Piper Jaffray is a leading middle market investment bank. It has over 100 years of experience guiding clients through mergers and acquisitions, equity and debt offerings, and restructurings. The document provides an overview of Piper Jaffray's services, industry expertise, and recent transactions in various sectors such as technology, healthcare, consumer products, and energy.
This document is a summary of Douglas Flint's presentation at Goldman Sachs' 10th Annual European Conference on managing growth, scale, and complexity at HSBC. It discusses HSBC's record of strong growth and returns. It also examines investor reactions to HSBC's geographic coverage, diversified risk profile, emerging market potential, and capital strength. Charts are presented on topics like returns on capital and economic profit. The presentation outlines HSBC's financial framework and strategic focus on selected growing economies. It emphasizes leveraging the bank's international network and managing complexity from scale.
- North American Palladium is transitioning its Lac des Iles palladium mine in Ontario, Canada into a long-life, low-cost operation through a mine expansion plan.
- The plan involves developing the Offset Zone through a new shaft to increase production rates from 3,500 tonnes per day in 2012 to 5,500 tonnes per day by 2014.
- This is expected to significantly lower operating costs and increase palladium production, with over 1.6 million ounces of palladium forecast to be produced over the life of mine at an average cash cost of US$132 per ounce.
- North American Palladium is a growth-oriented precious metals producer focused on palladium and gold.
- It operates the Lac des Iles palladium mine in Ontario, one of only two primary palladium mines globally. Lac des Iles is transitioning to a long-life, low-cost mine.
- The company also operates the Sleeping Giant gold mine in Quebec, which provides a foundation for growth, and has a pipeline of projects to increase production.
This document describes a new market intelligence service called NakedSwanTrading that uses proprietary software and quantitative analysis to generate trading ideas and identify risks. It analyzes over 100 billion daily transactions across global markets to map out "RiskWindows" and "Momentum Perception Maps" that can help traders identify turning points, momentum shifts, and profitable opportunities over different timeframes. The service aims to give traders an edge by highlighting special "attack points" where sentiment can suddenly change without external triggers. Overall, the document promotes NakedSwanTrading as offering a unique way to generate alpha ideas and convert "pain points into trading profits".
Abbott intends to acquire St. Jude Medical to create a premier medical device leader. The transaction values St. Jude Medical at $25 billion. Abbott will pay St. Jude Medical shareholders $46.75 in cash and 0.8708 Abbott shares per St. Jude Medical share. The combination is expected to generate $500 million in annual synergies by 2020 and be accretive to Abbott's earnings per share in the first full year. The transaction is subject to shareholder and regulatory approvals and is expected to close in the fourth quarter of 2016.
1. Banks are more closely scrutinizing loan covenants and company performance, which may lead to requests to move loans or declare defaults.
2. Access to capital remains challenging for many companies as banks have tightened lending standards in the wake of the financial crisis.
3. Strategic acquirers have an advantage over financial buyers in today's environment since they are less dependent on debt markets that are still recovering.
How to Develop a PowerPoint Pitch Deck for Biotech Investor PresentationsCraig Shimasaki
A critical tool for all biotech entrepreneurs is an Investor Slide Deck or “Pitch” Deck. This example is provided to help those who want guidance on what topics and information are important for a biotech investor presentation. I have put together some basic information about what a biotech investor pitch deck should contain when presenting for the first time to a group of potential investors. Realize that this is not a template per se in which to simply fill in the blanks, but an ordered list of topics that are significant to most all biotechnology investors. For more information read the BioBlog at www.biosourceconsulting.com
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise boosts blood flow and levels of neurotransmitters and endorphins which elevate and stabilize mood.
This document is a summary of Douglas Flint's presentation at Goldman Sachs' 10th Annual European Conference on managing growth, scale, and complexity at HSBC. It discusses HSBC's record of strong growth and returns. It also examines investor reactions to HSBC's geographic coverage, diversified risk profile, emerging market potential, and capital strength. Charts are presented on topics like returns on capital and economic profit. The presentation outlines HSBC's financial framework and strategic focus on selected growing economies. It emphasizes leveraging the bank's international network and managing complexity from scale.
- North American Palladium is transitioning its Lac des Iles palladium mine in Ontario, Canada into a long-life, low-cost operation through a mine expansion plan.
- The plan involves developing the Offset Zone through a new shaft to increase production rates from 3,500 tonnes per day in 2012 to 5,500 tonnes per day by 2014.
- This is expected to significantly lower operating costs and increase palladium production, with over 1.6 million ounces of palladium forecast to be produced over the life of mine at an average cash cost of US$132 per ounce.
