In an equity capital markets context, this is the financial services provider that manages a securities issue. Also sometimes referred to as a lead arranger, syndicate manager, bookrunner or (if also acting as an underwriter) underwriting manager or lead underwriter. If there is more than one lead manager they may each be referred to as a joint lead manager or joint lead arranger.
For its meaning in a banking and finance context, such as in relation to a bond issue or syndicated loan arrangement, see arranger.
A lead manager is usually tasked with:
Leading the offer launch.
Sale or placement of the securities being offered.
Making allocations under the offer.
Organising and managing the assignment of portions of the new issue to other financial services providers and brokers involved in the offer. These financial services providers are often referred to as co-managers, co-ordinators, corporate advisers, arrangers or managers.
Organising the syndicate of underwriters and, if acting as lead underwriter, taking responsibility for the largest share of the underwriting.
Lead managers may be paid cash or scrip on commission, a structured fee, a flat fee or, often, some combination of these. The agreement governing a lead manager's role and fees is often called a lead manager mandate or offer management agreement.
