SAN DIEGO, July 17, 2008 (PRIME 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 PIPE market during the first half of 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 PIPE market during the first half of 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, "While the market for core PIPE issuances remained slow in the second quarter of 2008, there was a marked improvement over the first quarter. The ongoing volatility and the generally negative sentiment in the marketplace continued to keep some issuers on the sidelines and more investors seeking appropriate pricing levels. The silver lining is that core PIPE issuances (which we define as transactions of less than $100M in gross proceeds) totaled $3.38 Billion in the second quarter, an increase of 35% over the first quarter. In terms of dollars raised, the first half continued the record breaking pace initiated last year. With $64.63 Billion raised in 653 closed transactions, the dollars raised in the first half of 2008 is the largest amount raised in the PIPE market in any six month period. A small group of Mega-PIPE transactions in the financial services and natural resources continued to dominate the deal roster. Still, regular market participants remained active in the first half of the year and, as always, we congratulate all of the agents, investors, and legal counsel in the PIPE market for a strong first half, 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 PIPE Market Investment Banking League Table
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By Number of Transactions (through 6/30/08):
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Transaction Total Amount
Placement Agent Name Count Placed
-------------------- ----------- ----------------
Rodman & Renshaw, LLC 25 $ 404,234,930
Roth Capital Partners, LLC 11 $ 209,580,852
Lazard 10 $ 1,122,814,900
Canaccord Adams, Inc. 8 $ 268,336,027
Midtown Partners & Co., LLC 8 $ 24,259,088
Merriman Curhan Ford & Co. 7 $ 192,336,774
Lehman Brothers, Inc. 6 $ 7,339,967,043
Palladium Capital Advisors, LLC 6 $ 16,636,400
Maxim Group, LLC 5 $ 26,691,179
Oppenheimer & Co., Inc. 4 $ 81,920,216
Emerging Growth Equities, Ltd. 4 $ 21,332,493
T.R. Winston & Company, Inc. 4 $ 12,677,831
Goldman, Sachs & Co. 3 $ 7,549,949,993
Deutsche Bank Securities, Inc. 3 $ 90,270,903
Westminster Securities Corporation 3 $ 21,353,000
Collins Stewart Inc. 3 $ 16,622,291
Empire Asset Management Company 3 $ 13,060,000
Empire Financial Group, Inc. 3 $ 10,500,390
Security Research Associates, Inc. 3 $ 6,810,275
UBS Investment Bank 2 $ 2,820,875,719
J.P. Morgan Chase & Co. 2 $ 760,000,000
Keefe, Bruyette & Woods, Inc. 2 $ 561,418,000
Banc of America Securities, LLC 2 $ 275,093,538
Dahlman Rose & Company, LLC 2 $ 249,703,942
Credit Suisse Securities (USA) LLC 2 $ 125,000,000
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 OTC-BB or 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 fulltransaction credit to all agents participating (regardless of status of lead agent or co-agent). Data is as reported as of 7/16/08.
The 2008 PIPE Market Investment Banking League Table
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By Total Amount Placed (through 6/30/08):
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Transaction Total Amount
Placement Agent Name Count Placed
-------------------- ----------- -----------------
Goldman, Sachs & Co. 3 $ 8,670,825,712
Lehman Brothers, Inc. 6 $ 7,339,967,043
UBS Investment Bank 2 $ 2,820,875,719
CIBC World Markets 1 $ 1,470,875,719
Friedman, Billings, Ramsey & Co. 1 $ 1,350,000,000
Lazard 10 $ 1,122,814,900
J.P. Morgan Chase & Co. 2 $ 760,000,000
Keefe, Bruyette & Woods, Inc. 2 $ 561,418,000
Rodman & Renshaw, LLC 25 $ 404,234,930
Morgan Stanley 1 $ 305,340,000
Banc of America Securities, LLC 2 $ 275,093,538
Canaccord Adams, Inc. 8 $ 268,336,027
Sandler O'Neill & Partners, L.P. 1 $ 250,000,000
Dahlman Rose & Company, LLC 2 $ 249,703,942
Fearnley Fonds ASA 1 $ 209,703,942
Carnegie ASA 1 $ 209,703,942
DnB NOR Markets 1 $ 209,703,942
Roth Capital Partners, LLC 11 $ 209,580,852
Merriman Curhan Ford & Co. 7 $ 192,336,774
Credit Suisse Securities (USA), LLC 2 $ 125,000,000
BMO Capital Markets Corp. 2 $ 118,909,000
Jefferies & Company, Inc. 2 $ 108,715,788
Morgan Joseph and Co., Inc. 1 $ 100,000,000
Cohen & Steers Capital Advisors 1 $ 99,999,991
Deutsche Bank Securities, Inc. 3 $ 90,270,903
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 OTC-BB or 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 as reported as of 7/16/08.