- North American Palladium is a growth-oriented precious metals producer focused on palladium and gold.
- It operates the Lac des Iles palladium mine in Ontario, one of only two primary palladium mines globally. Lac des Iles is transitioning to a long-life, low-cost mine.
- The company also operates the Sleeping Giant gold mine in Quebec, which provides a foundation for growth, and has a pipeline of projects to increase production.
This document describes a new market intelligence service called NakedSwanTrading that uses proprietary software and quantitative analysis to generate trading ideas and identify risks. It analyzes over 100 billion daily transactions across global markets to map out "RiskWindows" and "Momentum Perception Maps" that can help traders identify turning points, momentum shifts, and profitable opportunities over different timeframes. The service aims to give traders an edge by highlighting special "attack points" where sentiment can suddenly change without external triggers. Overall, the document promotes NakedSwanTrading as offering a unique way to generate alpha ideas and convert "pain points into trading profits".
Abbott intends to acquire St. Jude Medical to create a premier medical device leader. The transaction values St. Jude Medical at $25 billion. Abbott will pay St. Jude Medical shareholders $46.75 in cash and 0.8708 Abbott shares per St. Jude Medical share. The combination is expected to generate $500 million in annual synergies by 2020 and be accretive to Abbott's earnings per share in the first full year. The transaction is subject to shareholder and regulatory approvals and is expected to close in the fourth quarter of 2016.
1. Banks are more closely scrutinizing loan covenants and company performance, which may lead to requests to move loans or declare defaults.
2. Access to capital remains challenging for many companies as banks have tightened lending standards in the wake of the financial crisis.
3. Strategic acquirers have an advantage over financial buyers in today's environment since they are less dependent on debt markets that are still recovering.
How to Develop a PowerPoint Pitch Deck for Biotech Investor PresentationsCraig Shimasaki
A critical tool for all biotech entrepreneurs is an Investor Slide Deck or “Pitch” Deck. This example is provided to help those who want guidance on what topics and information are important for a biotech investor presentation. I have put together some basic information about what a biotech investor pitch deck should contain when presenting for the first time to a group of potential investors. Realize that this is not a template per se in which to simply fill in the blanks, but an ordered list of topics that are significant to most all biotechnology investors. For more information read the BioBlog at www.biosourceconsulting.com
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise boosts blood flow and levels of neurotransmitters and endorphins which elevate and stabilize mood.
This document summarizes the findings of a survey of 150 Vietnamese marketers regarding advertising, PR, and event/brand activation agency selection and trends in Vietnam in 2010. The key findings include:
- Foreign agencies Ogilvy & Mather and Saatchi & Saatchi and local agencies Golden Advertising and VAC were the most well-known advertising agencies.
- Understanding advertising objectives, creativity, and consumer insights were the top factors in choosing an advertising agency.
- Venus and Galaxy were the most recognized PR agencies. Relationship with the press and government was important in PR agency selection.
- Golden Event, Biz Tequila, and Hong Thuy were the leading event/brand activation
Millward Brown published its 2012 BrandZ Ranking of the Top 100 Most Valuable Global Brands on today, as measured by their dollar value. Apple tops the list for the second year in a row.
You can view this document including an executive summary from Richard Millar here.
Мое выступление на бизнес-завтраке Московской ассоциации CFA. Тема - смена парадигмы устройства мира. До сих пор мир делился на G7 и развивающиеся страны. Экономисты спорят о природе экономического роста развивающихся стран. На мой взгляд - этот рост явился следствием уникального стечения обстоятельств, закончившихся финансовым кризисом 2008 года.
В дальнейшем картина мира может выглядет принципиально по-другому. Например, двумя основными полюсами будут не развитые и развивающиеся рынки, а фискально ответственные и безответственные страны. Такого головокружительного роста благосостояния, возможно, мы уже не увидим никогда.
Citigroup reported quarterly financial data for 3Q 2001. Some key highlights:
- Core income was $3.262 billion for 3Q 2001, down 8% from 3Q 2000. Year-to-date core income was $10.707 billion, down 1% from the same period in 2000.
- Total revenues for 3Q 2001 were $20.294 billion, up 5% from 3Q 2000. Year-to-date total revenues were $61.656 billion, up 6% from the same period in 2000.
