THE BUSINESS OF INVESTMENT BANKING PDF
buyouts (LBOs), are an important part of investment banking business. The vol- stand client business and objectives and respect the confidence of clients. A comprehensive overview of investment banking for professionals and students. The investment banking industry has changed dramatically. investment banking in its present form thus owes its origins to the financial Globally, investment banks handle significant fund-based business of their own in.
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investment banking. In commercial banking, the institution collects deposits from clients and gives direct loans to businesses and individuals. The stock market. Investment banking involves in activities in the financial markets such raising capital companies, assisting in acquisition and merger, and provides services as. CFI's Investment Banking book is free, available for anyone to download as a PDF. Read about accounting, valuation, financial modeling, Excel and all skills.
Given an adequate investment spread and tax incentives, mutual funds step into the early stage financing arena, professionally assess and the monitor investments assist the launch of new medium size businesses.
SBI Mutual Fund is really undertaking investment work with its brought deals. The creation of. Early stage financings could then be syndicated between number of professionally managed funds and sound, competitive situation between them might also be created. The Government has since been treating the venture funds like Mutual funds for tax benefits and brought them under Regulation of SEBI.
The SEBI has set out the guidelines for their registration and control by itself a code of conduct for them to operate as in the case of capital market mutual funds and for their investment and operations on the fund. Initial Public Offerings: Sometimes IPOs are associated with huge first-day gains; other times, when the market is cold, they flop. It's often difficult for an individual investor to realize the huge gains, since in most cases only institutional investors have access to the stock at the offering price.
By the time the general public can trade the stock, most of its first-day gains have already been made. However, a savvy and informed investor should still watch the IPO market,. If the corporation chooses to sell ownership to the public, it engages in an IPO. Corporations choose to "go public" instead of issuing debt securities for several reasons. The most common reason is that capital raised through an IPO does not have to be repaid, whereas debt securities such as bonds must be repaid.
Despite this apparent benefit, there are also many drawbacks to an IPO.
A large drawback to going public is that the current owners of the privately held corporation lose a part of their ownership. Going Public If a corporation decides that it is going to perform an IPO, it will first hire an investment bank to facilitate the sale of its shares to the public. This process is commonly called "underwriting"; the bank's role as the underwriter varies according to the method of underwriting agreed upon, but its primary function remains the same. The registration statement must fully disclose all material information to the SEBI including a description of the corporation, detailed financial statements, biographical information on insiders, and the number of shares owned by each insider.
After filing, the corporation must wait for the SEBI to investigate the registration statement and approve of the full disclosure. During this period while the SEBI investigates the corporation's filings, the underwriter will try to increase demand for the corporation's stock.
Many investment banks will print "tombstone" advertisements that offer "bare-bones" information to prospective investors. The underwriter will also issue a preliminary prospectus, or "red herring", to potential investors. These red herrings include much of the information contained in the registration statement, but are incomplete and subject to change. An official summary of the corporation, or prospectus, must be issued either before or along with the actual stock offering.
After the SEBI approves of the corporation's full disclosure, the corporation and IPOs are sometimes postponed or even withdrawn in poor market conditions. Investors can use this information to judge the likelihood that an IPO in a specific industry or from a specific lead underwriter will perform well in the days or months following its offering. Unfortunately, for the small individual investor, realizing those much-publicized gains is nearly impossible.
The crux of the problem is that individual investors are just too small to get in on the IPO market before the jump.
Those large first-day returns are made over the offering price of the stock, at which only large, institutional investors can buy in.
The system is one of reciprocal back scratching, in which the underwriters offer the shares first to the clients who have brought them the most business recently. By the time the average investor gets his hands on a hot IPO, it's on the secondary market, and the stock's price has already shot up. The company first selects the Investment Banker S for handling the issue. The investment banker should have a valid SEBI registration to be eligible for appointment.
The criteria normally used in selection of Investment Bankers are: Past track record in successfully handling similar issues. Issue in any of the capacities An investment banker can be associated with the issue in any of the following capacities: SEBI has set certain limits on the maximum no of intermediaries associated with the issue Size of the issue.
The no of co managers cannot exceed no of lead managers appointed for that issue. There can be only one advisor or consultant to the issue. There is no limit on the no of underwriters to the issue.
