SAN DIEGO, Oct. 6, 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 Hudson Bay Capital Management ranked as the number one most active institutional investor in the U.S. PIPE market during the first three quarters of 2010.
Sagient Research also announced that Sichenzia Ross Friedman Ference, LLP ranked as the number one most active issuer counsel, Greenberg Traurig, 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 for the first nine months of 2010.
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, Tassanee Sukramule, Vice President of PlacementTracker, said, "Overall, we've seen 1,073 deals for $50.8 billion placed in 2010 (81 deals for $14 billion were announced that have not yet closed). This represents an astounding increase of 50% in the number of deals reported versus the same period last year. While underwritten and registered deals continue to dominate the PIPE space, we've also seen a marked increase in structured equity lines (SELs) and at-the-market (ATM) offerings. Rounding out the third quarter in 2009, we saw 64 SELs and 13 ATMs. For the same period in 2010, we've already recorded 112 SELs and 34 ATMs. In addition, more and more of these SEL investors are willing to pony up cash upfront before the equity line shares are registered. We're optimistic that this trend in upfront financing signals increased investor confidence. We congratulate all of the active members of the PIPE community for continued success in 2010. Most of these firms are long-time clients of PlacementTracker and we are devoted to providing them with the highest caliber data available on our industry."
PlacementTracker's dynamically updating League Tables are available online at: http://www.sagientresearch.com/pt/leaguetables.cfm.
| The 2010 U.S. PIPE Market Investment Banking League Table | ||
| By Number of Transactions (through 09/30/10): | ||
| Placement Agent Name | Transaction Count | Total Amount Placed |
| Rodman & Renshaw, LLC | 50 | $643,682,747 |
| Roth Capital Partners, LLC | 34 | $683,796,999 |
| Chardan Capital Markets | 18 | $174,527,810 |
| Lazard | 16 | $503,342,853 |
| RBC Capital Markets, Inc. | 13 | $864,735,318 |
| Canaccord Genuity Inc. | 12 | $364,838,165 |
| Jefferies & Company, Inc. | 10 | $1,862,877,741 |
| Sandler O'Neill & Partners, L.P. | 10 | $559,308,012 |
| Keefe, Bruyette & Woods, Inc. | 10 | $322,367,135 |
| Bank of America Merrill Lynch | 9 | $1,865,274,695 |
| Stifel, Nicolaus & Co., Inc. | 9 | $402,215,059 |
| Needham & Company, Inc. | 9 | $284,806,488 |
| Morgan Stanley | 7 | $2,134,857,375 |
| J.P. Morgan Chase & Co. | 7 | $954,312,381 |
| Robert W. Baird & Co. | 7 | $229,795,493 |
| Maxim Group LLC | 7 | $89,160,139 |
| Ladenburg Thalmann & Co., Inc. | 7 | $82,868,874 |
| Haywood Securities, Inc. | 7 | $45,354,090 |
| Midtown Partners & Co., LLC | 7 | $37,368,148 |
| Wells Fargo Securities, LLC | 6 | $683,756,175 |
| Wedbush PacGrow Life Sciences | 6 | $252,847,246 |
| William Blair & Company, LLC | 6 | $229,106,323 |
| Leerink Swann & Co. | 6 | $187,352,849 |
| Merriman Curhan Ford & Company | 6 | $161,144,990 |
| JMP Securities LLC | 6 | $154,060,202 |
| 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 10/04/10. | ||
| The 2010 U.S. PIPE Market Institutional Investor League Table | ||
