Outlook for Piper Sandler?
Have heard from HH group that they’re in hire mode for a few groups. I know over the past few years they’ve been expanding rapidly through M&A (Sandler O’Neil, TRS Advisors, Simmons Energy acquisitions) but you also can’t just buy your way into the big leagues. Curious if they’re still duking in out predominantly in the LMM or if people are starting to see their name further to the left on billion dollar deals? From LinkedIn it looks like their HC team places well into PE with other coverage bankers/cap markets analysts finding LMM opps. My understanding was always that they probably sat a bit below Baird/Jeff/Blair and got more LMM mandates.
imo from what i've seen recently they're above baird/hw, probably on par with blair, below jeff/hl.
How is hl corpfin on top of Blair/baird/Hw. Rx is a diff question but the bulk of HL deals are tiny sell sides given they are such a volume shop
hl's prestige is in part due to their rx practice, but you are right about their m&a.
What? HL M&A deals are not tiny sell sides. They are competing against JEF, Blair, Baird, HW, LMM at the top end.
Wtf these prospects read one thing on this forum and assume that's the truth. The bulk of HL's deals are not "tiny" sell sides
Good MM shop, I wouldn’t call them LMM. On par with Blair/Baird/HL etc. trying to rank those banks is splitting hairs and depends on group. PS has the best FIG team while HL excels at restructuring, etc. Jefferies (as much d-riding has been going on here lately) probably does a bit better than most MMs but I wouldn’t put them in a completely different league entirely.
How do bonuses at Piper compare to BB street pay?
"Can't Buy your way into the big leagues" - Sure you can
It's more difficult than you think. IB is a people business and it always takes longer to move up market than anyone anticipates.
Yeah, I am not disagreeing and the purchase price to get to the top would probably be to high to generate any real returns in the market place.
Can't you just...buy the people? Poaching and what not
Would love to hear thoughts on groups other than FIG/HC - do you see it as much worse than Baird/Jef/Blair for other groups?
Piper is strong in MM consumer and in chemicals after Valence acquisition. Simmons O&G is ok.
This. Consumer is great, O&G is basically a boutique doing mainly >$100mm deals. Tech they’re middle of the pack - saw their name on Snowflake/AirBnB/Doordash filing but not in a meaningful capacity.
FWIW Piper has a balance sheet unlike most MM banks (except for Jefferies). We did a M&A deal recently, and they backstopped our deal. IMO, I would say it's a competitive advantage, being able to offer more than just advisory.
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