An associate company of the issuer company cannot be appointed either as lead manager or Co manager to the issue. However The lead investment banker enters into a MOU with the issuer company. MOU specifies the mutual rights, obligations and liabilities relating to the issue. The lead investment banker has to ensure that copy of MOU is submitted to the board along with the draft offer document. In case of more than one lead manager is appointed, all lead managers have a meeting and the entire issue related work is distributed among them.
This agreement is called as Inter-se Allocation of Responsibilities. The selection of the intermediary is based on their past. Working capital: Along with fixed assets such as plant and equipment, working capital is considered a part of operating capital. Finance for working capital, particularly for new ventures, often needs to be syndicated on behalf of the promoters, and merchant banks assist in this as well.
This ensures that the firm is able to continue its operations and that it has sufficient cash flow to satisfy both maturing short-term debt and upcoming operational expenses. Foreign currency finance: For import of capital goods and services from overseas, the arrangement of various kinds of export credits from different countries is also required.
In addition to this wide range of services, some of the larger banks are also involved in areas such as the arrangement of lease finance, and assistance in acquisitions and mergers etc. This is a way of placing a newly issued security, such as stocks or bonds, with investors.
A merchant banker underwrites the transaction, which means they have taken on the risk of distributing the securities. Should they not be able to find enough investors, they will have to hold some securities themselves. Underwriters make their income from the price difference the "underwriting spread" between. When a dealer bank purchases Treasury securities in a quarterly Treasury bond auction, it acts as underwriter and distributor. Treasury securities purchased by a primary dealer are held in a dealer bank's trading account assets portfolio, and they are often resold to other banks and to private investors.
The main work of merchant banks relates to underwriting of new issues and rising of new capital for the corporate sector.
Of the amount underwritten, some part devolves on the underwriters, which varies depending on the state of the capital market, and the intrinsic worth of the project.
Structure of Securitization Pooling and transfer The originator initially owns the assets engaged in the deal. This is typically a company looking to raise capital, restructure debt or otherwise adjust its finances. Under traditional corporate finance concepts, such a company would have three options to raise new capital: However, stock offerings dilute the ownership and control of the company, while loan or bond financing is often prohibitively expensive due to the credit rating of the company and the associated rise in interest rates.
A suitably large portfolio of assets is "pooled" and sold to a "special purpose vehicle" or "SPV" the issuer , a tax-exempt company or trust formed for the specific purpose of funding the assets. Once the assets are transferred to the issuer, there is normally no recourse to the originator. The issuer is "bankruptcy remote," meaning that if the originator goes into bankruptcy, the assets of the.
Issuer will not be distributed to the creditors of the originator. In order to achieve this, the governing documents of the issuer restrict its activities to only those necessary to complete the issuance of securities.
Since the structural issues is very complex, an investment bank facilitate the arranger the originator in setting up the structure of the transaction. Issuance To be able to buy the assets from the originator, the issuer SPV issues tradable securities to fund the purchase.
Investors purchase the securities, either through a private offering targeting institutional investors or on the open market. The performance of the securities is then directly linked to the performance of the assets. Credit rating agencies rate the securities which are issued in order to provide an external perspective on the liabilities being created and help the investor make a more informed decision.
In transactions with static assets, a depositor will assemble the underlying collateral, help structure the securities and work with the financial markets in order to sell the securities to investors.
In transactions with managed traded assets, asset managers assemble the underlying collateral, help structure the securities and work with the financial markets in order to sell the securities to investors. Some deals may include a third-party guarantor which provides guarantees or partial guarantees for the assets, the principal and the interest payments, for a fee.
The securities can be issued with either a fixed interest rate or a floating rate. Fixed rate set the coupon rate at the time of issuance, in a fashion similar to corporate bonds. Floating rate securities may be backed by both amortizing and.
In contrast to fixed rate securities, the rates on floaters will periodically adjust up or down according to a designated index such as a U.
The floating rate usually reflects the movement in the index plus an additional fixed margin to cover the added risk. Credit enhancement and tranching Unlike conventional corporate bonds which are unsecured, securities generated in a securitization deal are "credit enhanced," meaning their credit quality is increased above that of the originator's unsecured debt or underlying asset pool. This increases the likelihood that the investors will receive cash flows to which they are entitled, and thus causes the securities to have a higher credit rating than the originator.
Some securitizations use external credit enhancement provided by third parties, such as surety bonds and parental guarantees although this may introduce a conflict of interest.
