Has anyone ever heard of ECM bankers being able to invest their own personal money in a client’s IPO?
Spoke to an ex-ECM banker recently who told me he did very well by investing in one of his biotech clients and now he has enough capital to start his own family office fund.
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Not sure if its the same in the US, but in Europe: If the bookrunner has a commercial banking arm, there'll sometimes be a retail allocation (like 1-5% of offering) for that bank's clients. Bankers can get in that way.
This seems i l l e g a l
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