- Global Consumer revenues grew 19% to $11.661 billion in 3Q 2001, driven by strength in North America Cards and Banking/L
Citigroup reported its quarterly financial results. Net income for 4Q 2001 was $3.875 billion, up 36% from 4Q 2000. Core income, which excludes certain items, was $3.862 billion for 4Q 2001, up 16% from the prior year. Total revenues for Global Consumer increased 20% to $11.207 billion compared to 4Q 2000, driven by growth in North America Cards, Citibanking North America, and Mortgage Banking. Revenues for Global Corporate were relatively flat compared to the prior year.
Citigroup reported financial results for the third quarter of 2001. Citigroup is a global financial services company with operations in over 100 countries. Some key highlights:
- Core income for 3Q 2001 was $3.26 billion, down 8% from 3Q 2000. Year-to-date core income was $10.7 billion, down 1% from the same period in 2000.
- Total revenues for Global Consumer operations were $11.66 billion for 3Q 2001, up 19% from 3Q 2000, driven by growth in North America Cards and Mortgage Banking.
- Revenues for Global Corporate were $8.01 billion for 3Q 2001, down 5% from 3
The document provides an overview of the global banking industry based on Phimark Global Index data, which tracks 163 banks. It lists the top 10 banks in categories like acquirers, performers, and those undergoing management changes or targeted for acquisition. Some smaller banks were upgraded while Fannie Mae was removed from the distressed list. Commerzbank is identified as weaker than some Italian and Spanish banks and closest to distressed status. The document also notes banks that have materially improved like Mitsubishi UFJ and Goldman Sachs, and those that deteriorated like Capital One. Finally, it lists banks that could potentially become distressed, including Commerzbank, Monte dei Paschi, and Banco Popolare
This guide is intended to assist founders, executives and investors with a broad spectrum of questions, issues and opportunities that arise when establishing, operating and financing a technology business.
It covers such topics as:
Threshold Issues When Starting
Choice of Business Organization
Advantages of Canadian vs. Us Incorporation
Issuing Shares to Founders
Shareholder Agreements
Board of Directors, Officers and Advisors
Financing the Business
Employees and Contractors
Protection of Intellectual Property
For the most up-to-date content please visit
www.techstartupcenter.com.
This annual report provides an overview of Lloyd's performance in 2006 including:
- Lloyd's achieved a profit before tax of £3,662m and a strong combined ratio of 83.1% due to a benign claims environment and rate increases in some business lines.
- The report discusses Lloyd's strategy to deliver its vision of being the "platform of choice" through initiatives focused on efficiency, customer service, and attracting new entrants.
- Lloyd's continued progress on key reforms including exceeding its 85% contract certainty target and implementing electronic repositories for claims and back office processing.
This document provides an overview and analysis of Lloyd's, the London insurance market, including:
- Lloyd's has a strong competitive position due to its unique brand, size, and policyholder loyalty, though its underwriting portfolio and legacy processes present weaknesses.
- Management quality has improved in recent years at both the franchisor and franchisee levels, supporting stronger prospective performance, though catastrophe risk controls require further testing.
- Lloyd's strategy of focusing on specialty lines has increased risk profile volatility, as has its contingent exposure to Equitas, which remains insufficiently capitalized.
Institutional lnvestor Magazine’s Alpha Hedge Fund Rankings - Top Ranked Ana...Ryan Renicker CFA
"Who is the best catering to hedge funds? To answer that question, Alpha turned to its sister publication, Institutional Investor, which for more than 34 years has surveyed money managers of all types...
This document summarizes the global investment banking capabilities of Taylor-DeJongh, including their industry focus and expertise in oil and gas, LNG, and project finance. It provides details on Taylor-DeJongh's corporate philosophy, capabilities, track record, and case studies of advisory mandates on major energy projects around the world.
Citigroup reported its quarterly financial results. Core income decreased 7% from the prior year quarter to $3.66 billion. Total revenues declined across most business segments, with the exception of the Global Consumer segment which increased revenues slightly. Overall, Citigroup saw lower earnings due to weaker market conditions impacting its trading and investment banking businesses. Capital ratios and credit quality metrics remained strong however, positioning Citigroup well despite the challenging environment.
Citigroup, the largest global financial services company, reported quarterly financial results. Core income decreased 7% year-over-year to $3.66 billion, while net income decreased 8% to $3.54 billion. Revenues increased 6% to $21.05 billion driven by strong growth in North America Cards, Corporate Finance, and emerging markets. Citibanking North America revenues increased 6% to $613 million with core income before taxes up 24% to $271 million.
Citigroup reported its financial results for the first quarter of 2001. Net income decreased 8% compared to the first quarter of 2000. Core income, which excludes restructuring and accounting items, decreased 7%. Within Global Consumer, Banking/Lending revenues increased 14% driven by growth in North America Cards, CitiFinancial, and Mortgage Banking. Core income for Banking/Lending increased 21% led by gains in North America Cards, CitiFinancial, and Citibanking North America.
