Piper Sandler up and coming MM??
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.
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.
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: