cap raising, page-38

at the risk of starting some flames here i must respectfully disagree. without financing fees etc which can be very lucrative, it would be rare for advisory fees to be more than 3% at its upper limit. having worked in investment banking at some top tier us investment banks, and knowing the budget of their departments, as well as standard investment banking success fees, i find it hard to stomach the idea of 10%. for starters that would imply success fees on rio would have been conservatively, $6bn+ pre financing costs. as a guide, go look up jp morgan australia's financial statements for the last 3 years - available free online - and then remember that their numbers include not just investment banking advisory fees but also: debt and equity capital market fundraising fees; underwriting fees; bank loan origination and syndication fees; equity, fixed income, currency, and commodity flow and prop trading desks; corporate transactional fees; portfolio management fees; custodial and agent fees. to imply they stand to reap $100m in advisory fees from selling just linc coal assets ... hmmmm. my opinion only, but very sceptical of where you are getting these numbers from. keep in mind i am reviewing the 3 year historical and forecast budget for the aust/nz operations of a major bulge bracket firm as i type.