Citigroup reported its financial results for the first quarter of 2001. Net income decreased 8% compared to the first quarter of 2000. Core income, which excludes restructuring and accounting items, decreased 7%. Within its Global Consumer segment, Banking/Lending revenues increased 14% driven by growth in North America Cards, CitiFinancial, and Mortgage Banking. Core income for Banking/Lending increased 21% led by gains in North America Cards, CitiFinancial, and Citibanking North America. Overall, Citigroup's Global Consumer business saw revenues increase 10% and core income rise 18% compared to the first quarter of the prior year.
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
This document summarizes the findings of a survey of 150 Vietnamese marketers regarding advertising, PR, and event/brand activation agency selection and trends in Vietnam in 2010. The key findings include:
- Foreign agencies Ogilvy & Mather and Saatchi & Saatchi and local agencies Golden Advertising and VAC were the most well-known advertising agencies.
- Understanding advertising objectives, creativity, and consumer insights were the top factors in choosing an advertising agency.
- Venus and Galaxy were the most recognized PR agencies. Relationship with the press and government was important in PR agency selection.
- Golden Event, Biz Tequila, and Hong Thuy were the leading event/brand activation
Millward Brown published its 2012 BrandZ Ranking of the Top 100 Most Valuable Global Brands on today, as measured by their dollar value. Apple tops the list for the second year in a row.
You can view this document including an executive summary from Richard Millar here.
Мое выступление на бизнес-завтраке Московской ассоциации CFA. Тема - смена парадигмы устройства мира. До сих пор мир делился на G7 и развивающиеся страны. Экономисты спорят о природе экономического роста развивающихся стран. На мой взгляд - этот рост явился следствием уникального стечения обстоятельств, закончившихся финансовым кризисом 2008 года.
В дальнейшем картина мира может выглядет принципиально по-другому. Например, двумя основными полюсами будут не развитые и развивающиеся рынки, а фискально ответственные и безответственные страны. Такого головокружительного роста благосостояния, возможно, мы уже не увидим никогда.
Citigroup reported quarterly financial data for 3Q 2001. Some key highlights:
- Core income was $3.262 billion for 3Q 2001, down 8% from 3Q 2000. Year-to-date core income was $10.707 billion, down 1% from the same period in 2000.
- Total revenues for 3Q 2001 were $20.294 billion, up 5% from 3Q 2000. Year-to-date total revenues were $61.656 billion, up 6% from the same period in 2000.
- Global Consumer revenues grew 19% to $11.661 billion in 3Q 2001, driven by strength in North America Cards and Banking/L
Citigroup reported its quarterly financial results. Net income for 4Q 2001 was $3.875 billion, up 36% from 4Q 2000. Core income, which excludes certain items, was $3.862 billion for 4Q 2001, up 16% from the prior year. Total revenues for Global Consumer increased 20% to $11.207 billion compared to 4Q 2000, driven by growth in North America Cards, Citibanking North America, and Mortgage Banking. Revenues for Global Corporate were relatively flat compared to the prior year.
Citigroup reported financial results for the third quarter of 2001. Citigroup is a global financial services company with operations in over 100 countries. Some key highlights:
- Core income for 3Q 2001 was $3.26 billion, down 8% from 3Q 2000. Year-to-date core income was $10.7 billion, down 1% from the same period in 2000.
- Total revenues for Global Consumer operations were $11.66 billion for 3Q 2001, up 19% from 3Q 2000, driven by growth in North America Cards and Mortgage Banking.
- Revenues for Global Corporate were $8.01 billion for 3Q 2001, down 5% from 3
The document provides an overview of the global banking industry based on Phimark Global Index data, which tracks 163 banks. It lists the top 10 banks in categories like acquirers, performers, and those undergoing management changes or targeted for acquisition. Some smaller banks were upgraded while Fannie Mae was removed from the distressed list. Commerzbank is identified as weaker than some Italian and Spanish banks and closest to distressed status. The document also notes banks that have materially improved like Mitsubishi UFJ and Goldman Sachs, and those that deteriorated like Capital One. Finally, it lists banks that could potentially become distressed, including Commerzbank, Monte dei Paschi, and Banco Popolare
This guide is intended to assist founders, executives and investors with a broad spectrum of questions, issues and opportunities that arise when establishing, operating and financing a technology business.