The 2008 PIPE Market Institutional Investor League Table
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By Number of Transactions (through 6/30/08):
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Transaction Total Amount
Investor Name Count Invested
------------- ----------- ----------------
Downsview Capital, Inc. 17 $ 20,034,282.0
Highbridge International, LLC 14 $ 213,307,988.0
Enable Capital Management 14 $ 27,348,899.0
Hudson Bay Capital Management L.P. 13 $ 48,107,045.0
Iroquois Capital L.P. 13 $ 25,404,811.0
Ramius LLC 12 $ 133,412,824.0
UBS Capital Americas, LLC 11 $ 47,519,110.0
Whalehaven Capital Management Ltd. 11 $ 3,318,086.0
Yorkville Advisors, LLC 10 $ 36,961,017.0
Midsummer Capital, LLC 10 $ 12,017,140.0
Guerilla Partners LP 9 $ 15,035,713.0
Heller Capital Partners 9 $ 5,914,997.0
Wellington Management Company LLP 8 $ 214,084,222.0
Whitebox Advisors, LLC 8 $ 58,503,577.0
Atoll Asset Management, LLC 8 $ 5,546,108.0
LH Financial Services Corporation 8 $ 4,712,976.0
Chestnut Ridge Partners, L.P. 8 $ 1,948,367.0
Octagon Capital Partners 8 $ 661,149.0
Credit Suisse Asset Management, LLC 7 $ 456,212,366.0
Heights Capital Management, Inc. 7 $ 106,700,000.0
BAM Opportunity Fund LP 7 $ 106,332,694.0
Goldman Sachs & Co. 7 $ 55,968,750.0
Pope Asset Management LLC 7 $ 40,700,002.0
Vision Capital Advisors LLC 7 $ 35,560,000.0
Ardsley Partners, L.P. 7 $ 23,830,148.0
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 OTC-BB or Pink Sheets. Investors classified as Corporate Investors and Insurance Companies have been excluded from this ranking. Data is as reported as of 7/16/08.
The 2008 PIPE Market Issuer Counsel League Table
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By Number of Transactions (through 6/30/08):
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Transaction Total Amount
Legal Counsel Count Advised
------------- ---------- ----------------
Sichenzia Ross Friedman Ference, LLP 16 $ 79,550,788.0
Richardson & Patel, LLP 13 $ 99,247,116.0
Latham & Watkins, LLP 9 $ 170,167,881.0
Hodgson Russ, LLP 8 $ 86,300,000.0
Heller Ehrman, LLP 7 $1,508,485,695.0
Haynes and Boone, LLP 7 $ 142,328,000.0
Greenberg Traurig, LLP 7 $ 82,804,994.0
Morgan, Lewis & Bockius, LLP 7 $ 41,710,000.0
Jones Day 6 $7,937,360,000.0
Loeb & Loeb, LLP 6 $ 156,455,656.0
Cooley Godward Kronish LLP 6 $ 107,648,588.0
Kirkpatrick & Lockhart Preston Gates
Ellis LLP 6 $ 44,041,017.0
Clark Wilson, LLP 6 $ 21,953,500.0
Fulbright & Jaworski, LLP 5 $ 654,796,632.0
Skadden, Arps, Slate, Meagher & Flom, LLP 5 $ 209,126,750.0
Wilmer Cutler Pickering Hale & Dorr, LLP 5 $ 205,502,628.0
Lowenstein Sandler, PC 5 $ 182,000,001.0
Guzov Ofsink, LLC 5 $ 48,491,598.0
Paul, Hastings, Janofsky & Walker, LLP 4 $ 148,234,549.0
Rutan & Tucker, LLP 4 $ 76,749,999.0
DLA Piper Rudnick Gray Cary US, LLP 4 $ 68,669,255.0
Buchanan Ingersoll, PC 4 $ 38,200,026.0
Ellenoff Grossman & Schole LLP 4 $ 24,100,043.0
Bingham McCutchen, LLP 4 $ 9,535,275.0
Gottbetter & Partners, LLP 4 $ 9,200,000.0
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 OTC-BB or Pink Sheets. Data is as reported as of 7/16/08.
