SAN DIEGO, Oct. 5, 2011 (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 2011.
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 (now part of Ellenoff Grossman & Schole LLP) ranked as the number one most active placement agent counsel in the U.S. PIPE market through the first three quarters of 2011.
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, Robert Kyle, Sagient Research's Chief Executive Officer said, "During the first three quarters of 2011, a total of over $24 billion was raised in 772 transactions (of this amount, 26 transactions totaling $167 million have been announced but not yet closed as of 10/04/11). This compares to $30.7 billion raised in 854 transactions in the first three quarters of 2010. The highly volatile equity market over the summer months caused activity in the PIPE market to decelerate. However, with pent-up demand and issuers' desire to build up balance sheets before year-end, all signs point to a robust fourth quarter ahead, especially if equity markets improve. We congratulate all of the active members of the PIPE community for continued success in 2011. Most of these firms are long-time clients of PlacementTracker, and we are dedicated to providing them with access to data on our ever-changing industry."
PlacementTracker's dynamically updating League Tables are available online at: http://www.placementtracker.com/pt/leaguetables.cfm.
The 2011 U.S. PIPE Market Investment Banking League Table
By Number of Transactions (through 10/04/11):
| Placement Agent Name | Transaction Count | Total Amount Placed |
| Rodman & Renshaw, LLC | 59* | $ 918,629,841 |
| Roth Capital Partners, LLC | 41 | $ 679,251,029 |
| Lazard | 18 | $ 386,691,203 |
| Ladenburg Thalmann & Co., Inc. | 15 | $ 346,119,500 |
| Jefferies & Company, Inc. | 14 | $ 917,297,925 |
| JMP Securities LLC | 13 | $ 439,251,873 |
| Canaccord Genuity Inc. | 12 | $ 534,767,061 |
| Maxim Group LLC | 12 | $ 231,142,477 |
| Piper Jaffray & Co. | 11 | $ 543,715,342 |
| Chardan Capital Markets | 10 | $ 70,730,607 |
| Oppenheimer & Co. Inc. | 9 | $ 353,171,837 |
| Stifel Nicolaus Weisel | 9 | $ 325,188,565 |
| William Blair & Company, LLC | 9 | $ 206,533,942 |
| Leerink Swann, LLC | 8 | $ 325,206,434 |
| Sandler O'Neill & Partners, L.P. | 7 | $ 1,249,999,999 |
| J.P. Morgan Chase & Co. | 7 | $ 792,702,782 |
| Northland Securities, Inc. | 7 | $ 98,272,747 |
| Keefe, Bruyette & Woods, Inc. | 6 | $ 318,484,941 |
| Cowen and Company, LLC | 6 | $ 176,441,469 |
| Needham & Company, LLC | 6 | $ 154,009,000 |
| Merriman Capital, Inc | 6 | $ 99,636,128 |
| Janney Montgomery Scott, Inc. | 5 | $ 223,241,250 |
| Wedbush PacGrow Life Sciences | 5 | $ 199,435,000 |
| National Securities Corporation | 5 | $ 179,242,500 |
| Craig-Hallum Capital Group LLC | 5 | $ 87,695,002 |
Investment Banking rankings exclude all 144-A Offerings, Equity Lines of Credit, At the Market Transactions, 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 and definitive agreement transactions reported as of 10/04/11.
The 2011 U.S. PIPE Market Investment Banking League Table
By Total Amount Placed (through 10/04/11):
| Placement Agent Name | Transaction Count | Total Amount Placed |
| Sandler O'Neill & Partners, L.P. | 7 | $ 1,249,999,999 |
| Jefferies & Company, Inc. | 15 | $ 1,019,633,958 |
| Rodman & Renshaw, LLC | 56 | $ 912,769,036 |
| J.P. Morgan Chase & Co. | 7 | $ 792,702,782 |
| Roth Capital Partners, LLC | 43 | $ 688,069,029 |
| Piper Jaffray & Co. | 11 | $ 543,715,342 |
| Canaccord Genuity Inc. | 12 | $ 534,767,061 |
| JMP Securities LLC | 14 | $ 503,074,957 |
| Barclays Capital, Inc. | 2 | $ 450,001,390 |
| Stifel Nicolaus Weisel | 11 | $ 434,524,598 |
| Lazard | 18 | $ 386,691,203 |
| Raymond James & Associates Inc. | 4 | $ 383,456,767 |
| Oppenheimer & Co. Inc. | 9 | $ 353,171,837 |
| Ladenburg Thalmann & Co., Inc. | 15 | $ 346,119,500 |
| Leerink Swann, LLC | 8 | $ 325,206,434 |
| Keefe, Bruyette & Woods, Inc. | 6 | $ 318,484,941 |
| Howe Barnes Hoefer & Arnett, Inc. | 1 | $ 310,000,000 |
| William Blair & Company, LLC | 10 | $ 308,869,975 |
| Global Hunter Securities, LLC | 4 | $ 237,500,000 |
| Maxim Group LLC | 13 | $ 233,126,477 |
| Goldman, Sachs & Co. | 1 | $ 231,599,431 |
| Burke Capital Group, LLC | 1 | $ 231,599,431 |
| Morgan Keegan & Company, Inc. | 3 | $ 228,151,250 |
| Macquarie Capital (USA) Inc. | 2 | $ 226,460,216 |
| Janney Montgomery Scott, Inc. | 5 | $ 223,241,250 |
Investment Banking rankings exclude all 144-A Offerings, Equity Lines of Credit, At the Market Transactions, 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 and definitive agreement transactions reported as of 10/04/11.
