In 1996 DMG had its first full year of operations and began to show positive signs of gearing up to start playing with the big boys. It spent 1996 expanding its trading and underwriting activities in developed and emerging markets, with favourable effects on its profits and league-table rankings. In the equity capital markets, repo and derivatives businesses, DMG has gone from being practically unranked to positions in the top tier.
Similar progress has been made in the fixed-income business. In our recent bond-trading poll (Euromoney May 1997), for example, DMG came first in both government bonds and Eurobonds.
The figures speak for themselves. In 1996 DMG enjoyed an 80% year-on-year increase in deals as bookrunner in Eurobonds and global issues and almost a 70% increase in the number of issues it led.
Success has been contagious, with even the scandal-hit asset management business adding more assets in 1996 than any other major asset manager in the UK.
DMG attributes this year's improvement to its attempts to leverage Deutsche Bank's client base, capital and global distribution network. However, the bank will not be resting on its laurels - it plans to concentrate on its mergers and acquisitions business in 1997.