| By Number of Transactions (through 09/30/10): | ||
| Investor Name | Transaction Count | Total Amount Invested |
| Hudson Bay Capital Management | 29 | $59,835,438 |
| Downsview Capital, Inc. | 28 | $26,068,173 |
| Iroquois Capital L.P. | 26 | $44,196,606 |
| Heights Capital Management, Inc. | 22 | $33,619,605 |
| Citadel Advisors, LLC | 21 | $15,840,414 |
| AQR Capital Management, LLC | 20 | $8,108,929 |
| LH Financial Services Corporation | 18 | $7,608,313 |
| Millennium Management, LLC | 17 | $13,243,230 |
| Highbridge International, LLC | 17 | $950,003 |
| D.E. Shaw & Co., L.P. | 17 | Not Disclosed |
| Deerfield Management | 16 | $187,030,003 |
| Wellington Management Company | 16 | $105,754,648 |
| Ramius LLC | 15 | $14,535,571 |
| UBS O'Connor | 14 | $2,375,000 |
| Global Capital Advisors | 13 | $6,446,250 |
| Jayhawk Capital Management | 13 | $15,196,381 |
| AWM Investment Management | 13 | $10,499,978 |
| Heller Capital Partners | 12 | $2,206,105 |
| Fidelity Management & Research | 12 | $104,947,978 |
| Chestnut Ridge Partners, L.P. | 11 | $4,410,986 |
| Straus Capital Management, LLC | 10 | $4,288,136 |
| Whitebox Advisors, LLC | 10 | $19,463,997 |
| S.A.C. Capital Advisors, LLC | 10 | $15,855,000 |
| Taylor Asset Management, Inc. | 10 | $9,003,852 |
| Midsummer Capital, LLC | 10 | $5,778,993 |
| Investor 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. Investors classified as Corporate Investors and Insurance Companies have been excluded from this ranking. Data is for closed transactions reported as of 10/04/10. | ||
| Disclaimer: Investors in certain Registered Direct transactions have been added to PlacementTracker based upon PlacementTracker's interpretation of those investors' pattern of activity as disclosed in certain SEC filings. Sagient Research shall not be liable for any reason if such information is inaccurate in any way. If you believe any investor information or any other information in these league tables is incorrect, please contact us at ptmemberservices@sagientresearch.com or call us at 858-200-2395. | ||
| The 2010 PIPE Market Issuer Counsel League Table | ||
| By Number of Transactions (through 09/30/10): | ||
| Legal Counsel | Transaction Count | Total Amount Advised |
| Sichenzia Ross Friedman Ference, LLP | 18 | $93,166,925 |
| Dorsey & Whitney, LLP | 15 | $510,401,978 |
| Greenberg Traurig, LLP | 11 | $157,865,002 |
| Anslow & Jaclin, LLP | 11 | $107,074,625 |
| K&L Gates LLP | 10 | $735,244,903 |
| Latham & Watkins, LLP | 10 | $542,081,455 |
| Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, PC | 10 | $87,388,500 |
| Cooley Godward Kronish LLP | 9 | $273,457,010 |
| Pillsbury, Winthrop, Shaw & Pittman LLP | 9 | $97,555,257 |
| Loeb & Loeb, LLP | 8 | $280,213,277 |
| Morgan, Lewis & Bockius, LLP | 8 | $258,937,205 |
| Wilmer Cutler Pickering Hale & Dorr LLP | 8 | $190,255,044 |
| DLA Piper | 8 | $115,172,117 |
| Wilson Sonsini Goodrich & Rosati | 7 | $318,155,368 |
| Goodwin Procter, LLP | 7 | $124,251,852 |
| O'Melveny & Myers, LLP | 6 | $165,139,596 |
| Richardson & Patel, LLP | 6 | $18,152,519 |
| Skadden, Arps, Slate, Meagher & Flom, LLP | 5 | $1,692,816,231 |
| Vinson & Elkins, LLP | 5 | $689,078,646 |
| Baker & McKenzie | 5 | $168,165,583 |
| Morrison & Foerster, LLP | 5 | $127,532,500 |