The 2011 U.S. PIPE Market Institutional Investor League Table
By Number of Transactions (through 10/04/11):
| Investor Name | Transaction Count | Total Amount Invested |
| Iroquois Capital L.P. | 41 | $ 21,028,401 |
| AQR Capital Management, LLC | 40 | $ 13,325,005 |
| Downsview Capital, Inc. | 36 | $ 15,600,540 |
| Hudson Bay Capital Management L.P. | 32 | $ 27,839,158 |
| Heights Capital Management, Inc. | 28 | $ 32,662,050 |
| DAFNA Capital Management, LLC | 27 | $ 6,716,538 |
| Deerfield Management | 26 | $ 146,374,272 |
| Fidelity Management & Research Corporation | 25 | $ 174,054,750 |
| Kingsbrook Partners, LP | 23 | $ 15,425,824 |
| LH Financial Services Corporation | 22 | $ 25,611,875 |
| Citadel Advisors, LLC | 22 | $ Not Disclosed |
| Columbia Management Investment Advisers, LLC | 21 | $ 7,265,700 |
| UBS O'Connor LLC | 20 | $ 3,497,498 |
| D.E. Shaw & Co., L.P. | 18 | $ Not Disclosed |
| Teachers Insurance and Annuity Association | 17 | $ Not Disclosed |
| Perceptive Advisors, LLC | 15 | $ 17,749,984 |
| Empery Asset Management LP | 15 | $ 11,917,045 |
| Artorius Capital Management | 14 | $ Not Disclosed |
| AWM Investment Management (MGP Advisors, LLC) | 13 | $ 29,249,999 |
| Highbridge International, LLC | 13 | $ 8,224,026 |
| RA Capital Management, LLC | 13 | $ 6,181,890 |
| S.A.C. Capital Advisors, LLC | 13 | $ 4,000,000 |
| Millennium Management, LLC | 13 | $ Not Disclosed |
| Wellington Management Company LLP | 12 | $ 42,856,390 |
| Great Point Partners, LLC | 12 | $ 32,202,104 |
Investor rankings exclude all 144-A Offerings, Equity Lines of Credit, At the Market Transactions, 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 and definitive agreement transactions reported as of 10/04/11.
The 2011 PIPE Market Issuer Counsel League Table
By Number of Transactions (through 10/04/11):
| Legal Counsel | Transaction Count | Total Amount Advised |
| Sichenzia Ross Friedman Ference, LLP | 22 | $ 108,067,599 |
| Cooley LLP | 17 | $ 410,261,244 |
| Greenberg Traurig, LLP | 10 | $ 108,618,657 |
| O'Melveny & Myers, LLP | 9 | $ 147,147,983 |
| K&L Gates LLP | 8 | $ 647,699,961 |
| Morrison & Foerster, LLP | 8 | $ 406,984,187 |
| Skadden, Arps, Slate, Meagher & Flom, LLP | 7 | $ 789,542,992 |
| Latham & Watkins, LLP | 7 | $ 517,689,996 |
| Wilson Sonsini Goodrich & Rosati | 7 | $ 287,444,389 |
| Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, PC | 7 | $ 160,692,763 |
| Anslow & Jaclin, LLP | 7 | $ 44,963,837 |
| DLA Piper | 6 | $ 38,102,233 |
| Morgan, Lewis & Bockius, LLP | 6 | $ 32,413,673 |
| Vinson & Elkins, LLP | 5 | $ 1,102,141,390 |
| Akerman Senterfitt | 5 | $ 355,730,001 |
| Paul, Hastings, Janofsky & Walker, LLP | 5 | $ 173,470,127 |
| Katten Muchin Rosenman, LLP | 5 | $ 123,340,147 |
| Ropes & Gray | 5 | $ 65,100,000 |
| Dorsey & Whitney, LLP | 5 | $ 28,887,490 |
| Jones Day | 4 | $ 291,825,064 |
| Wilmer Cutler Pickering Hale & Dorr, LLP | 4 | $ 182,620,279 |
| Loeb & Loeb, LLP | 4 | $ 78,500,000 |
| Seyfarth Shaw, LLP | 4 | $ 58,603,476 |
| Lowenstein Sandler, PC | 4 | $ 51,193,000 |
| TroyGould PC | 4 | $ 48,174,644 |
Legal counsel rankings exclude all 144-A Offerings, Equity Lines of Credit, At the Market Transactions, 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 and definitive agreement transactions reported as of 10/04/11.
