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.

 

Could be more hires coming. Honestly totally agree that they could be a big player pretty soon.

 

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.

 

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?

 

anonymousmonkey241

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

 

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 just hired an MD from Bank of America today I believe in Pharma. Bloomberg released that there was 9 UBS hires total.

 
 

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.

 

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? 

 

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