SAN DIEGO, Jan. 10, 2012 (GLOBE NEWSWIRE) -- Sagient Research Systems, a leading publisher of independent research for the financial services and institutional investment communities, today announced that Rodman & Renshaw, LLC ranked as the number one most active investment bank and Iroquois Capital L.P., ranked as the number one most active institutional investor in the U.S. PIPE market during 2011.
Sagient Research also announced that Sichenzia Ross Friedman Ference, LLP ranked as the number one most active issuer counsel, Schulte Roth & Zabel, LLP ranked as the number one most active investor counsel, and Ellenoff Grossman & Schole LLP ranked as the number one most active placement agent counsel in the U.S. PIPE market during 2011.
PlacementTracker, a flagship product of Sagient Research Systems, is well recognized as the leading provider of research, data, and analytics covering the PIPE market.
Commenting on the activity in the PIPE market, Robert Kyle, Sagient Research's Chief Executive Officer said, "During 2011, a total of almost $28 billion was raised in 947 transactions (of this amount, 19 transactions totaling $68 million have been announced but not yet closed as of 1/09/12). 2011 saw concerns over the global economy contribute to higher volatility in the equity markets, and the result was a slower than normal year for PIPEs and related offerings. However, it's worth noting that At the Market offerings and Structured Equity Lines continued to be a robust market. 2011 produced 230 of these transactions with commitments totaling almost $18 billion, compared with only 200 deals for just under $9 billion in committed capital in 2010. We congratulate all of the active members of the PIPE community, and wish them continued success in 2012. Most of these firms are long-time clients of PlacementTracker, and we are dedicated to providing them with access to data on our ever-changing industry."
PlacementTracker's dynamically updating League Tables are available online at: http://www.placementtracker.com/pt/leaguetables.cfm.
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The 2011 U.S. PIPE Market Investment Banking League Table By Number of Transactions (through 1/09/12): |
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| Placement Agent Name | Transaction Count | Total Amount Placed | ||
| Rodman & Renshaw, LLC | 77* | $ 1,273,719,192 | ||
| Roth Capital Partners, LLC | 46 | $ 704,936,646 | ||
| Lazard | 21 | $ 430,197,453 | ||
| Jefferies & Company, Inc. | 17 | $ 1,408,629,925 | ||
| Ladenburg Thalmann & Co., Inc. | 17 | $ 352,088,926 | ||
| William Blair & Company, LLC | 14 | $ 491,183,942 | ||
| JMP Securities LLC | 14 | $ 469,751,873 | ||
| Maxim Group LLC | 14 | $ 239,281,601 | ||
| Leerink Swann, LLC | 13 | $ 903,284,894 | ||
| Canaccord Genuity Inc. | 13 | $ 683,727,061 | ||
| Chardan Capital Markets | 13 | $ 86,380,607 | ||
| Piper Jaffray & Co. | 12 | $ 585,800,342 | ||
| J.P. Morgan Chase & Co. | 11 | $ 1,509,204,486 | ||
| Oppenheimer & Co. Inc. | 11 | $ 789,056,337 | ||
| Cowen and Company, LLC | 10 | $ 521,305,469 | ||
| Northland Securities, Inc. | 10 | $ 161,878,745 | ||
| Sandler O'Neill & Partners, L.P. | 9 | $ 1,803,797,499 | ||
| Needham & Company, LLC | 9 | $ 497,469,000 | ||
| Stifel Nicolaus Weisel | 9 | $ 325,188,565 | ||
| Keefe, Bruyette & Woods, Inc. | 6 | $ 318,484,941 | ||
| ThinkEquity LLC | 6 | $ 260,123,475 | ||
| Robert W. Baird & Co. | 6 | $ 227,197,695 | ||
| National Securities Corporation | 6 | $ 191,742,500 | ||
| C.K. Cooper & Company, Inc. | 6 | $ 110,939,998 | ||
| Merriman Capital, Inc | 6 | $ 99,636,128 | ||
