SAN DIEGO, Jan. 7, 2010 (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 Downsview Capital, Inc., ranked as the number one most active institutional investor in the U.S. PIPE market during 2009.
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 Weinstein Smith, LLP ranked as the number one most active placement agent counsel in the U.S. PIPE market during 2009.
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 in 2009, Tassanee Sukramule, Vice President of PlacementTracker said, "After a dismal first quarter, and a fairly active middle part of the year, the PIPE market expanded to robust levels in the fourth quarter which have not been seen since the pre-financial crisis levels of 2007. During 2009, a total of $39.7 billion was raised in 1,100 transactions (of this amount, 72 transactions totaling $1.3 billion have been announced but not yet closed as of 1/5/10). Transaction activity picked up 46% in the fourth quarter versus the pace set during the first three quarters of the year. However, average transaction size is still considerably smaller than 2007 levels. On the structuring front in 2009, we saw an emergence of public/private hybrid structures (including Confidentially Marketed Public Offerings and Underwritten Registered Directs). These structures continued to gain traction at the end of the year even as more traditional PIPE activity increased. We congratulate all of the active members of the PIPE community for staying on top of the recent treacherous market and wish them further success in 2010. Many of these firms are long-time customers of PlacementTracker, and we are dedicated to equip them with industry leading data, research, and analytics to help keep them abreast of this constantly changing market."
PlacementTracker's dynamically updating League Tables are available online at: http://www.sagientresearch.com/pt/leaguetables.cfm.
The 2009 U.S. PIPE Market Investment Banking League Table By Number of Transactions (through 12/31/09): ----------------------------------------------------------- Transaction Total Amount Placement Agent Name Count Placed -------------------- ----------- --------------- Rodman & Renshaw, LLC 77 $ 1,232,556,446 Roth Capital Partners, LLC 27 $ 779,346,375 Piper Jaffray & Co. 22 $ 733,575,414 Lazard 20 $ 686,676,355 Canaccord Adams, Inc. 16 $ 499,155,740 Oppenheimer & Co. Inc. 15 $ 414,949,136 Midtown Partners & Co., LLC 15 $ 70,089,430 RBC Capital Markets, Inc. 14 $ 476,562,053 Chardan Capital Markets 13 $ 107,732,989 Cowen and Company, LLC 11 $ 308,547,799 Thomas Weisel Partners, LLC 11 $ 154,250,139 Merriman Curhan Ford & Company 10 $ 189,706,883 Ladenburg Thalmann & Co., Inc. 10 $ 123,728,202 Brean Murray, Carret & Co. 9 $ 255,936,118 Jefferies & Company, Inc. 8 $ 335,219,456 Deutsche Bank Securities, Inc. 7 $ 577,348,999 Robert W. Baird & Co. 7 $ 498,030,214 JMP Securities LLC 7 $ 264,740,413 Needham & Company, Inc. 7 $ 144,997,133 Maxim Group LLC 7 $ 116,587,150 Leerink Swann & Co. 6 $ 289,841,099 Wedbush PacGrow Life Sciences 6 $ 138,597,500 Dawson James Securities, Inc. 6 $ 49,444,287 Garden State Securities, Inc. 6 $ 34,841,511 Barclays Capital, Inc. 5 $ 257,959,040 Investment Banking rankings exclude all 144-A Offerings, Reg S Placements, Equity Lines of Credit, 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 transactions reported as of 01/06/10. The 2009 U.S. PIPE Market Investment Banking League Table By Total Amount Placed (through 12/31/09): ----------------------------------------------------------- Transaction