With SVB Financial seeking chapter 11 bankruptcy (noting that SVB Capital and SVB Securities are not part of the Chapter 11 filing) and stating that “SVB Financial Group intends to use the court-supervised process to evaluate strategic alternatives for SVB Capital, SVB Securities and the Company’s other assets and investments,” does anyone have a thought around who would be a strategic acquirer interested in their Investment Banking arm?
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No clue but seems like fun to randomly speculate, I think a BNP or WF ends up picking them up. I think it’s a good fit for WF considering how shit their SF office is, if Auerbach’s been able to maintain his relationships through this it might actually become a decent office. Ultimately seems like they’re trying to go independent though
Thoughts on what happens to incoming summer analysts / analysts if one of those types of banks picks them up?
I imagine if they buy the firm, they’d just be one of those firms incoming analysts and interns - might be some trimming just given the environment n all but for incomings at least it would be minimal if none at all imo. If they just poach the seniors then wouldn’t be surprised if all of them get left at whatever’s left of Leerink
BB's are not going to acquire as most typically have stronger tech teams. If I had to take a random shot in the dark, I'm gonna say Stifel.
Stifel would be one to watch for sure given their acquisitive history. They did just complete 50 banker tuck-in deal to their healthcare group in Toreya in NY and have 2 offices in SF (ex-Mooreland in Foster City and ex-Thomas Wiesel Partners downtown). It'd be a messy re-org and a lot to digest.
lol there’s zero chance it’s stifel
Any chance it just gets spun out as it's own entity? For some reason I feel like that wouldn't be surprising. I could see Piper going for it. Maybe Stifel like someone above guessed. Both have been relentless on inorganic growth.
Head of the group Leerink has been reported as trying to buy it (SVB bought his firm, the IB arm used to be called SVB Leerink) so probably why that makes sense. Think the challenge with this approach will be getting financing... he is likely not liquid enough to do this himself even at a deep discount, and banks are going to have a hard time assessing the value of the very damaged brand to put together financing
Oh wow, great insight. Makes sense re: financing. Would be pretty funny if he buys his firm back for far less than he sold it for initially, runs it another few years, then sells it again for even more than the first time. Talk about a double dip.
Pretty sure Piper just acquired DBO partners to grow out their tech franchise though. DBO partners was already a top tech boutique.
Hearing rumors FTP bankers are banding together to try and buy out SvB. That 140k base grouped together produced a lot of liquidity to get financing arranged quickly.
Not to mention those gold coins of Steve's face. With this environment right now, that is hard liquidity right there that SVB would love to get their hands on.
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Bill Ackman
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