| Investment Banking rankings exclude all 144-A Offerings, Equity Lines of Credit, At the Market Transactions, Rights Offerings, Bought Deals, and all PIPE transactions conducted by foreign issuers that trade in the U.S. on the Pink Sheets. On transactions where an investment banking firm has acted solely as Financial Advisor, that transaction has been excluded from that firm's ranking. Co-agented transactions award full transaction credit to all agents participating (regardless of status of lead agent or co-agent). Data is for closed and definitive agreement transactions reported as of 1/09/12. | ||||
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The 2011 U.S. PIPE Market Investment Banking League Table By Total Amount Placed (through 1/09/12): |
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| Placement Agent Name | Transaction Count | Total Amount Placed | ||
| Sandler O'Neill & Partners, L.P. | 9 | $ 1,803,797,499 | ||
| J.P. Morgan Chase & Co. | 10 | $ 1,330,954,486 | ||
| Rodman & Renshaw, LLC | 77* | $ 1,273,719,192 | ||
| Jefferies & Company, Inc. | 16 | $ 1,230,379,925 | ||
| Leerink Swann, LLC | 12 | $ 725,034,894 | ||
| Roth Capital Partners, LLC | 46 | $ 702,137,360 | ||
| Canaccord Genuity Inc. | 13 | $ 683,727,061 | ||
| Oppenheimer & Co. Inc. | 10 | $ 610,806,337 | ||
| Barclays Capital, Inc. | 3 | $ 598,961,390 | ||
| Piper Jaffray & Co. | 12 | $ 585,800,342 | ||
| Cowen and Company, LLC | 10 | $ 521,305,469 | ||
| JMP Securities LLC | 14 | $ 469,751,873 | ||
| Lazard | 21 | $ 430,197,453 | ||
| Ladenburg Thalmann & Co., Inc. | 17 | $ 352,088,926 | ||
| Raymond James & Associates Inc. | 3 | $ 350,605,299 | ||
| Morgan Stanley | 2 | $ 342,140,000 | ||
| Stifel Nicolaus Weisel | 9 | $ 325,188,565 | ||
| Needham & Company, LLC | 8 | $ 319,219,000 | ||
| Keefe, Bruyette & Woods, Inc. | 6 | $ 318,484,941 | ||
| William Blair & Company, LLC | 13 | $ 312,933,942 | ||
| Howe Barnes Hoefer & Arnett, Inc. | 1 | $ 310,000,000 | ||
| BMO Capital Markets Corp. | 2 | $ 307,142,000 | ||
| Maxim Group LLC | 14 | $ 239,281,601 | ||
| Global Hunter Securities, LLC | 4 | $ 237,500,000 | ||
| Burke Capital Group, LLC | 1 | $ 231,599,431 | ||
| Investment Banking rankings exclude all 144-A Offerings, Equity Lines of Credit, At the Market Transactions, Rights Offerings, Bought Deals, and all PIPE transactions conducted by foreign issuers that trade in the U.S. on the Pink Sheets. On transactions where an investment banking firm has acted solely as Financial Advisor, that transaction has been excluded from that firm's ranking. Co-agented transactions award full transaction credit to all agents participating (regardless of status of lead agent or co-agent). Data is for closed and definitive agreement transactions reported as of 1/09/12. | ||||
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The 2011 U.S. PIPE Market Institutional Investor League Table By Number of Transactions (through 1/09/12): |
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| Investor Name | Transaction Count | Total Amount Invested | ||
| Iroquois Capital L.P. | 48 | $ 27,994,651 | ||
| Downsview Capital, Inc. | 46 | $ 24,673,879 | ||
| AQR Capital Management, LLC | 43 | $ 13,325,005 | ||
| Hudson Bay Capital Management L.P. | 39 | $ 29,239,258 | ||
| Deerfield Management | 34 | $ 177,249,276 | ||
| Heights Capital Management, Inc. | 32 | $ 49,390,050 | ||
| Fidelity Management & Research Corporation | 29 | $ 200,054,752 | ||
| DAFNA Capital Management, LLC | 29 | $ 6,716,538 | ||
| Kingsbrook Partners, LP | 27 | $ 17,462,124 | ||
| Citadel Advisors, LLC | 27 | Not Disclosed | ||
| LH Financial Services Corporation | 26 | $ 29,061,875 | ||
| Brio Capital Management LLC | 24 | $ 4,413,101 | ||
| UBS O'Connor LLC | 23 | $ 3,996,248 | ||
| Columbia Management Investment Advisers, LLC | 21 | $ 7,265,700 | ||
| D.E. Shaw & Co., L.P. | 21 | Not Disclosed | ||
| AWM Investment Management (MGP Advisors, LLC) | 18 | $ 29,249,999 | ||
