Silicon Valley Bank announced yesterday that they would be renaming SVB Leerink (Previously known as Leerink Partners prior to SVB acquiring them in 2019) to SVB Securities. Curious to know what y'all think about the name change and why they would drop the Leerink name?
Kinda reminds me of when Bank of America decided to drop the once-storied/prestigious Merrill Lynch name from IBD and rename it as BofA Securities.
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Leerink is a badass last name. Screw the rebranding
i get why i mean they need securities in their name so they can pretend their analysts aren't insecure and don't make 10 "is SVB an EB" posts a day
But… is SVB an EB?
I think part of the reason for the renaming has got to do with the addition of their new tech team and its effect on 2021 league tables. Since the launch of the tech team in Sept 2021, their TMT M&A deals show up on league tables as "SVB Financial Group" while the Healthcare team shows up as "SVB Leerink" (at least on Bloomberg). So when you look up SVB Leerink on the league tables, the total value of advisory deals they've worked on doesn't include any of the big tech deals they've worked on in 2021 such as the $5bn sale/acquisition of Quest Software. By having one unified name in 2022 and beyond, they can more accurately be ranked on league tables
What other “big tech” deals have they advised on? Quest they were one of the handful of advisors to Clearlake on the buyside. Not sure they’ll be showing up on league tables just because of a name change.
Makes sense to drop the Leerink name when that is associated with HC and they are no longer only a HC-focused IB, but this is nothing like BofA dropping Merrill from its name.
I think “securities” is well aligned with their multi-product strategy beyond pure M&A advisory. They have hired more ECM people focused on TMT and recently acquired a research company.
They quite frankly had to if they are investing in building a business outside of healthcare. Can't walk into a Tech pitch and have a healthcare name on the book cover. It's definitely brand dilution but they had to.
Have you heard any word on their comps/bonuses for the tech team?
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