Corporate Finance

Nicolas d’Halluin (Partner, Bryan Garnier US): "US investors have increasingly stronger interests in European companies"

© Bryan Garnier & Co.


Leaders League. What is the positioning of Bryan Garnier in the US?

Nicolas d’Halluin. In the US, we sell European stocks to American institutions, distribute secondary research, and also have the capacity of distributing primary transactions which are initiated out of the Paris office, such as equity capital markets, IPOs, capital increase and financing. Our positioning isn’t one of a global firm but that of a sector-specialized brokerage firm, with a focus on healthcare, and we also cover other pillars of Bryan Garnier, namely consumer and IT/technology.

 

How have your intuitional clients’ demands evolved in recent years?

We have observed strong demand from US clients in the healthcare sector, which has contributed to our success. In addition, investors have increasingly stronger interests in European companies, as in general the valuation of European companies compared to their US peers is much lower, particularly in the biotech industry. One main reason is that the American ecosystem of dedicated biotech investors is much more developed, which helps companies to be more recognized and followed to achieve high valuations. However, I expect the European market to catch up with the US in the future.

 

With the elections in the US and in Europe, are your clients concerned with all of these political changes?

Yes, absolutely. We saw a very strong market evolution after the US presidential election, which is mostly built on promises, so I think the challenge of the Trump administration would be to deliver those promises and the market will react accordingly. In Europe investors are currently very concerned about the elections, especially in France, whose results could determine the future of the euro and put Europe in jeopardy, so now investors have more of a wait-and-see attitude until there is more clarity and vision on what is going to happen.

 

 

More on Bryan Garnier & Co:

Case Study: Bryan, Garnier & Co: Twenty Years of Conquest and Development 

Interview with Greg Revenu (Co-founder & Managing Partner, Bryan Garnier & Co)

Interview with Carter Mack (President, JMP Group)

Interview with Falk Müller-Veerse (Partner, Bryan Garnier & Co, Germany)

Interview with Robert Pfeiffer (Managing Director – Media Team, Bryan Garnier & Co)

 

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