The ASX has expressed confidence in former JPMorgan chief executive officer Rob Priestley, who headed the investment bank’s local division when the broker underwrote ANZ’s botched $2.5 billion capital raising that has triggered a cartel case against the bank and JPMorgan’s joint lead underwriters on the transaction.
Atlas Funds Management’s Hugh Dive.
“In a book-build everyone is trying to work out what the truth is, but one is expecting anyone to be telling the exact truth. If you’re a fund manager you are back and forth on the phone trying to work out what the real demand for the new IPO or placement really is before bidding. If you get the full allocation you asked for, then you have misjudged demand and are likely to lose money when the stock re-opens trading at a lower amount.”
ASX supports JPM chair Rob Priestley
The ASX has expressed confidence in former JPMorgan chief executive officer Rob Priestley, who headed the investment bank’s local division when the broker underwrote ANZ’s botched $2.5 billion capital raising that has triggered a cartel case against the bank and JPMorgan’s joint lead underwriters on the transaction.