In this episode of Enquire, Clara is joined by Andrew Foster, Chairman of Corporate Broking at Morgan Stanley, to unpack how the UK’s uniquely British corporate broking model has evolved, and what that evolution means for boards, IR teams and listed companies today. Drawing on a career that spans regulation, investment banking and decades advising FTSE 100 companies, Andrew offers a clear-eyed view of what corporate brokers can and crucially cannot do in modern equity markets.

What you'll learn in this episode:

• How corporate broking has changed since the “Big Bang” and MiFID
• Why sales force size and research coverage matter less than they used to
• What brokers can realistically deliver and what they can’t
• Why IR teams must own the equity story
• How to think about investor targeting and time allocation
• When and how to engage with hedge funds and short sellers
• How activism and takeover risk really develop
• What makes an effective broker and advisory line-up
• Why IR must sit at the centre of strategy
• How to align shareholders with long-term corporate objectives

Quotes:

• “The question companies should ask is not what their broker promises, but what they can actually control.”
• “IR should be absolutely front and centre in the strategic direction of the business.”
• “You want critical friends, not people who just tell you what you want to hear.”
• “Every interaction with the market should reinforce the long-term story.”

Resources:

Connect with Andrew on LinkedIn