Just saw that Piper got selected by the FDIC to auction off what’s left of SVB. Can anybody in the MM space speak to PS’s future performance given that they seem to be pulling above their weight.
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Sandler O'Neill always had a good FIG team
That's not really surprising, Piper's FIG division has always been strong since the Piper Sandler merger. Overall Piper is a solid MM, as it's always been, with certain groups (FIG from Sandler, Chemicals from Valence, and MedTech) punching above the firm's overall weight and MM reputation. C&R is also a strong group within the MM space, and while Tech's traditionally been weak the DBO acquisition should help boost things. Rest of the groups are middle-of-the-road MM groups.
Sandler has historically always punched way above its weight in FIG. Pre-Piper merger they would consistently lead the FIG league tables alongside GS and MS (I believe MS was the other really large player, but I know for certain Sandler was always a top 3 - 5 player). If you have any interest in FIG Sandler is one of the best shops in the US.
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lol i fucking called it in the UBS/CS thread and got MS'd for it. They're one of the top shops for depositories coverage and if this crisis worsens, there's gonna be a lot of consolidation in the regional banking sector. acquiring TRS definitely helps too.
Piper Sandler's inorganic growth strategy has been phenomenal and they have definitely come a long way since the early 2010's. With this growth trajectory, I can easily see them becoming the #1 MM bank very soon, if they aren't already, given the Blair situation. The only thing I would criticize is the imbalance of strength across Piper's groups. Their strong groups are much stronger than the same sector groups in other MM's, while their weaker groups are weaker than the same sector groups in other MM's (if that makes sense). However, it does seem that they have been compensating by simply just acquiring the best boutiques and buying their way to the top, and it's really been working. If recruiting for Piper, I would recommend these groups:
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I understand your rankings with FIG and chemicals, but why didn’t you put healthcare in the mix? I’ve always thought of Piper as a dominant player in the healthcare space given that Minneapolis is a healthcare hub and Piper has a lot of those firms in their pocket. Also, I really like your thoughts about Piper tech, I think they have a lot of big things coming their way with the DBO acquisition.
Yep I agree they are decently strong in HC, but I think Blair, Jeff, HL, maybe HW, are all better in that segment no? The groups i listed above (chemicals, FIG, Tech (DBO)) all punch above their weight class and are by far better than any chem/fig/tech group in the middle market. Those groups regularly compete with EB's/BB's and beat them out.
I recently posted some thoughts here:
https://www.wallstreetoasis.com/forum/investment-banking/piper-sandler-…
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