Individual securities are often split into tranches, or categorized into varying degrees of subordination. Each tranches has a different level. Because of the cascading effect between classes, this arrangement is often referred to as a cash flow waterfall. In the event that the underlying asset pool becomes insufficient to make payments on the securities e.
The senior securities are typically AAA rated,. The most junior class often called the equity class is the most exposed to payment risk. In some cases, this is a special type of instrument which is retained by the originator as a potential profit flow.
In some cases the equity class receives no coupon either fixed or floating , but only the residual cash flow if any after all the other classes have been paid. Credit enhancements affect credit risk by providing more or less protection to promised cash flows for a security.
Additional protection can help a security achieve a higher rating, lower protection can help create new securities with differently desired risks, and these differential protections can help place a security on more attractive terms. In addition to subordination, credit may be enhanced through A reserve or spread account, in which funds remaining after expenses such as principal and interest payments, charge-offs and other fees have been paid-off are accumulated, and can be used when SPE expenses are greater than its income.
Third-party insurance, or guarantees of principal and interest payments on the securities. Over-collateralization, usually by using finance income to pay off principal on some securities before principal on the corresponding share of collateral is collected.
Cash funding or a cash collateral account, generally consisting of shortterm, highly rated investments purchased either from the seller's own funds, or from funds borrowed from third parties that can be used to make up shortfalls in promised cash flows. A third-party letter of credit or corporate guarantee. A back-up servicer for the loans.
Discounted receivables for the pool. Servicing A servicer collects payments and monitors the assets that are the crux of the structured financial deal. The servicer can often be the originator, because the servicer needs very similar expertise to the originator and would want to ensure that loan repayments are paid to the Special Purpose Vehicle. The servicer can significantly affect the cash flows to the investors because it controls the collection policy, which influences the proceeds collected, the charge-offs and the recoveries on the loans.
Any income remaining after payments and expenses is usually accumulated to some extent in a reserve or spread account, and any further excess is returned to the seller.
Bond rating agencies publish ratings of assetbacked securities based on the performance of the collateral pool, the credit enhancements.
When the issuer is structured as a trust, the trustee is a vital part of the deal as the gate-keeper of the assets that are being held in the issuer. Even though the trustee is part of the SPV, which is typically wholly owned by the Originator, the trustee has a fiduciary duty to protect the assets and those who own the assets, typically the investors. Repayment structures Unlike corporate bonds, most securitizations are amortized, meaning that the principal amount borrowed is paid back gradually over the specified term of the loan, rather than in one lump sum at the maturity of the loan.
Fully amortizing securitizations are generally collateralized by fully amortizing assets such as home equity loans, auto loans, and student loans. Prepayment uncertainty is a important. The possible rate of prepayment varies widely with the type of underlying asset pool; so many prepayment models have been developed in an attempt to define common prepayment activity. A controlled amortization structure is a method of providing investors with a more predictable repayment schedule, even though the underlying assets may be nonamortizing.
After a predetermined revolving period, during which only interest payments are made, these securitizations attempt to return principal to investors in a series of defined periodic payments, usually within a year.
An early amortization event is the risk of the debt being retired early. On the other hand, bullet or slug structures return the principal to investors in a single payment. The most common bullet structure is called the soft bullet, meaning that the final bullet payment is not guaranteed on the expected maturity date; however, the majority of these securitizations are paid on time. The second type of bullet structure is the hard bullet, which guarantees that the principal will be paid on the expected maturity date.
Hard bullet structures are less common for two reasons: Securitizations are often structured as a sequential pay bond, paid off in a sequential manner based on maturity. This means that the first tranche, which may have a one-year average life, will receive all principal payments until it is retired; then the second tranche begins to receive principal, and so forth.
Pro rata bond structures pay each tranche a proportionate share of principal throughout the life of the security. Structural Risks and Mis-incentive Originators e. Portfolio management services: The term portfolio means the total holdings of securities belonging to any person.
Portfolio Manager: Risk Diversification - An essential function of portfolio management is spread risk akin to investment of assets. Diversification could take place. Diversification achieved in different industries is an effective way of diversifying the risk in an investment. Simple diversification reduces risk within categories of stocks that all have the same quality rating.