The 2008 PIPE Market Investor Counsel League Table
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By Number of Transactions (through 6/30/08):
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Transaction Total Amount
Legal Counsel Count Advised
------------- ---------- ----------------
Schulte Roth & Zabel, LLP 34 $ 3,165,934,548
Feldman Weinstein, LLP 18 $ 116,278,789
Greenberg Traurig, LLP 9 $ 232,713,176
Proskauer Rose, LLP 7 $ 362,975,000
Loeb & Loeb, LLP 4 $ 51,000,000
McDermott, Will & Emery 4 $ 30,959,925
Grushko & Mittman, PC 4 $ 6,640,100
Wells, Moore, Simmons & Hubbard, PLLC 3 $ 67,532,000
Ropes & Gray 3 $ 57,772,863
Cooley Godward Kronish LLP 3 $ 46,022,863
Anslow & Jaclin, LLP 3 $ 11,025,000
James G. Dodrill II, P.A. 3 $ 5,491,667
Cleary, Gottlieb, Steen & Hamilton 2 $ 7,199,949,993
Simpson Thacher Bartlett, LLP 2 $ 7,000,000,000
Torys, LLP 2 $ 367,351,298
Willkie, Farr & Gallagher 2 $ 350,462,563
Powell, Goldstein, Frazer & Murphy, LLP 2 $ 324,796,632
Wilmer Cutler Pickering Hale & Dorr, LLP 2 $ 306,815,000
Fried, Frank, Harris, Shriver & Jacobson 2 $ 290,000,000
O'Melveny & Myers, LLP 2 $ 140,000,000
Olshan Grundman Frome Rosenzweig & Wolosky 2 $ 110,891,500
DLA Piper Rudnick Gray Cary US, LLP 2 $ 55,000,000
Greenberg, Glusker, Fields, Claman,
Macktinger & Kinsella, LLP 2 $ 53,640,001
Winston & Strawn 2 $ 52,998,727
Foley Hoag, LLP 2 $ 44,685,300
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 OTC-BB or Pink Sheets. Data is as reported as of 7/16/08
The 2008 PIPE Market Placement Agent Counsel League Table
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By Number of Transactions (through 6/30/08):
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Transaction Total Amount
Legal Counsel Count Advised
------------- ----------- --------------
Feldman Weinstein, LLP 20 $ 232,528,035
Lowenstein Sandler, PC 8 $ 118,271,384
Proskauer Rose, LLP 7 $ 564,725,788
Winston & Strawn 4 $ 66,759,597
Pillsbury, Winthrop, Shaw & Pittman, LLP 2 $ 50,179,993
O'Melveny & Myers, LLP 1 $ 60,000,000
Goodwin Procter, LLP 1 $ 15,651,750
Morrison & Foerster, LLP 1 $ 14,304,293
Morse Zelnick Rose & Lander 1 $ 6,000,000
Keesal, Young & Logan 1 $ 5,650,000
Grushko & Mittman, PC 1 $ 4,850,000
Thelen Reid Brown Raysman & Steiner LLC 1 $ 3,000,000
Cozen O'Connor 1 $ 2,000,000
Meyner and Landis, LLP 1 $ 1,500,000
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 OTC-BB or Pink Sheets. Data is as reported as of 7/16/08.
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 September 2007, Sagient Research was named to the inaugural Inc. 5000 list of fastest growing companies. For more information, please visit the Sagient Research Systems website at www.sagientresearch.com.