Piper Sandler MM

As with any MM, there is subjectivity, but here are the strongest groups from my vantage point:

• HCIT, Medtech specifically in Healthcare are among the best MMs (Medtech competes against BBs and EBs for some mandates, has incredible large public connectivity - think Medtronic, Boston Sci, Abbott, etc.); stay away from HC services which is quite weak since they lost their top two bankers to Lincoln a few years back
• FIG (legacy Sandler O'Neill was one of the top FIG shops outside of BBs) - top
• Consumer (specifically better-for-you food & beverage) - Janica Lane is the real deal; they're probably ranked somewhere in the #2-4 spot (behind HL, on par with Lazard and Blair)
• Chemicals (Valence group very good) - probably in the Top 3-4 along with Key, Lazard
• Diversified Industrials & Services - still a strong group, but a notch lower than where it was before the Salomon Partners guys left; likely a Top 3 group, but I'd probably put Blair and Baird ahead of them and potentially HL (subsegment matters)