SVB Leerink Rising
Had anyone in healthcare been paying attention to Leerink after they were acquired by SVB. They've recently had new hires from Guggenheim, Bank of America, Goldman, and are continuing to hire quickly. I would think this is a really good sign for the future.
They've had a bunch of decent / big name hires recently. I know of at least 1 more coming too. One to watch for sure.
Can see them becoming top MM within the HC space in the mid-term
They just poached half of Citi’s services team, incl the rainmaker that focused on providers
Only Toby King or bunch of his underlings too?
Good time for laterals to make some money. Leerink will need to build out the middle / junior rank
also whoever said middle market, they are shooting more EBish vibe with the people they are hiring. Basically broadening from pharma to more services / tech
Could be more hires coming. Honestly totally agree that they could be a big player pretty soon.
Toby and Bob Jackey. Ray cooper and the newly minted MD remain
how is their reputation compared to MTS Health Partners?
from my understanding, leerink does more life sciences like pharma, mRNA mod, imaging etc companies. stuff I'm personally a bit more interested in while MTS is more services and thus gets more M&A. this may change with the new hires tho. sounds like they've built a pretty well diversified new platform with lending, m&a and they're leveraging SVBs balance sheet as well. revenue doubled last year so they're doing really well. previously mts was probably a better platform to get into PE, not sure now.
seems like everyone would choose leerink over mts now
Leerink is a step above MTS for sure. MTS doesn't seem to be having a great year in 2021 tbh.
Also noticed too. Bit surprising since they had a very strong 2020 at least in terms of HCIT.
MTS's big year was def 2019 when that ex Lazard guy they got in Japan was helping pull all those Japanese deals. I think they have a pretty good practice out there. Their SPAC picked up Specialists On Call tho so maybe theyll make bank from that.
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Apparently they just poached the global co-head of UBS TMT as well
Apparently, it was almost all the MDs and EDs that sat out of the SF office for UBS TMT.
Basically all of the MDs and EDs except for one. Ironically, that guy was heading up the Healthcare Software efforts and he worked very closely with two of the MDs that got poached. Very surprised he didn't get poached as well, but he may be moving away from banking and decided this was the right time.
https://newsbinding.com/banking/svb-leerink-has-poached-a-team-of-senio…
yea we're building out a tech arm
holy shit. From what I've heard Auerbach is a beast and carried UBS sf
Interesting to see healthcare focused shop do that, these senior hires seem like very big moves
Do you guys take sophomore interns(non-diversity)? Incoming freshman at BC interested in HC/TMT while hoping to stay in boston after college
Leerink is a top MM in healthcare already IMO. Capital markets are super strong and they're building out M&A more and more each year.
Can someone explain how this will work for SVB? UBS SF had a great point of contact/fee generation via their sponsor business. But without the balance sheet are these guys making bets that they'll get compensated more to cover up for the potential loss of clients they can't provide enough value for via the balance sheet?
SVB has balance sheet. Silicon Valley BANK.
I see, but how does it compare to UBS BB sized balance sheet
As an incoming FT / SA, what would it mean and how would work be impacted? Does that mean that SVB is expanding from healthcare into technology too? for M&A
also incoming. I would think it would mean instead of mostly ECM, were gonna be getting services LBOs/M&A/Lev fin and now software deals (auerbach does big stuff too).
Eventually. Balance sheet is still small. Sub $100bn. Hard to be significant TLB or revolver underwriter with that size when compared to the banking giants. The top 2-3 lenders usually have the best insight with the company (there are certainly exceptions). Will certainly be competitive on MM deals but can't really finance many BB deals despite bringing in the UBS team. Of course this is less of an issue for much of tech which often have low leverage unless its PE-backed.
interesting for sure. I'm too young to have seen something like this happen. Do you think UBS will carry their strength with them? I saw someone mention they may not have the balance sheet to leverage.
do you think there will be more hires coming? Especially since there seems to have been a talent drain among other banks?
Only an intern, but I'd think so. They have been on a hiring spree over the past 3 or so months, and now adding UBS's team on the tech side, I'm sure they will have more hires to bolster that team and build it out. Don't see hiring stopping as of yet, but of course at a certain point they are going to hold off for fear of overextension.
Personally seems like a very risky time to extend like this. Seems markets have been optimistic so long, things are just now slowing down for downwards.
They’re winning a bunch of ECM healthcare business which is insane because the top 5 BBs normally dominate that space.
They just hired an MD from Bank of America today I believe in Pharma. Bloomberg released that there was 9 UBS hires total.
Looks like SVB Leerink is now hiring TMT bankers after the UBS TMT poaching:
Associate: https://www.onewire.com/p-288616-Investment-Banking-Associate-TMT-New-Y…
Director:https://www.onewire.com/p-288614-Investment-Banking-Director-TMT-New-Yo…
MD: https://www.onewire.com/p-288615-Investment-Banking-Managing-Director-T…
Kinda sad but I don't think they poached any analysts, associates or directors from the UBS TMT team. I had always heard that when seniors would move to another bank, they would take their favorite analysts / associates / directors with them, but sadly, this wasn't the case. Given they need more people though, I would imagine if any of the top bucket juniors liked working with the seniors, they would be applying for these jobs / getting in contact with the seniors to see if they can move over as well. At the same time, I wouldn't be surprised if most of them are already heavily involved in searching for new opportunities given the UBS TMT team is now very much done for.
Yeah, I think this was more of an exception for whatever reason. Early in 2021, Jefferies poached almost the entire Private Capital Advisory group at Greenhill and that included MDs all the way down to the analysts.
They lost one of their better healthcare tech guys to PJ Solomon. I’ve worked with them. Good people, and maybe it’s due to Covid but was not particularly impressed with some of the juniors I interacted with there. They broadly have a good reputation in HCIT.
maybe our deal just wasn’t a priority?
In regards to their recent hires, they've already been a top player in biopharma for quite some time. They're working on building out their services team and levfin capabilities as they have been somewhat lackluster in that vertical compared to biopharma.
Where does leerink rank in the healthcare / overall MM space? Would u take an offer there over the likes of a Piper Sandler / MTS partners / WB / Baird?
Baird is weak in HC relative to most verticals. Blair and Piper are better than SVB for MM M&A, unless you really want biotech/pharma.
So would u take an offer at those MMs over SVB? And where would SVB then place in overall MM space? Top MM, lower?
does anyone know if the tech arm will be based out of NY?
Just interviewed. Was told they’ve received much more interest for NYC than SF from juniors. They want juniors for SF and it looks like most MDs are based out of SF, so I have to think SF will be the main office for tech.
any insight on their TMT team? would you take their TMT team over a RBC/UBS?
Their tmt team is basically UBS’ soooooooo
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