League tables are used to illustrate the ranking of investment banks and financial advisors in different activities. League tables can be aggregated to encompass all investment banking activities, or split according to the needs of the analysis being made (e.g. by equity capital markets, debt capital markets, mergers and acquisitions etc.).
League tables are often presented as part of a pitch by firms and can help inform a business when selecting a service provider. In light of this, UK Finance and AFME have published guidance to help businesses understand the sources and methodology used by firms when preparing league tables for inclusion in pitch presentations. The guidance addresses the following:
- The overarching principle that firms should not mislead clients in the presentation of league tables in pitch documents;
- League tables should be directly relevant to the proposed transaction;
- The criteria and methodology used to produce a league table should be made clear to the client and include certain information;
- League tables should be verifiable; and
- League tables should be capable of being reproduced.