Morgan Stanley ended JPMorgan run as the banker to sell shares

Morgan Stanley ended JPMorgan Chase & Co. 's two-year run as the banker to sell shares after charging the lowest fees and winning bids from U.S., China and Brazil to arrange deals for companies owned.

The participation of the investment company 75 years of age in the world market rose to 10.4 percent in 2010 to 72.7 billion U.S. dollars initial public offerings, additional sales and issues of convertible bonds, its first ranking more than six years. JPMorgan was second with 59.7 billion U.S. dollars, while Goldman Sachs Group Inc. fell to third after their subscription fee of U.S. actions fell to its lowest level since at least 1998, according to the data.

While banks are competing for first place in league tables call bets that can lead to more business, the classification of Morgan Stanley came at a price. It pays an average rate of 2.3 percent, the lowest of the 10 major banks, after the sale of subscription-supported by the state of General Motors Co., Citigroup Inc., the Agricultural Bank of China Ltd. and Oil Brasileiro SA.

"If the banks wanted to remain active, they have had to participate in some of the programs sponsored by the government," said Eric Teal, chief investment officer at First Citizens Bancshares Inc. in Raleigh, North Carolina, which manages $ 4, 5 billion. "Like most government programs that are not very profitable, but are larger. This is achieved in some of the biggest deals even though there are fewer benefits."

The collapse of Lehman

Banks willing 699000000000 dollars in sales of shares this year, up 22 percent from 2009, as the MSCI World Index of 24 developed markets recovered almost all losses driven by the collapse of New York, Lehman Brothers Holdings Inc. in September 2008. About 37 percent of Morgan Stanley subscription came from companies controlled by the state.

"It was the aftermath and legacy of the crisis that the government was at stake," said Bruce McCain, chief investment strategist at Cleveland-based KeyCorp unit Private Banking, which oversees $ 25 billion. "The market had recovered enough this year that made sense to take the challenges in the marketplace."

GM, 61 percent owned by the Treasury, paid 0.75 percent in rates, or a total of $ 136 million subscribers in its IPO 18.1 billion U.S. dollars last month. The sale was the second largest in U.S. history behind San Francisco, Visa Inc. 's $ 19,700,000,000 agreement in March 2008. The government spent 49.5 billion U.S. dollars to rescue the Detroit-based automaker after it declared bankruptcy in June last year.

Citigroup bailout

Morgan Stanley was lead manager for the exclusive sale of the Treasury of $ 10.5 million Citigroup shares this month. The deal helped the U.S. recover some of the $ 45 million spent to bail out the lender in New York. Citigroup paid $ 42.3 million in fees, or 0.4 percent of revenue, according to a filing with the Securities and Exchange Commission.

Agricultural Bank of China in Beijing, was indicted on charges of 1.96 percent for Hong Kong part of its record of 22.1 billion U.S. dollars IPO. Rio de Janeiro-based Petrobras to pay 0.65 percent of net sales of 22.8 billion U.S. dollars signed by seven banks in September.

Rates for government offerings organized by Morgan Stanley on average by 0.9 percent, according to the data. The company split a 001 percent rate with five banks in India for the sale of a U.S. $ 2.2 billion in Hyderabad-based NMDC Ltd. in March.

The average stock offering this year pays 3 percent in fees, three times the government tries to Morgan Stanley, according to the data.

"Win or lose '

"We do not want to win or lose business solely on the basis of fees," said John Moore, co-head of U.S. markets capital shares of Morgan Stanley, in a telephone interview. "As large-scale operations, the benefits of market leadership in a single year are always important. But, if not more, important is the opportunity to serve clients in various forms over a long period of time."

JPMorgan, the U.S. bank the second largest, signed 333 agreements, most of this year and nearly 10 percent more than Morgan Stanley. Its market share fell for the second year even when the company helped organize the sales of GM and the Agricultural Bank, and the IPO of 20.5 billion U.S. dollars by the AIA Hong Kong Group Ltd., New Asian unity York, American International Group Inc.

The bank maintained its top spot in U.S. sales corporate bonds. New York, JP Morgan held 13.8 percent of the debt offerings of investment grade, while winning a share of 14 percent of junk bonds. Tasha Pelio, a spokeswoman for New York, declined comment.

The Coal India, Petronas Chemicals

In Asia, which accounted for 36 percent of sales of shares of the world, JPMorgan and Morgan Stanley lost sales reached 3.5 billion U.S. dollars backed by the state of Calcutta Ltd., Coal India and 4.7 billion U.S. dollars Malaysia's supply of chemicals Petronas Group Bhd in Kuala Lumpur. Goldman Sachs ready 4.2 billion U.S. dollars of Queensland in Brisbane IPO, QR-based National Australia Ltd.

Asia was the largest market in Goldman Sachs, representing 47 percent of its 57.2 billion U.S. dollars in deals. The most profitable securities firm in the history of Wall Street also won the majority of companies in Europe, Middle East and Africa. Was the sole manager of Boulogne-Billancourt, selling French-based Renault SA of a share of $ 4.2 billion in AB Volvo in Gothenburg, Sweden, the largest operation in the region of the year.

Not compensate for falling profits at Goldman Sachs in the U.S., where its share fell 51 percent to 8.6 percent. Andrea Rachman, a company spokeswoman based in New York, declined comment.