FILE PHOTO: A sign is displayed at the Goldman Sachs reception in Sydney, Australia on May 18, 2016. REUTERS / David Gray
March 16, 2021
By Svea Herbst-Bayliss
BOSTON (Reuters) – Goldman Sachs has been named the best financial advisor to companies targeted by activist investors in 2020, according to Refinitiv data released Monday.
Goldman advised 49 campaigns including Twitter, EBay and Harley Davidson in 2020, down slightly from 53 in 2019.
The top 10 advisors worked on 186 campaigns over the past year when the pandemic slowed activism, compared to 197 in 2019.
Morgan Stanley, who was number one for several years, slipped to number three after working on 26 campaigns in 2020 after 44 campaigns in 2019.
Spotlight Advisors, which works for both businesses and activists, moved up to second place with 31 campaigns.
Bank of America, Lazard and Evercore followed with 22, 17 and 14 exposures, respectively.
Different providers create ranking lists that are often used as data points to attract new customers. But they rarely tell the full story, bankers say, noting that disagreements can arise as many companies privately fend off activists and ask their advisors to remain silent about their involvement.
Elliott Management held its own as the busiest activist after launching 17 campaigns last year, down from 11 in 2019.
Olshan Frome Wolosky was the busiest law firm, working on 85 activist engagements. Vinson & Elkins LLP, which ran 47 campaigns, including six for activists and 41 for corporations, followed in second place. Sidley Austin LLP linked V&E with 41 corporate exposures and took third place.
Innisfree and Okapi Partners were the top proxy attorneys.
(Reporting by Svea Herbst-Bayliss; Editing by Dan Grebler)
This article originally appeared on www.oann.com