The 2011 PIPE Market Investor Counsel League Table
By Number of Transactions (through 10/04/11):
| Legal Counsel | Transaction Count | Total Amount Advised |
| Schulte Roth & Zabel, LLP | 53 | $ 1,838,642,977 |
| Greenberg Traurig, LLP | 26 | $ 767,080,060 |
| Lowenstein Sandler, PC | 10 | $ 116,391,201 |
| Baker Botts, LLP | 6 | $ 1,587,447,234 |
| Grushko & Mittman, PC | 6 | $ 24,778,405 |
| Skadden, Arps, Slate, Meagher & Flom, LLP | 5 | $ 1,203,160,216 |
| Ropes & Gray | 5 | $ 334,733,333 |
| Wachtell, Lipton, Rosen & Katz | 4 | $ 767,578,563 |
| Kirkland & Ellis | 4 | $ 665,840,001 |
| Davis Polk & Wardwell LLP | 4 | $ 399,294,589 |
| Seward & Kissel LLP | 4 | $ 79,166,261 |
| Katten Muchin Rosenman, LLP | 4 | $ 55,533,000 |
| Weinstein Smith LLP | 4 | $ 30,107,529 |
| Davis Polk & Wardwell | 3 | $ 625,000,000 |
| Simpson Thacher Bartlett, LLP | 3 | $ 431,165,000 |
| Kramer Levin Naftalis & Frankel, LLP | 3 | $ 31,942,000 |
| Peter J. Weisman, PC | 3 | $ 11,750,000 |
| Ellenoff Grossman & Schole LLP | 3 | $ 3,800,000 |
| Munger, Tolles & Olson, LLP | 2 | $ 5,465,000,031 |
| DLA Piper | 2 | $ 475,000,031 |
| Paul, Weiss, Rifkind, Wharton & Garrison | 2 | $ 295,612,999 |
| Wilson Sonsini Goodrich & Rosati | 2 | $ 149,425,190 |
| Latham & Watkins, LLP | 2 | $ 95,000,000 |
| Davies Ward Phillips & Vineberg, LLP | 2 | $ 79,218,201 |
| Cooley LLP | 2 | $ 61,645,928 |
Legal counsel rankings exclude all 144-A Offerings, Equity Lines of Credit, At the Market Transactions, 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 and definitive agreement transactions reported as of 10/04/11.
The 2011 PIPE Market Placement Agent Counsel League Table
By Number of Transactions (through 10/04/11):
| Legal Counsel | Transaction Count | Total Amount Advised |
| Weinstein Smith LLP | 33 | $ 255,263,291 |
| Goodwin Procter, LLP | 29 | $ 692,988,209 |
| Ellenoff Grossman & Schole LLP | 28 | $ 233,125,342 |
| Proskauer Rose, LLP | 18 | $ 458,498,710 |
| Lowenstein Sandler, PC | 18 | $ 199,051,325 |
| Latham & Watkins, LLP | 6 | $ 231,062,504 |
| Cooley LLP | 3 | $ 186,990,000 |
| Graubard Miller | 3 | $ 121,145,000 |
| Pillsbury, Winthrop, Shaw & Pittman, LLP | 3 | $ 45,356,000 |
| K&L Gates LLP | 2 | $ 97,860,000 |
| Dewey & LeBoeuf LLP | 2 | $ 79,500,000 |
| Simpson Thacher Bartlett, LLP | 2 | $ 78,943,144 |
| Davis Polk & Wardwell | 2 | $ 64,068,967 |
| Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, PC | 2 | $ 47,612,501 |
| Pillsbury Winthrop, LLP | 2 | $ 44,476,000 |
| DLA Piper | 2 | $ 41,746,777 |
| Sichenzia Ross Friedman Ference, LLP | 2 | $ 23,000,000 |
| Cravath, Swaine & Moore | 1 | $ 155,250,000 |
| Wilson Sonsini Goodrich & Rosati | 1 | $ 130,400,000 |
| Ropes & Gray | 1 | $ 111,162,083 |
| Hogan Lovells US LLP | 1 | $ 100,000,000 |
| Sidley Austin LLP | 1 | $ 96,542,500 |
| White & Case, LLP | 1 | $ 64,759,375 |
| Edwards Angell Palmer & Dodge, LLP | 1 | $ 49,507,500 |
| Weil, Gotshal & Manges, LLP | 1 | $ 48,300,000 |
Legal counsel rankings exclude all 144-A Offerings, Equity Lines of Credit, At the Market Transactions, 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 and definitive agreement transactions reported as of 10/04/11.
*Includes transactions completed by Rodman & Renshaw, LLC and entities it acquired during 2011.
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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