Financial Services Industry
Industry: Email Alert RSS FeedA.G. Edwards doubles its IPO dough.
Investment News, October, 2001 by Maldonado, Rosemarie
Small and regional broker-dealers during the bull market of the 1990s often bemoaned the fact that their investment banking arms were less than formidable. Many missed out on the white-hot market for initial public offerings of technology and Internet companies and the heady fees that accompanied those deals.
Some firms outside Wall Street have said they were determined to change that. One, A.G. Edwards Inc. (AGE) of St. Louis, is seeing results. Its investment banking revenue more than doubled in the quarter ending in August, growing 103% to $84 million, from $41 million in the year-earlier period. The surge in investment banking revenue, however, was not enough to prevent a 14.7% overall revenue decline during the quarter, to $605.4 million. ...
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