SAN DIEGO, Jan. 7, 2009 (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 2008.
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 Feldman Weinstein, LLP ranked as the number one most active placement agent counsel in the U.S. PIPE market during the 2008.
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 League Tables, Robert F. Kyle, executive vice president of Sagient Research said, "This has unquestionably been the most challenging year we have ever seen in the market. The dramatic increase in volatility and decline in market valuations certainly affected PIPE issuances in 2008. The U.S. PIPE market totaled $177.26 billion raised through 1,283 transactions in 2008 (of this amount $45.43 billion has been announced but not yet closed as of 1/6/09). This compared to $83.96 billion raised through 1,416 transactions in 2007. While 2008 was a record year for total dollars raised in the PIPE market, and represented a 111% increase over 2007, the market remained dominated by a handful of large transactions. In total, 87 mega-PIPE transactions made up $165.12 billion of the amount raised in 2008. Meanwhile, the core PIPE transactions, which we define as placements of under $100 million in gross proceeds, fell 21% from $15.34 billion in 2007 to $12.71 billion in 2008. Still, it is important to note that despite the market instability and the resulting issuance decreases, the PIPE market remained one of the only new issue markets open for business in 2008. As always, we congratulate all of the active agents, investors, and legal counsel in the PIPE market for a tremendous quarter, especially those leaders who topped the League Tables. Many of these firms are long-time clients of PlacementTracker, and we look forward to continuing to provide them with industry leading data, research, and analytics to help keep them on top of this market."
PlacementTracker's dynamically updating League Tables are available online at: http://www.sagientresearch.com/pt/leaguetables.cfm.
The 2008 U.S. PIPE Market Investment Banking League Table
---------------------------------------------------------
By Number of Transactions:
--------------------------
Transaction Total Amount
Placement Agent Name Count Placed
-------------------- ----------- ---------------
Rodman & Renshaw, LLC 44 $ 585,903,098
Roth Capital Partners, LLC 18 $ 274,429,348
Lazard 16 $ 1,433,424,870
Canaccord Adams, Inc. 13 $ 431,628,722
Midtown Partners & Co., LLC 13 $ 37,509,088
Merriman Curhan Ford & Co. 11 $ 225,816,774
Deutsche Bank 10 $ 2,692,982,461
Maxim Group, LLC 7 $ 33,546,179
Lehman Brothers, Inc. 6 $ 7,339,967,043
Emerging Growth Equities, Ltd. 6 $ 40,582,493
Jesup & Lamont Securities Corporation 6 $ 37,809,785
Palladium Capital Advisors, LLC 6 $ 16,636,400
Credit Suisse 5 $ 1,644,476,900
Oppenheimer & Co., Inc. 5 $ 1,552,795,935
Leerink Swann & Co. 5 $ 135,232,214
Thomas Weisel Partners, LLC 5 $ 75,689,946
Dawson James Securities, Inc. 5 $ 36,246,450
Empire Asset Management Co. 5 $ 24,397,146
Goldman, Sachs & Co. 4 $ 7,899,949,993
Jefferies & Company, Inc. 4 $ 548,715,160
Banc of America Securities, LLC 4 $ 418,093,542
RBC Capital Markets, Inc. 4 $ 152,000,779
Brean Murray, Carret & Co. 4 $ 125,999,999
Pacific Growth Equities, Inc. 4 $ 116,447,636
Piper Jaffray & Co. 4 $ 103,690,330
Investment Banking rankings exclude all 144-A Offerings, Reg S
Placements, Equity Lines of Credit, and all PIPE transactions
conducted by Canadian 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 1/6/09.
The 2008 U.S. PIPE Market Investment Banking League Table
---------------------------------------------------------
By Total Amount Placed:
-----------------------
Transaction Total Amount
Placement Agent Name Count Placed
-------------------- ----------- ---------------
Goldman, Sachs & Co. 4 $ 7,899,949,993
Lehman Brothers, Inc. 6 $ 7,339,967,043
UBS Investment Bank 3 $ 2,850,875,719
Deutsche Bank 10 $ 2,692,982,461
JPMorgan 3 $ 2,011,282,900
Credit Suisse 5 $ 1,644,476,900
Oppenheimer & Co., Inc. 5 $ 1,552,795,935
Lazard 16 $ 1,433,424,870
Friedman, Billings, Ramsey & Co. 1 $ 1,350,000,000
Keefe, Bruyette & Woods, Inc. 3 $ 611,280,138
Rodman & Renshaw, LLC 44 $ 585,903,098
Jefferies & Company, Inc. 4 $ 548,715,160
Canaccord Adams, Inc. 13 $ 431,628,722
Banc of America Securities LLC 4 $ 418,093,542
Morgan Stanley 2 $ 331,222,500
Sandler O'Neill & Partners, L.P. 3 $ 305,790,000
Roth Capital Partners, LLC 18 $ 274,429,348
Dahlman Rose & Company, LLC 2 $ 249,703,942
Merriman Curhan Ford & Co. 11 $ 225,816,774
Fearnley Fonds ASA 1 $ 209,703,942
Carnegie ASA 1 $ 209,703,942
DnB NOR Markets 1 $ 209,703,942
RBC Capital Markets, Inc. 4 $ 152,000,779
Leerink Swann & Co. 5 $ 135,232,214
Knight Capital Markets, LLC 2 $ 126,400,001
Investment Banking rankings exclude all 144-A Offerings, Reg S
Placements, Equity Lines of Credit, and all PIPE transactions
conducted by Canadian 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 1/6/09.
