SAN DIEGO, Oct. 5, 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 Iroquois Capital, L.P., ranked as the number one most active institutional investor in the U.S. PIPE market during the first three quarters of 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 the first three quarters of 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 League Tables, Robert F. Kyle, executive vice president of Sagient Research said, "After a dismal first quarter, the past six months have seen a dramatic restoration of the active PIPE market. Through September 30th, a total of $31.3 billion was raised in 739 transactions (of this amount, 62 transactions totaling $1.01 billion have been announced but not yet closed as of 10/1/09). Most notably, more than 85% of the transaction activity this year has occurred in the past six months. Reflecting the return to business as usual, we've seen a reemergence of the traditionally active PIPE investors, agents, and legal counsel to the top of the league tables. On the structuring front, we continue to see an increase in registered direct activity, as the line between the private and public markets continued to be blurred. As always, we congratulate all of the active agents, investors, and legal counsel in the PIPE market, 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 2009 U.S. PIPE Market Investment Banking League Table
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By Number of Transactions (through 9/30/09):
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Placement Agent Name Transaction Count Total Amount Placed
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Rodman & Renshaw, LLC 54 $ 834,985,789.00
Roth Capital Partners, LLC 18 $ 463,370,337.00
Midtown Partners & Co., LLC 14 $ 66,839,430.00
Lazard 13 $ 419,259,962.00
Piper Jaffray & Co. 11 $ 417,869,271.00
Canaccord Adams, Inc. 11 $ 376,144,409.00
Chardan Capital Markets 10 $ 38,232,989.00
Oppenheimer & Co., Inc. 8 $ 206,294,637.00
Merriman Curhan Ford & Co. 8 $ 155,969,383.00
Thomas Weisel Partners, LLC 7 $ 62,222,176.00
Leerink Swann & Co. 6 $ 289,841,099.00
Cowen and Company, LLC 6 $ 85,312,062.00
Garden State Securities, Inc. 6 $ 34,841,487.00
Deutsche Bank Securities, Inc. 5 $ 210,401,999.00
RBC Capital Markets, Inc. 5 $ 202,076,260.00
JMP Securities, LLC 5 $ 182,240,013.00
Wedbush PacGrow Life Sciences 5 $ 91,160,000.00
Needham & Company, Inc. 5 $ 86,253,536.00
Ladenburg Thalmann & Co., Inc. 4 $ 44,857,332.00
Wunderlich Securities, Inc. 3 $ 126,410,000.00
Jefferies & Company, Inc. 3 $ 84,475,001.00
Toll Cross Securities, Inc. 3 $ 36,169,903.00
Source Capital Group. 3 $ 30,262,749.00
Dundee Securities Corp. 3 $ 20,317,526.00
Dawson James Securities, Inc. 3 $ 16,512,274.00
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 10/2/09.
The 2009 U.S. PIPE Market Institutional Investor League Table
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By Number of Transactions (through 9/30/09):
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Investor Name Transaction Count Total Amount Invested
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Iroquois Capital, LP 20 $ 52,840,060.00
BAM Capital, LLC 19 $ 62,899,970.00
Downsview Capital, Inc. 19 $ 42,195,838.00
Hudson Bay Capital Management, LP 12 $ 37,216,458.00
Vicis Capital, LLC 8 $ 29,400,000.00
Rockmore Investment Master Fund, Ltd. 8 $ 6,709,973.00
Wellington Management Company, LLP 7 $ 97,557,193.00
Heights Capital Management, Inc. 7 $ 40,050,021.00
Empery Asset Management, LP 7 $ 16,060,000.00
Baker Brothers Advisors, LLC 6 $ 18,975,132.00
Ramius, LLC 6 $ 18,588,644.00
Gemini Strategies, LLC 6 $ 1,650,000.00
Deerfield Capital Management 5 $ 177,499,990.00
The Frost Group, LLC 5 $ 61,130,000.00
Bay City Capital, LLC 5 $ 17,256,586.00
MGP Advisors, LLC 5 $ 11,725,001.00
Vision Capital Advisors, LLC 5 $ 9,225,936.00
Atoll Asset Management, LLC 5 $ 5,935,005.00
LH Financial Services Corp. 5 $ 1,603,969.00
Midsummer Capital, LLC 5 $ 1,000,000.00
Federated Investment Management Co. 5 Not Disclosed
Venrock Associates 4 $ 19,433,624.00
Visium Asset Management, LLC 4 $ 17,010,462.00
New Enterprise Associates 4 $ 15,672,709.00
Jayhawk Capital Management, LLC 4 $ 4,304,140.00
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 10/2/09.