B Efficient Portfolio: An efficient portfolio consists of combination of assets that maximizes return and maximizes the risk level of expected return. The objective of portfolio management is to analyze different individual assets and delineate efficient portfolios. A group of portfolio of efficient portfolios is called efficient set of portfolios. The efficient set of portfolio comprises efficient frontier. C Asset allocation: It deals with attaining proportion of investments from categories.
Portfolio managers basically aim at stock-bond mix. For this purpose equally weighted categories of assets are used. D Beta Estimation: It measures and ranks the systematic risk of different assets. Beta coefficient is an index of the systematic risk. This is useful in making ultimate selection of securities for investment by portfolio manager. E Rebalancing Portfolios: The adjustments may be made either by way of constant proportion portfolio or by way of constant beta portfolio.
In constant proportion portfolio, adjustments are made in such a way as to maintain the relative weighting in portfolio components. Under the constant beta portfolio, adjustments are made to accommodate the values of component betas in the portfolio. A Buy and Hold Strategy: This practice is common in case of perpetual securities such as common stock.
B Indexing: Indexing involves an attempt to replicate the investment characteristics of a popular measure of the bond market. Securities that are held in best-known bond indexes. C Laddered Portfolio: This way a portfolio manager aims at distributing the funds throughout the yield curve. D Barbell Portfolio: Sales are another core component of any investment bank. Salespeople take the form of:. Brokers develop relationships with individual investors and sell stocks and stock advice to the average Joe.
Institutional salespeople develop business relationships with large institutional investors. Institutional investors are those who manage large groups of assets, for example pension funds or mutual funds.
Private Client Service PCS representatives lies somewhere between retail brokers and institutional salespeople, providing brokerage and money management services for extremely wealthy individuals. Salespeople make money through commissions on trades made through their firms. In trading traders also provide a vital role for the investment bank. Traders facilitate the buying and selling of stock, bonds, or other securities such as currencies, either by carrying an inventory of securities for sale or by executing a given trade for a client.
Traders deal with transactions large and small and provide liquidity the ability to buy and sell securities for the market. This is often called making a market.
Traders make money by purchasing securities and selling them at a slightly higher price. This price differential is called the "bid-ask spread. SEBI in April For more then three years, it had no statutory powers. Its interim functions during the period were: To collect information and advise the Government on matters relating to Stock and Capital Markets. Licensing and regulatory and Merchant Banks, Mutual Fund, etc.
To perform any other functions as may be entrusted to it by Government. The rampant malpractices noticed in the Stock and Capital Markets stood in the way of infusing confidence of investors, which is necessary for mobilization of large quantity of funds from the public, and help the growth of the industry. The malpractices were noticed in the case of companies, Merchant Bankers and Brokers who are all operating in Capital Markets. This will apply to those presently engaged in the Merchant Banking activity, including as Manager, Consultants or Advisers to issues.
All Merchant Bankers are expected to perform with high standards of integrity and fairness in all their dealings. The activities are classified within these four categories:. Commercial banking vs. In other words, the difference between how a typical investment bank and a typical commercial operate bank is simple. A commercial bank takes deposits for checking and savings accounts from consumers while an investment bank does.
We'll begin examining what this means by taking a look at what commercial banks do.
Commercial banks. A commercial bank may legally take deposits for checking and savings accounts from consumers. To get FDIC guarantees, commercial banks must follow a myriad of regulations. The typical commercial banking process is fairly straightforward. You deposit money into your bank, and the bank loans that money to consumers and companies in need of capital cash. You borrow to buy a house, Finance a car, or finance an addition to your home.
Companies borrow to finance the growth of their company or meet immediate cash needs. Companies that borrow from commercial banks can range in size from the dry cleaner on the corner to a multinational conglomerate. An investment bank operates differently. An investment bank does not have an inventory of cash deposits to lend as a commercial bank does. In essence, an investment bank acts as an intermediary, and matches sellers of stocks and bonds with buyers of stocks and bonds.
Note, however, that companies use investment banks toward the same end as they use commercial banks.
If a company needs capital, it may get a loan from a bank, or it may ask an investment bank to sell equity or debt stocks or bonds. Because commercial banks already have funds available from their depositors and an investment bank does not, an I-bank must spend considerable time finding investors in order to obtain capital for its client. Risk involved in investment banking In the course of their operations, investment banks are invariably faced with different types of risks that may have a potentially negative effect on their business.