The 2008 U.S. PIPE Market Institutional Investor League Table
-------------------------------------------------------------
By Number of Transactions:
--------------------------
Transaction Total Amount
Investor Name Count Invested
------------- ----------- -------------
Downsview Capital, Inc. 26 $ 30,457,059
Enable Capital Management 25 $ 63,046,886
Hudson Bay Capital Management, L.P. 21 $ 59,160,727
Iroquois Capital, L.P. 21 $ 31,124,723
Highbridge International, LLC 18 $ 228,757,989
Atoll Asset Management, LLC 18 $ 24,773,731
Ramius, LLC 16 $ 158,412,824
Whitebox Advisors, LLC 16 $ 111,640,679
Vicis Capital, LLC 14 $ 59,250,000
Yorkville Advisors, LLC 13 $ 66,560,006
UBS O'Connor, LLC 13 $ 55,027,079
Midsummer Capital, LLC 13 $ 14,017,140
Whalehaven Capital Management, Ltd. 13 $ 3,818,086
Chestnut Ridge Partners, L.P. 13 $ 3,264,181
Wellington Management Company, LLP 12 $ 247,538,324
Guerilla Partners, LP 12 $ 17,242,213
Vision Capital Advisors, LLC 11 $ 52,752,890
Heller Capital Partners 11 $ 7,968,311
Gemini Strategies, LLC 11 $ 6,553,000
LH Financial Services Corporation 11 $ 5,664,888
T. Rowe Price Associates, Inc. 10 $ 262,288,650
BAM Opportunity Fund, L.P. 10 $ 180,684,015
Heights Capital Management, Inc. 10 $ 115,054,544
Ardsley Partners, L.P. 10 $ 33,646,482
Heller Capital Partners 10 $ 7,860,253
Investor rankings exclude all 144-A Offerings, Reg S Placements,
Equity Lines of Credit, and all PIPE transactions conducted by
Canadian 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 1/6/09.
The 2008 U.S. PIPE Market Issuer Counsel League Table
-----------------------------------------------------
By Number of Transactions:
--------------------------
Transaction Total Amount
Legal Counsel Count Advised
------------- ----------- ---------------
Sichenzia Ross Friedman Ference, LLP 28 $ 146,682,801
Richardson & Patel, LLP 16 $ 108,582,766
Cooley Godward Kronish, LLP 14 $ 275,824,395
Greenberg Traurig, LLP 13 $ 103,989,994
Latham & Watkins, LLP 11 $ 239,297,878
Morgan, Lewis & Bockius, LLP 11 $ 75,235,000
Weil, Gotshal & Manges, LLP 10 $ 3,225,466,782
Wilmer Cutler Pickering Hale &
Dorr, LLP 10 $ 440,527,629
Heller Ehrman, LLP 9 $ 1,531,696,221
Lowenstein Sandler, PC 9 $ 191,815,001
Haynes and Boone, LLP 9 $ 148,079,501
DLA Piper 9 $ 116,619,503
Morrison & Foerster, LLP 9 $ 98,209,959
Hodgson Russ, LLP 9 $ 90,238,000
Loeb & Loeb, LLP 8 $ 175,205,656
Paul, Hastings, Janofsky & Walker, LLP 8 $ 163,984,549
Kirkpatrick & Lockhart Preston Gates
Ellis, LLP 8 $ 54,691,017
Bryan Cave, LLP 8 $ 42,129,627
Jones Day 7 $ 8,337,360,000
Shearman & Sterling, LLP 7 $ 5,746,340,005
Skadden, Arps, Slate, Meagher &
Flom, LLP 7 $ 619,126,750
Goodwin Procter, LLP 7 $ 235,090,659
Thelen Reid Brown Raysman &
Steiner, LLC 7 $ 93,653,596
Dorsey & Whitney, LLP 7 $ 72,193,483
Clark Wilson, LLP 7 $ 25,358,000
Legal counsel rankings exclude all 144-A Offerings, Reg S Placements,
Equity Lines of Credit, and all PIPE transactions conducted by
Canadian issuers that trade in the U.S. on the Pink Sheets. Data is
for closed transactions reported as of 1/6/09.