| Perceptive Advisors, LLC | 17 | $ 20,293,734 | ||
| Ayer Capital Partners | 17 | $ 19,779,573 | ||
| Teachers Insurance and Annuity Association | 17 | Not Disclosed | ||
| Wellington Management Company LLP | 16 | $ 111,345,201 | ||
| Empery Asset Management LP | 16 | $ 11,917,045 | ||
| Millennium Management, LLC | 16 | $ 2,000,000 | ||
| Artorius Capital Management | 15 | Not Disclosed | ||
| Highbridge International, LLC | 14 | $ 163,424,026 | ||
| RA Capital Management, LLC | 14 | $ 6,181,890 | ||
| Investor rankings exclude all 144-A Offerings, Equity Lines of Credit, At the Market Transactions, Rights Offerings, Bought Deals, and all PIPE transactions conducted by foreign issuers that trade in the U.S. on the Pink Sheets. Investors classified as Corporate Investors and Insurance Companies have been excluded from this ranking. Data is for closed and definitive agreement transactions reported as of 1/09/12. | ||||
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The 2011 PIPE Market Issuer Counsel League Table By Number of Transactions (through 1/09/12): |
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| Legal Counsel | Transaction Count | Total Amount Advised | ||
| Sichenzia Ross Friedman Ference, LLP | 33 | $ 144,567,317 | ||
| Cooley LLP | 20 | $ 510,571,243 | ||
| Greenberg Traurig, LLP | 12 | $ 190,696,157 | ||
| O'Melveny & Myers, LLP | 11 | $ 182,147,987 | ||
| Anslow & Jaclin, LLP | 10 | $ 55,142,163 | ||
| Skadden, Arps, Slate, Meagher & Flom, LLP | 9 | $ 964,733,998 | ||
| Wilson Sonsini Goodrich & Rosati | 9 | $ 687,444,345 | ||
| K&L Gates LLP | 9 | $ 672,699,961 | ||
| Latham & Watkins, LLP | 9 | $ 632,746,456 | ||
| DLA Piper | 9 | $ 91,989,733 | ||
| Ropes & Gray | 9 | $ 84,681,385 | ||
| Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, PC | 8 | $ 418,327,263 | ||
| Morrison & Foerster, LLP | 8 | $ 406,984,187 | ||
| Akerman Senterfitt | 7 | $ 369,233,752 | ||
| Morgan, Lewis & Bockius, LLP | 7 | $ 34,413,673 | ||
| Wilmer Cutler Pickering Hale & Dorr, LLP | 6 | $ 253,177,483 | ||
| Dorsey & Whitney, LLP | 6 | $ 33,199,571 | ||
| Vinson & Elkins, LLP | 5 | $ 1,102,141,390 | ||
| Jones Day | 5 | $ 455,505,064 | ||
| Paul, Hastings, Janofsky & Walker, LLP | 5 | $ 173,470,127 | ||
| Katten Muchin Rosenman, LLP | 5 | $ 123,340,147 | ||
| Richardson & Patel, LLP | 5 | $ 34,344,673 | ||
| Kramer Levin Naftalis & Frankel, LLP | 4 | $ 456,000,000 | ||
| Alston & Bird, LLP | 4 | $ 268,408,933 | ||
| Perkins Coie, LLP | 4 | $ 202,500,078 | ||
| Legal counsel rankings exclude all 144-A Offerings, Equity Lines of Credit, At the Market Transactions, Rights Offerings, Bought Deals, and all PIPE transactions conducted by foreign issuers that trade in the U.S. on the Pink Sheets. Data is for closed and definitive agreement transactions reported as of 1/09/12. | ||||
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The 2011 PIPE Market Investor Counsel League Table By Number of Transactions (through 1/09/12): |
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| Legal Counsel | Transaction Count | Total Amount Advised | ||
| Schulte Roth & Zabel, LLP | 84 | $ 2,430,905,343 | ||
| Greenberg Traurig, LLP | 28 | $ 778,830,059 | ||
| Lowenstein Sandler, PC | 11 | $ 122,391,198 | ||
| Baker Botts, LLP | 6 | $ 1,587,447,234 | ||
| Skadden, Arps, Slate, Meagher & Flom, LLP | 6 | $ 1,241,660,216 | ||
| Grushko & Mittman, PC | 6 | $ 24,778,405 | ||
| Kirkland & Ellis | 5 | $ 840,840,001 | ||
| Ropes & Gray | 5 | $ 334,733,333 | ||
| Seward & Kissel LLP | 5 | $ 80,896,261 | ||
| Katten Muchin Rosenman, LLP | 5 | $ 70,533,000 | ||
| Ellenoff Grossman & Schole LLP | 5 | $ 8,900,000 | ||
| Wachtell, Lipton, Rosen & Katz | 4 | $ 767,578,563 | ||
| Davis Polk & Wardwell LLP | 4 | $ 580,750,461 | ||