| Ellenoff Grossman & Schole LLP | 5 | $38,021,197 |
| Sonnenschein Nath & Rosenthal | 5 | $35,100,002 |
| Wachtell, Lipton, Rosen & Katz | 4 | $832,249,999 |
| Davis Polk & Wardwell | 4 | $795,000,002 |
| 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 10/04/10. | ||
| The 2010 PIPE Market Investor Counsel League Table | ||
| By Number of Transactions (through 09/30/10): | ||
| Legal Counsel | Transaction Count | Total Amount Advised |
| Greenberg Traurig, LLP | 43 | $7,451,592,524 |
| Schulte Roth & Zabel, LLP | 34 | $1,833,571,529 |
| Seward & Kissel LLP | 6 | $6,558,419,708 |
| Skadden, Arps, Slate, Meagher & Flom | 6 | $706,800,000 |
| Katten Muchin Rosenman, LLP | 5 | $229,170,001 |
| Lowenstein Sandler, PC | 5 | $104,371,324 |
| Weinstein Smith LLP | 5 | $10,607,251 |
| Peter J. Weisman, PC | 4 | $54,907,103 |
| Quarles & Brady, LLP | 4 | $13,000,000 |
| Willkie, Farr & Gallagher | 3 | $6,379,999,996 |
| Weil, Gotshal & Manges, LLP | 3 | $930,005,620 |
| Morrison & Foerster, LLP | 3 | $169,800,000 |
| Ropes & Gray | 3 | $118,800,000 |
| Bingham McCutchen, LLP | 3 | $52,000,000 |
| Latham & Watkins, LLP | 3 | $50,000,000 |
| Cooley Godward Kronish LLP | 3 | $38,134,000 |
| Anslow & Jaclin, LLP | 3 | $13,140,548 |
| Grushko & Mittman, PC | 3 | $6,424,998 |
| Cleary, Gottlieb, Steen & Hamilton | 2 | $1,830,906,729 |
| Simpson Thacher Bartlett, LLP | 2 | $206,267,850 |
| Wachtell, Lipton, Rosen & Katz | 2 | $164,999,995 |
| Baker Botts, LLP | 2 | $150,000,000 |
| Jones Day | 2 | $138,000,001 |
| Cozen O'Connor | 2 | $106,800,000 |
| Orrick, Herrington & Sutcliffe, LLP | 2 | $69,600,000 |
| 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 off 10/04/10. | ||
| The 2010 PIPE Market Placement Agent Counsel League Table | ||
| By Number of Transactions (through 09/30/10): | ||
| Legal Counsel | Transaction Count | Total Amount Advised |
| Weinstein Smith LLP | 50 | $510,078,602 |
| Lowenstein Sandler, PC | 22 | $280,498,519 |
| Proskauer Rose, LLP | 14 | $312,499,591 |
| Goodwin Procter, LLP | 12 | $265,424,205 |
| Fried, Frank, Harris, Shriver & Jacobson | 4 | $1,025,877,499 |
| Latham & Watkins, LLP | 4 | $128,523,000 |
| Kilpatrick Stockton LLP | 4 | $42,147,500 |
| Davis Polk & Wardwell | 3 | $1,660,456,750 |
| Skadden, Arps, Slate, Meagher & Flom | 3 | $360,752,000 |
| Baker Botts, LLP | 3 | $267,004,125 |
| Choate, Hall & Stewart, LLP | 3 | $121,033,269 |
| Sichenzia Ross Friedman Ference, LLP | 3 | $69,680,729 |
| Leser, Hunter, Taubman & Taubman | 3 | $52,956,596 |
| Littman Krooks, LLP | 3 | $5,892,500 |
| Andrews Kurth, LLP | 2 | $158,140,287 |
| Hunton & Williams, LLP | 2 | $115,984,550 |
| Dewey & LeBoeuf LLP | 2 | $111,009,500 |
| Bracewell & Guiliani LLP | 2 | $93,619,993 |
| Pillsbury, Winthrop, Shaw & Pittman | 2 | $40,032,527 |
| Ropes & Gray | 2 | $37,528,849 |
| Blake, Cassels & Graydon LLP | 2 | $26,837,286 |
| McDermott, Will & Emery | 2 | $24,010,502 |
| K&L Gates LLP | 2 | $23,203,185 |
| Faegre & Benson, LLP | 2 | $19,960,000 |
| Cassels Brock & Blackwell LLP | 1 | $280,197,000 |
| 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 10/04/10. | ||
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, 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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