Deutsche Bank Bond Drives $1.1 Million in Fees to Diverse Shops
- German lender worked with minority-owned banks in recent sale
- ‘We’re graduating past these ancillary roles,’ Navy vet says
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Deutsche Bank AG paid one of the largest fee shares ever to banks managed by women, minorities and veterans for helping oversee its recent bond sale, as diverse firms take on more significant roles in debt offerings.
Over 60% of the deal’s fees, or about $1.1 million, were split among a group of 11 banks including joint lead managers Academy Securities, CastleOak Securities, Loop Capital Markets, Mischler Financial Group, R. Seelaus & Co. and Siebert Williams Shank, according to a Deutsche Bank spokesman and the transaction’s offering documents. That compares to an industry average of 20% or less in recent years for diverse firms, which have tended to serve mostly in lower paying co-manager roles.