Risk management in investment bank operations includes risk identification, measurement and assessment, and its objective is to minimize negative effects risks can have on the financial result and capital of a bank. Investment banks are therefore required to form a special organizational unit in charge of risk management. Also, they are required to prescribe procedures for risk identification, measurement and assessment, as well as procedures for risk management.
The risks to which a investment bank is particularly exposed in its operations are: Liquidity risk - is the risk of negative effects on the financial result and capital of the bank caused by the banks inability to meet all its due obligations. Credit risk - is the risk of negative effects on the financial result and capital of the bank caused by borrowers default on its obligations to the bank. Market risk - includes interest rate and foreign exchange risk. Interest rate risk - is the risk of negative effects on the financial result and capita.
Foreign exchange risk - is the risk of negative effects on the financial result and capital of the bank caused by changes in exchange rates. A special type of market risk is the risk of change in the market price of securities, financial derivatives or commodities traded or tradable in the market. Exposure risks - include risks of banks exposure to a single entity or a group of related entities, and risks of banks exposure to a single entity related with the bank.
Investment risks - include risks of banks investments in entities that are not entities in the financial sector and in fixed assets. Risks relating to the country of origin of the entity to which a bank is exposed - country risk is the risk of negative effects on the financial result and capital of the bank due to banks inability to collect claims from such entity for reasons arising from political, economic or social conditions in such entitys country of origin.
Country risk includes political and economic risk, and transfer risk. Operational risk - is the risk of negative effects on the financial result and capital of the bank caused by omissions in the work of employees, inadequate internal procedures and processes, inadequate management of information and other systems, and unforeseeable external events. Legal risk it is the risk of loss caused by penalties or sanctions originating from court disputes due to breach of contractual and legal obligations, and penalties and sanctions pronounced by a regulatory body.
Reputational risk - is the risk of loss caused by a negative impact on the market positioning of the bank. Strategic risk - is the risk of loss caused by a lack of a long-term development component in the banks managing team. Need for risk management The primary goal of risk management is to ensure that a financial institutions trading, position taking, credit extension, and operational activities do not expose it losses that could threaten the viability of the firm.
As risk taking is an integral Part of the investment banking business, it is not surprising that investment bank have been risk management ever since they have been established.
The only thing which has change is the complexity. It involves following steps Identifying and assessing risks Establishing policies, procedures, and risk limits Monitoring and reporting compliance with reliance with these limits Delineating capital allocation and portfolio management Developing guidelines for new products and including new exposures within the current frame work Applying new measurements methods to the existing product Risk management practices in front office 1.
Restrictions on after-hours trading and off-premises trading and documentation procedures to justify them when undertaken. Adequate compensation policies should be formulated to protect dealers from losses in case of disputed traders. Revaluation of position may be conducted by traders to monitor positions by the controllers to record periodic profit and loss, and by the risk mangers who seek to estimate risk under various market conditions.
Traders should maintain professionalism, confidentiality and proper language in telephone and electronic conversation. Management should analyze the trading activity periodically.
Risk management in the back office 1. Other risk management practices 1. Credit guidelines should ensure that the limits are approved for only those counterparties that meet the appropriate credit criteria. The credit risk management function should verify that the limits are approved by the credit specialist. The assessment of the counterparties based on simple balance sheet measures the traditional assessment of the financial condition may be adequate for many types of counterparties.
The credit risk assessment policies should also properly define the type of analysis to be conducted on the counterparties based on the nature of their risk profile. In some instance stress testing may be needed when counterpartys creditworthiness may be adversely affected by the shortterm fluctuations in the financial markets.
The top management has to identify those areas where the bank practices may not comply with the stated policies. Necessary internal controls for ensuring that the practices confirm with that stated policies should be put in place.
Possible conflicts of interest It is crucial to note whether an investment bank has provided corporate finance services to the company under coverage. Usually at the end of a research piece, a footnote will indicate whether this is the case. If so, investors should be careful to understand the inherent conflict of interest and bias that the research report contains. Potential conflicts of interest may arise between different parts of a bank, creating the potential for financial movements that could be market manipulation.
Authorities that regulate investment banking the FSA in the United Kingdom and the SEC in the United States require that banks impose a Chinese wall which prohibits communication between investment banking on one side and research and equities on the other. Some of the conflicts of interest that can be found in investment banking are listed here: Historically, equity research firms were founded and owned by investment banks.
