Goldman Wins Most IPO Fees; Morgan Is Top Dealmaker

Goldman Sachs Group Inc. earned the most money arranging initial public offerings in 2004, while Morgan Stanley was the top dealmaker for the first time, underwriting IPOs that paid less as it elbowed aside a perennial rival.

Goldman, the third-largest securities firm by capital, was paid $591 million in fees last year for arranging $13.5 billion of IPOs, based on an average disclosed fee of 4.39 percent, according to data compiled by Bloomberg. Morgan Stanley, the second-biggest securities firm, handled $14 billion of IPOs with average disclosed fees of 4 percent, generating $559 million.