Bank of America Corp. named Craig Coben and Mary Ann Deignan co-heads of global equity capital markets amid a boom in cross-border initial public offerings.
Coben, head of ECM for Europe, the Middle East and Africa, will continue to oversee those regions, according to an internal memo obtained today by Bloomberg News. John Yiannacopoulos, a spokesman for Bank of America, confirmed the memo’s contents. Deignan was head of Americas ECM.
Initial offerings of companies based in one country and then listed in another more than doubled during the first six months of the year, raising $25.7 billion, according to data compiled by law firm Baker & McKenzie LLP. Bank of America, based in Charlotte, North Carolina, led the $2 billion IPO of Chinese e-commerce company JD.com Inc. in May, the largest cross-border listing in the U.S. this year, according to data compiled by Bloomberg.
Dan Cummings was Bank of America’s head of global equity capital markets until three years ago, when he left to run the firm’s international wealth management unit.
J.D. Moriarty, who heads technology equity capital markets, will take over as head of Americas ECM, according to the memo.
Changing League Tables
Bank of America ranks second in managing IPOs and secondary share sales globally this year, compared with fourth over the whole of 2013, according to data compiled by Bloomberg. The sales raised about $350 billion worldwide in the first half of 2014, the highest amount in at least a decade, the data show.
The bank made $810.5 million in fees from underwriting ECM transactions this year, compared with $739.5 million in the same period last year, according to data from consulting firm Freeman & Co. It ranked 4th globally by fees in both the periods.
Bank of America last week named Paul Simpson chief of its prime brokerage after Stuart Hendel left earlier this year, according to a memo. Simpson, 47, was formerly head of the bank’s global transaction services business. Wall Street firms provide prime brokerage services including securities lending and cash management to hedge funds and other institutional investors.