One common practice is for equity analysts to initiate coverage on a company in order to develop relationships that lead to highly profitable investment banking business.
In the s, many equity researchers allegedly traded positive stock ratings directly for investment banking business. On the flip side of the coin: Politicians acted to pass laws to criminalize such acts. Increased pressure from regulators and a series of lawsuits, settlements, and prosecutions curbed this business to a large extent following the stock market tumble Many investment banks also own retail brokerages.
Also during the s, some retail brokerages sold consumers securities which did not meet their stated risk profile.
This behavior may have led to investment banking business or even sales of surplus shares during a public offering to keep public perception of the stock favorable. Since investment banks engage heavily in trading for their own account, there is always the temptation or possibility that they might engage in some form of front running.
The Big Picture- Major Players in investment banking Until the wave of consolidation and convergence that started in the s in the financial services industry, the playing field had changed very little and was easy to understand. Commercial banks and investment banks each had their roles, as defined by federal regulations, and seldom did the two meet. And within investment banking, firms could be neatly categorized by their size, market focus,.
At the top was the bulge bracket, which consisted of the six largest firms: Together with Bank of Americas U. The company was created in , when its parent bank acquired Montgomery Securities.
It employs people in areas including corporate and investment banking, the global markets group debt capital raising, sales, trading, and research , portfolio management, e-commerce, global treasury services, and asset management. Banc of America Securities offers full-time and summer associate and analyst programs in the United States and in Europe.
Jenrette, and a leading underwriter of high-yield bonds with a golden reputation in research. A bulge-bracket bank, CSFB ranked fifth among all banks in in terms. CSFB has experienced trouble in recent years, with business slackening in key areas e.
The firm has also been losing key bankers in recent times; epitomizing this trend, the CEO of the investment bank, John Mack, announced plans to leave the firm in the summer of , reportedly due to the fact that his desire to merge Credit Suisse with another firm was not in line with the desires of the majority of the directors of Credit Suisse.
After that announcement, the firms head in China announced plans to leave the firm, and as this guide goes to press the firm must surely be worried that an exodus of the firms talent in Asia will ensue. It includes Deutsche Bank Alex. The bank has been undergoing some changes, with some key employees leaving the firm and the addition of a number of senior-level hires. In March , Deutsche announced it was laying-off 50 employees in the equity group, including nine senior research analysts, dropping coverage of of the companies it used to cover in the process.
Observers report that layoffs could continue as the bank cuts back on Overall, though, Deutsche Bank has been focused on building its presence in North America. Morgan, one of the oldest and most prestigious commercial and investment banks in the world.
Subsidiaries include J. Morgan Fleming Asset Management, which serves institutional investors; J. Morgan Partners, a private-equity house; J. Morgan Private Bank, which serves wealthy private clients. And now, with the acquisition of Bank One, its getting even bigger. However, the acquisition probably wont have a major effect on the way things are done in the investment bank, J.
Morgan is a major player in terms of debt and equity issuance worldwide; in the first half of , it was third in the league tables in global equity underwriting, in U.
IPO underwriting, and in overall debt underwriting. This bank analyzes the market and credit risk. To control credit risk investment spreads out counterparties and bank choose standard exchange for trading. Risk management is done at every level by investment banks as it highlights what are risks involve and how it can be handled.
This research helps provide a rating to company help investor to take a decision of investment. Research reports tell whether to buy, sell or to hold the base on a rating of a company. Through this one can know worthiness of the company. Research is done by analyzing and comparing various report and performance report of the company. Investment bank primary work is research and these researches are of multiple types like equity research , fixed income research , macroeconomic research, qualitative research etc.
Investment bank shares these reports with clients which helps an investor to generate profit through trading and sales.
Derivatives product offer a high rate of return and good margin hence a lot of risks is involved with it. Investment bank prepares these derivatives with a strategy based on a single as well as multiple securities.Since the s and even earlier, however, U.
If the venture capital succeeds, TDICI recoups its investment in the form of royalty on sales which ranges between two and eight percent. Ronak Koticha. This Third Edition of The Business of Investment Banking explains the changes and discusses new opportunities for students and professionals seeking to advance their careers in this intensely competitive field.
Portfolio managers basically aim at stock-bond mix.
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