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The boss of one of the City’s biggest independent investment banks has sounded the alarm over the future of London’s capital markets, saying they will end up “dead” on current trends.
Peel Hunt chief executive Steven Fine told the FT that there was no sign of a revival in London’s moribund market for initial public offerings.
“Our industry has been dramatically hollowed out over the last five, 10 years,” he said. “If we carry along this trajectory we will end up just like the Irish market, which is dead.”
London IPOs raised just £0.3bn in the first quarter, a contrast to mainland Europe where big flotations included the SFr2.3bn listing of dermatology group Galderma and retailer Douglas raising about €850mn.
The trend was driven by acquisitions of UK-listed companies, a lack of potential new…
