to have been put on the back burner for the Risk management policies will change permanently in the wake moment, as companies scramble to tailor their statutory reports to of the pandemic.