| DLA Piper | 4 | $ 515,000,031 | ||
| Weinstein Smith LLP | 4 | $ 30,107,529 | ||
| Peter J. Weisman, PC | 4 | $ 12,750,000 | ||
| Davis Polk & Wardwell | 3 | $ 625,000,000 | ||
| Simpson Thacher Bartlett, LLP | 3 | $ 431,165,000 | ||
| Paul, Weiss, Rifkind, Wharton & Garrison | 3 | $ 315,604,005 | ||
| Wilson Sonsini Goodrich & Rosati | 3 | $ 313,105,190 | ||
| Latham & Watkins, LLP | 3 | $ 295,000,000 | ||
| Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, PC | 3 | $ 34,250,000 | ||
| Kramer Levin Naftalis & Frankel, LLP | 3 | $ 31,942,000 | ||
| Munger, Tolles & Olson, LLP | 2 | $ 5,465,000,031 | ||
| Thompson & Knight, LLP | 2 | $ 550,000,000 | ||
| Legal counsel rankings exclude all 144-A Offerings, Equity Lines of Credit, At the Market Transactions, Rights Offerings, Bought Deals, and all PIPE transactions conducted by foreign issuers that trade in the U.S. on the Pink Sheets. Data is for closed and definitive agreement transactions reported as of 1/09/12. | ||||
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The 2011 PIPE Market Placement Agent Counsel League Table By Number of Transactions (through 1/09/12): |
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| Legal Counsel | Transaction Count | Total Amount Advised | ||
| Ellenoff Grossman & Schole LLP | 36 | $ 292,231,770 | ||
| Goodwin Procter, LLP | 33 | $ 806,513,209 | ||
| Weinstein Smith LLP | 33 | $ 255,263,291 | ||
| Proskauer Rose, LLP | 23 | $ 530,754,960 | ||
| Lowenstein Sandler, PC | 19 | $ 202,555,076 | ||
| Latham & Watkins, LLP | 7 | $ 488,697,004 | ||
| Sichenzia Ross Friedman Ference, LLP | 4 | $ 38,485,084 | ||
| Davis Polk & Wardwell | 3 | $ 264,068,967 | ||
| Ropes & Gray | 3 | $ 262,275,747 | ||
| Cooley LLP | 3 | $ 186,990,000 | ||
| Graubard Miller | 3 | $ 121,145,000 | ||
| Dewey & LeBoeuf LLP | 3 | $ 115,387,500 | ||
| Faegre & Benson, LLP | 3 | $ 74,979,998 | ||
| Pillsbury, Winthrop, Shaw & Pittman, LLP | 3 | $ 45,356,000 | ||
| Blake, Cassels & Graydon LLP | 3 | $ 8,855,071 | ||
| K&L Gates LLP | 2 | $ 97,860,000 | ||
| Morrison & Foerster, LLP | 2 | $ 87,500,000 | ||
| Simpson Thacher Bartlett, LLP | 2 | $ 78,943,144 | ||
| Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, PC | 2 | $ 47,612,501 | ||
| Richardson & Patel, LLP | 2 | $ 44,900,000 | ||
| Pillsbury Winthrop, LLP | 2 | $ 44,476,000 | ||
| DLA Piper | 2 | $ 41,746,777 | ||
| Schulte Roth & Zabel, LLP | 2 | $ 32,417,470 | ||
| Littman Krooks, LLP | 2 | $ 14,300,000 | ||
| Cravath, Swaine & Moore | 1 | $ 155,250,000 | ||
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Legal counsel rankings exclude all 144-A Offerings, Equity Lines of Credit, At the Market Transactions, Rights Offerings, Bought Deals, and all PIPE transactions conducted by foreign issuers that trade in the U.S. on the Pink Sheets. Data is for closed and definitive agreement transactions reported as of 1/09/12.
*Includes transactions completed by Rodman & Renshaw, LLC and entities it acquired during 2011. |
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About Sagient Research Systems
Sagient Research Systems is a publisher of specialized research and data. We develop, produce, and sell proprietary research products to global enterprises, including investment banks, mutual and hedge funds, pharmaceutical companies, academic institutions, and government agencies. Our business strategy is to continue to leverage our development, technology, and marketing expertise to solidify our position as a leading provider of independent research. In each of 2007, 2008, 2009, and 2010, Sagient Research was named to the Inc. 5000 list of fastest growing companies. For more information, please visit the Sagient Research Systems website at www.sagientresearch.com.
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