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Makinson Cowell

Makinson Cowell joined Lazard in 2020. It is an independent and trusted adviser to companies on investor relations and matters that relate to their equity and the capital markets. We believe in direct, un-intermediated contact between a company’s leadership and its shareholders.  

Founded in 1989, Makinson Cowell is recognised for its deep knowledge of institutional investors, particularly in the UK and US. We inform clients’ strategic decision-making, equity capital market actions and communication with shareholders. 


Bob Cowell

Managing Director

+44 (0)7880 052300

Howard Coates

Managing Director

+44 (0)7879 604256

Areas of Expertise

Day to Day Advice

We work with our clients on a day-to-day basis and during their most important and demanding events. We help Boards and senior leadership teams interpret developments in capital markets relating to their businesses.

We advise and assist clients by:

  • Refining the investment proposition

  • Contributing to press releases and investor presentations

  • Testing potential investor reactions to strategy changes

  • Devising investor relations programs, including investor targeting

  • Previewing likely investor responses to capital structure changes and returns

  • Advising on likely investor responses to governance and remuneration issues

  • Setting M&A in a strategic context

Share Register Analysis

Our in-depth analysis of share ownership is based on our register analysis systems which have been developed over three decades.  We provide:

  • Regular register analysis, including comparison with our model of the ownership of UK plc

  • Daily tracking at critical times, including M&A, activist intervention and capital returns

  • AGM voting intelligence

Investor Study

Makinson Cowell’s flagship product is its proprietary Investor Study. This comprehensive, broad-ranging and impartial assessment provides a company with a view of how investors perceive its business, competitive positions, finances, leadership and Board, communications and the valuation of its shares.  It forms the basis of insights into how shareholders might react to future strategic moves, and how the company could strengthen its relationships with shareholders and potential investors.

Our Investor Study typically includes:

  • Detailed non-attributable qualitative interviews with leading institutional investors

  • A quantitative assessment of the company’s performance and valuation in absolute terms and relative to peers and the capital markets

  • Analysis of the ownership of the company with contextual comment

  • A review of the company’s investor relations program, with reference to a comparable group

Based on our findings, we provide recommendations on investor relations and communications.

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