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.
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, and 2009 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.