Total Amount Placement Agent Name Count Placed -------------------- ----------- --------------- Rodman & Renshaw, LLC 77 $ 1,232,556,446 Roth Capital Partners, LLC 27 $ 779,346,375 Piper Jaffray & Co. 22 $ 736,006,443 Lazard 20 $ 686,676,355 Deutsche Bank Securities, Inc. 7 $ 577,348,999 Canaccord Adams, Inc. 16 $ 499,155,740 Robert W. Baird & Co. 7 $ 498,030,214 RBC Capital Markets, Inc. 14 $ 479,665,725 Brookfield Financial Corporation Management Inc. 1 $ 451,250,000 Morgan Stanley 2 $ 450,000,000 Oppenheimer & Co. Inc. 15 $ 418,052,808 UBS Securities Australia Limited 1 $ 367,159,999 Commonwealth Securities Limited 1 $ 367,159,999 Jefferies & Company, Inc. 8 $ 335,219,456 Goldman Sachs JBWere Pty Ltd. 1 $ 324,369,323 Macquarie Capital Advisors Limited 1 $ 324,369,323 Cowen and Company, LLC 11 $ 308,547,799 Leerink Swann & Co. 6 $ 289,841,099 JMP Securities LLC 7 $ 264,740,413 Barclays Capital, Inc. 5 $ 257,959,040 Brean Murray, Carret & Co. 9 $ 255,936,118 SunTrust Robinson Humphrey, Inc. 1 $ 250,000,000 Raymond James & Associates Inc. 3 $ 232,765,098 FIG Partners, LLC 4 $ 200,530,000 ThinkEquity LLC 4 $ 196,252,937 Investment Banking rankings exclude all 144-A Offerings, Equity Lines of Credit, 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 transactions reported as of 01/06/10. The 2009 U.S. PIPE Market Institutional Investor League Table By Number of Transactions (through 12/31/09): -------------------------------------------------------------- Transaction Total Amount Investor Name Count Invested -------------------- ----------- --------------- Downsview Capital, Inc. 30 $ 55,571,861 Iroquois Capital L.P. 24 $ 58,180,425 Hudson Bay Capital Management L.P. 22 $ 48,936,833 BAM Capital, LLC 21 $ 90,948,894 Heights Capital Management, Inc. 15 $ 51,136,290 Empery Asset Management LP 13 $ 37,697,777 Jayhawk Capital Management, L.L.C. 12 $ 12,354,536 Vicis Capital, LLC 11 $ 48,650,000 Rockmore Capital, LLC 11 $ 8,150,462 LH Financial Services Corporation 11 $ 2,766,911 Gemini Strategies, LLC 10 $ 2,905,000 Baker Brothers Advisors, LLC 9 $ 33,725,228 Ramius LLC 9 $ 19,288,644 Straus Capital Management LLC 9 $ 16,258,344 Wellington Management Company LLP 8 $ 97,557,193 Federated Investment Management Company 8 $ 14,438,944 Midsummer Capital, LLC 8 $ 2,993,942 Silver Rock Group 8 $ 1,720,071 Deerfield Management 7 $ 187,080,336 MGP Advisors, LLC 7 $ 15,725,001 Guerilla Partners LP 7 $ 7,570,504 Frost Group, LLC (The) 6 $ 61,630,000 Visium Asset Management, LLC 6 $ 21,410,462 Vision Capital Advisors LLC 6 $ 15,070,764 Alder Capital, LLC 6 $ 3,676,345 Investor rankings exclude all 144-A Offerings, Reg S Placements, Equity Lines of Credit, 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 transactions reported as of 01/06/10. The 2009 PIPE Market Issuer Counsel League Table By Number of Transactions (through 12/31/09): ------------------------------------------------- Transaction Total Amount Legal Counsel Count Advised ------------- ----------- ------------- Sichenzia Ross Friedman Ference, LLP 38 $ 202,025,999 Cooley Godward Kronish LLP 26 $ 518,273,722 Latham & Watkins, LLP 16 $ 456,541,110 Morgan, Lewis & Bockius, LLP 15 $ 351,557,152 K&L Gates LLP 15 $ 318,381,458 Wilson Sonsini Goodrich & Rosati 14 $ 767,329,126 Goodwin Procter, LLP 13 $ 157,681,174 Stradling, Yocca, Carlson & Rauth, PC 12 $ 208,660,952 Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, PC 12 $ 160,017,500 DLA Piper 12 $ 147,460,685 Pillsbury, Winthrop, Shaw & Pittman, LLP 11 $ 210,267,610 Morrison & Foerster, LLP 11 $ 158,818,736 Hogan & Hartson, LLP 10 $ 130,342,600 Richardson & Patel, LLP 10 $ 45,987,035 Dorsey & Whitney, LLP 9 $ 195,418,900 Greenberg Traurig, LLP 9 $ 146,832,318 Wilmer Cutler Pickering Hale & Dorr, LLP 8 $ 290,569,914 Loeb & Loeb, LLP 8 $ 121,641,110 Skadden, Arps, Slate, Meagher & Flom, LLP 7 $ 2,242,893,093 O'Melveny & Myers, LLP 7 $ 249,379,000 Edwards Angell Palmer & Dodge, LLP 7 $ 82,485,800 Cozen O'Connor 7 $ 42,107,226 Troutman Sanders, LLP 6 $ 204,384,164 Jones Day 6 $ 191,498,993 Reed Smith, LLP 6 $ 138,348,158 Legal counsel rankings exclude all 144-A Offerings, Structured Equity Lines, 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 transactions reported as of 01/06/10. The 2009 PIPE Market Investor Counsel League Table By Number of Transactions (through 12/31/09): --------------------------------------------------- Transaction Total Amount Legal Counsel Count Advised ------------- ----------- ------------- Schulte Roth & Zabel, LLP 38 $ 703,508,665 Greenberg Traurig, LLP 30 $ 537,062,793 Latham & Watkins, LLP 11 $ 1,144,699,646 Lowenstein Sandler, PC 10 $ 130,004,938 Weinstein Smith LLP 10 $ 45,912,175 Simpson Thacher Bartlett, LLP 7 $ 330,000,000 Seward & Kissel LLP 7 $ 199,424,458 Grushko & Mittman, PC 7 $ 41,667,500 Sullivan & Cromwell 6 $ 564,300,000 Goodwin Procter, LLP 6 $ 96,020,010 Feldman LLP 6 $ 23,349,563 Kirkland & Ellis 4 $ 75,000,000 Finn Dixon & Herling LLP 4 $ 65,000,001 Ellenoff Grossman & Schole LLP 4 $ 31,899,843 Cooley Godward Kronish LLP 4 $ 22,060,848 Troutman Sanders, LLP 4 $ 19,581,000 Weil, Gotshal & Manges, LLP 3 $ 353,000,024 Shearman & Sterling, LLP 3 $ 234,999,995 Dechert, LLP 3 $ 180,000,024 O'Melveny & Myers, LLP 3 $ 111,348,705 Reed Smith, LLP 3 $ 54,348,695 White & Case, LLP 3 $ 46,512,220 Katten Muchin Rosenman, LLP 3 $ 42,500,000 Proskauer Rose, LLP 3 $ 41,554,160 Bingham McCutchen, LLP 3 $ 22,370,000 Legal counsel rankings exclude all 144-A Offerings, Structured Equity Lines, 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 transactions reported as of 01/06/10. The 2009 PIPE Market Placement Agent Counsel League Table By Number of Transactions (through 12/31/09): --------------------------------------------------------- Transaction Total Amount Legal Counsel Count Advised ------------- ----------- ------------- Weinstein Smith LLP 47 $ 689,113,807 Goodwin Procter, LLP 27 $ 912,844,733 Proskauer Rose, LLP 18 $ 355,370,982 Lowenstein Sandler, PC 16 $ 163,372,660 Feldman LLP 12 $ 126,182,350 Latham & Watkins, LLP 7 $ 238,311,498 K&L Gates LLP 6 $ 63,102,724 DLA Piper 4 $ 139,769,075 Ropes & Gray 3 $ 152,011,659 Jones Day 3 $ 117,132,500 Choate, Hall & Stewart, LLP 3 $ 59,440,000 Morrison & Foerster, LLP 3 $ 58,499,564 Sichenzia Ross Friedman Ference, LLP 3 $ 56,371,500 Ellenoff Grossman & Schole LLP 3 $ 10,064,600 Skadden, Arps, Slate, Meagher & Flom, LLP 2 $ 317,000,000 Loeb & Loeb, LLP 2 $ 128,312,794 Kaye Scholer, LLP 2 $ 83,844,675 Pillsbury, Winthrop, Shaw & Pittman, LLP 2 $ 52,942,500 Dechert, LLP 2 $ 38,555,130 Paul, Hastings, Janofsky & Walker, LLP 2 $ 25,120,000 Troutman Sanders, LLP 2 $ 20,205,245 Torys, LLP 1 $ 451,250,000 Richardson & Patel, LLP 1 $ 300,000,000 Debevoise & Plimpton, LLP 1 $ 250,000,000 Quarles & Brady, LLP 1 $ 156,328,125 Legal counsel rankings exclude all 144-A Offerings, Structured Equity Lines, 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 transactions reported as of 01/06/10.
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