The 2008 U.S. PIPE Market Investor Counsel League Table
-------------------------------------------------------
By Number of Transactions:
--------------------------
Transaction Total Amount
Legal Counsel Count Advised
------------- ----------- ----------------
Schulte Roth & Zabel, LLP 53 $ 3,515,661,364
Feldman Weinstein, LLP 26 $ 154,135,027
Greenberg Traurig, LLP 16 $ 360,801,594
Seward & Kissel 8 $ 8,363,815,317
Latham & Watkins, LLP 8 $ 900,090,801
Proskauer Rose, LLP 8 $ 365,025,000
Lowenstein Sandler, PC 8 $ 63,797,497
Simpson Thacher Bartlett, LLP 7 $ 7,724,999,978
James G. Dodrill II, P.A. 7 $ 13,980,000
Sullivan & Cromwell 6 $ 9,419,000,002
Shearman & Sterling, LLP 6 $ 943,300,000
Winston & Strawn 6 $ 138,301,976
Grushko & Mittman, PC 6 $ 11,140,100
Katten Muchin Rosenman, LLP 5 $ 123,675,005
McDermott, Will & Emery 5 $ 41,534,925
Peter J. Weisman, PC 5 $ 16,000,000
Munger, Tolles & Olson, LLP 4 $ 12,400,000,000
Ropes & Gray 4 $ 309,100,863
O'Melveny & Myers, LLP 4 $ 231,000,002
Skadden, Arps, Slate, Meagher &
Flom, LLP 4 $ 155,008,167
Goodwin Procter, LLP 4 $ 122,422,076
Cooley Godward Kronish LLP 4 $ 56,022,707
Loeb & Loeb, LLP 4 $ 56,000,000
Anslow & Jaclin, LLP 4 $ 18,484,947
Quarles & Brady, LLP 4 $ 18,425,000
Legal counsel rankings exclude all 144-A Offerings, Reg S Placements,
Equity Lines of Credit, and all PIPE transactions conducted by
Canadian issuers that trade in the U.S. on the Pink Sheets. Data is
for closed transactions reported as of 1/6/09.
The 2008 U.S. PIPE Market Placement Agent Counsel League Table
--------------------------------------------------------------
By Number of Transactions:
--------------------------
Transaction Total Amount
Legal Counsel Count Advised
------------- ----------- -------------
Feldman Weinstein, LLP 29 $ 295,658,311
Proskauer Rose, LLP 15 $ 895,343,326
Goodwin Procter, LLP 10 $ 704,029,199
Lowenstein Sandler, PC 9 $ 126,188,384
Winston & Strawn 8 $ 106,413,193
Morrison & Foerster, LLP 6 $ 467,321,347
Littman Krooks, LLP 5 $ 23,993,679
Arnold & Porter 2 $ 561,418,000
Pillsbury, Winthrop, Shaw &
Pittman, LLP 2 $ 50,179,993
Skadden, Arps, Slate, Meagher &
Flom, LLP 1 $ 254,000,000
O'Melveny & Myers, LLP 1 $ 60,000,000
Loeb & Loeb, LLP 1 $ 50,000,000
McDermott, Will & Emery 1 $ 40,000,000
Hahn & Hessen, LLP 1 $ 40,000,000
Sidley Austin, LLP 1 $ 34,500,015
Wilmer Cutler Pickering Hale &
Dorr, LLP 1 $ 30,895,900
Troutman Sanders, LLP 1 $ 28,280,000
Davis Polk & Wardell 1 $ 25,882,500
Greenberg Traurig, LLP 1 $ 19,080,000
Porter & Hedges, LLP 1 $ 15,000,000
Aboudi & Brounstein 1 $ 15,000,000
Morse & Morse, PLLC 1 $ 15,000,000
Borden, Ladner, Gervais, LLP 1 $ 14,775,488
Choate, Hall & Stewart, LLP 1 $ 11,862,402
Morse Zelnick Rose & Lander 1 $ 6,000,000
Legal counsel rankings exclude all 144-A Offerings, Reg S Placements,
Equity Lines of Credit, and all PIPE transactions conducted by
Canadian issuers that trade in the U.S. on the Pink Sheets. Data is
for closed transactions reported as of 1/6/09.
About Sagient Research Systems
Sagient Research Systems is a publisher of independent research. We develop, produce, and sell proprietary research products to mutual funds, hedge funds, and investment banks. 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 to the financial services and institutional investment communities. In both 2007 and 2008 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.