The MD clause

摘要

Inserting so-called key man clauses into IPO mandates is a tangible example of the value that independent ECM advisers can provide to clients. A chief executive charmed by a smooth talking polyglot into appointing his or her bank has every right to expect that that banker is involved from start to finish - and doesn't disappear after the pitch only to reappear for the closing dinner. Advisers are keenly aware of both the surge in European IPO activity and the savage cuts to ECM teams in recent years, and are rightly protecting their clients' interests.