The 2009 PIPE Market Issuer Counsel League Table
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By Number of Transactions (through 9/30/09):
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Legal Counsel Transaction Count Total Amount Advised
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Sichenzia Ross Friedman Ference, LLP 19 $ 95,642,581.00
Cooley Godward Kronish, LLP 15 $ 301,999,979.00
Morgan, Lewis & Bockius, LLP 13 $ 337,132,997.00
DLA Piper 12 $ 147,460,685.00
Latham & Watkins, LLP 11 $ 328,530,995.00
Stradling, Yocca, Carlson
& Rauth, PC 11 $ 203,660,952.00
K&L Gates, LLP 11 $ 163,632,867.00
Mintz, Levin, Cohn, Ferris,
Glovsky & Popeo, PC 11 $ 150,030,000.00
Morrison & Foerster, LLP 9 $ 94,718,752.00
Hogan & Hartson, LLP 8 $ 118,801,600.00
Wilson Sonsini Goodrich & Rosati 7 $ 228,096,931.00
Goodwin Procter, LLP 7 $ 77,506,169.00
O'Melveny & Myers, LLP 6 $ 226,436,500.00
Wilmer Cutler Pickering
Hale & Dorr, LLP 6 $ 169,969,914.00
Cozen O'Connor 6 $ 9,607,226.00
Skadden, Arps, Slate,
Meagher & Flom, LLP 5 $ 654,586,363.00
Troutman Sanders, LLP 5 $ 179,384,165.00
Dorsey & Whitney, LLP 5 $ 113,664,546.00
Greenberg Traurig, LLP 5 $ 90,912,500.00
Pillsbury, Winthrop, Shaw
& Pittman, LLP 5 $ 79,241,412.00
Edwards Angell Palmer & Dodge, LLP 5 $ 38,534,400.00
Wachtell, Lipton, Rosen & Katz 4 $ 965,000,000.00
Jones Day 4 $ 164,895,563.00
Ropes & Gray 4 $ 43,350,003.00
Richardson & Patel, LLP 4 $ 20,800,000.00
Legal counsel 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. Data is for closed transactions reported as of 10/2/09.
The 2009 PIPE Market Investor Counsel League Table
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By Number of Transactions (through 9/30/09):
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Legal Counsel Transaction Count Total Amount Advised
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Schulte Roth & Zabel, LLP 23 $ 446,163,187.00
Greenberg Traurig, LLP 22 $ 341,277,914.00
Latham & Watkins, LLP 6 $ 749,999,992.00
Simpson Thacher Bartlett, LLP 5 $ 225,000,000.00
Feldman Weinstein & Smith, LLP 5 $ 21,700,000.00
Seward & Kissel LLP 4 $ 117,611,642.00
Goodwin Procter, LLP 4 $ 75,000,011.00
Ellenoff Grossman & Schole, LLP 4 $ 26,270,000.00
Cooley Godward Kronish, LLP 4 $ 22,060,848.00
Grushko & Mittman, PC 4 $ 5,782,500.00
Sullivan & Cromwell 3 $ 465,000,000.00
O'Melveny & Myers, LLP 3 $ 111,348,705.00
Kirkland & Ellis 3 $ 35,000,000.00
Bush Ross, PA 3 $ 19,000,000.00
Debevoise & Plimpton, LLP 2 $ 449,999,994.00
Weil, Gotshal & Manges, LLP 2 $ 273,000,000.00
Dechert, LLP 2 $ 155,000,024.00
Alston & Bird, LLP 2 $ 118,755,564.00
White & Case, LLP 2 $ 36,512,220.00
Katten Muchin Rosenman, LLP 2 $ 32,500,000.00
Proskauer Rose, LLP 2 $ 31,206,000.00
Dorsey & Whitney, LLP 2 $ 23,000,000.00
K&L Gates, LLP 2 $ 20,491,025.00
Chadbourne & Parke, LLP 2 $ 13,500,000.00
Quarles & Brady, LLP 2 $ 8,500,000.00
Legal counsel 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. Data is for closed transactions reported as of 10/2/09.
The 2009 PIPE Market Placement Agent Counsel League Table
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By Number of Transactions (through 9/30/09):
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Legal Counsel Transaction Count Total Amount Advised
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Weinstein Smith, LLP 26 $ 358,759,792.00
Proskauer Rose, LLP 16 $ 316,142,082.00
Feldman Weinstein & Smith, LLP 12 $ 121,182,350.00
Goodwin Procter, LLP 11 $ 298,385,272.00
Lowenstein Sandler, PC 8 $ 44,205,603.00
Latham & Watkins, LLP 6 $ 200,312,498.00
K&L Gates, LLP 4 $ 53,935,125.00
Ropes & Gray 3 $ 152,011,659.00
Choate, Hall & Stewart, LLP 3 $ 59,440,000.00
DLA Piper 2 $ 72,500,000.00
Sichenzia Ross Friedman
Ference, LLP 2 $ 46,371,500.00
Dechert, LLP 2 $ 38,555,130.00
Morrison & Foerster, LLP 2 $ 28,499,562.00
Torys, LLP 1 $ 451,250,000.00
Skadden, Arps, Slate, Meagher
& Flom, LLP 1 $ 300,000,000.00
Legal counsel 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. Data is for closed transactions reported as of 10/2/09.
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.