It covers such topics as:
Threshold Issues When Starting
Choice of Business Organization
Advantages of Canadian vs. Us Incorporation
Issuing Shares to Founders
Shareholder Agreements
Board of Directors, Officers and Advisors
Financing the Business
Employees and Contractors
Protection of Intellectual Property
For the most up-to-date content please visit
www.techstartupcenter.com.
This annual report provides an overview of Lloyd's performance in 2006 including:
- Lloyd's achieved a profit before tax of £3,662m and a strong combined ratio of 83.1% due to a benign claims environment and rate increases in some business lines.
- The report discusses Lloyd's strategy to deliver its vision of being the "platform of choice" through initiatives focused on efficiency, customer service, and attracting new entrants.
- Lloyd's continued progress on key reforms including exceeding its 85% contract certainty target and implementing electronic repositories for claims and back office processing.
This document provides an overview and analysis of Lloyd's, the London insurance market, including:
- Lloyd's has a strong competitive position due to its unique brand, size, and policyholder loyalty, though its underwriting portfolio and legacy processes present weaknesses.
- Management quality has improved in recent years at both the franchisor and franchisee levels, supporting stronger prospective performance, though catastrophe risk controls require further testing.
- Lloyd's strategy of focusing on specialty lines has increased risk profile volatility, as has its contingent exposure to Equitas, which remains insufficiently capitalized.
Institutional lnvestor Magazine’s Alpha Hedge Fund Rankings - Top Ranked Ana...Ryan Renicker CFA
"Who is the best catering to hedge funds? To answer that question, Alpha turned to its sister publication, Institutional Investor, which for more than 34 years has surveyed money managers of all types...
This document summarizes the global investment banking capabilities of Taylor-DeJongh, including their industry focus and expertise in oil and gas, LNG, and project finance. It provides details on Taylor-DeJongh's corporate philosophy, capabilities, track record, and case studies of advisory mandates on major energy projects around the world.
Citigroup reported its quarterly financial results. Core income decreased 7% from the prior year quarter to $3.66 billion. Total revenues declined across most business segments, with the exception of the Global Consumer segment which increased revenues slightly. Overall, Citigroup saw lower earnings due to weaker market conditions impacting its trading and investment banking businesses. Capital ratios and credit quality metrics remained strong however, positioning Citigroup well despite the challenging environment.
Citigroup, the largest global financial services company, reported quarterly financial results. Core income decreased 7% year-over-year to $3.66 billion, while net income decreased 8% to $3.54 billion. Revenues increased 6% to $21.05 billion driven by strong growth in North America Cards, Corporate Finance, and emerging markets. Citibanking North America revenues increased 6% to $613 million with core income before taxes up 24% to $271 million.
Citigroup reported its financial results for the first quarter of 2001. Net income decreased 8% compared to the first quarter of 2000. Core income, which excludes restructuring and accounting items, decreased 7%. Within Global Consumer, Banking/Lending revenues increased 14% driven by growth in North America Cards, CitiFinancial, and Mortgage Banking. Core income for Banking/Lending increased 21% led by gains in North America Cards, CitiFinancial, and Citibanking North America.
Citigroup reported its financial results for the first quarter of 2001. Net income decreased 8% compared to the first quarter of 2000. Core income, which excludes restructuring and accounting items, decreased 7%. Within its Global Consumer segment, Banking/Lending revenues increased 14% driven by growth in North America Cards, CitiFinancial, and Mortgage Banking. Core income for Banking/Lending increased 21% led by gains in North America Cards, CitiFinancial, and Citibanking North America. Overall, Citigroup's Global Consumer business saw revenues increase 10% and core income rise 18% compared to the first quarter of the prior year.
Similar to 4 Piper Jaffray Bowdoin Presentation (17)
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Discover the Future of Dogecoin with Our Comprehensive Guidance36 Crypto
Learn in-depth about Dogecoin's trajectory and stay informed with 36crypto's essential and up-to-date information about the crypto space.
Our presentation delves into Dogecoin's potential future, exploring whether it's destined to skyrocket to the moon or face a downward spiral. In addition, it highlights invaluable insights. Don't miss out on this opportunity to enhance your crypto understanding!
https://36crypto.com/the-future-of-dogecoin-how-high-can-this-cryptocurrency-reach/
13 Jun 24 ILC Retirement Income Summit - slides.pptxILC- UK
ILC's Retirement Income Summit was hosted by M&G and supported by Canada Life. The event brought together key policymakers, influencers and experts to help identify policy priorities for the next Government and ensure more of us have access to a decent income in retirement.
Contributors included:
Jo Blanden, Professor in Economics, University of Surrey
Clive Bolton, CEO, Life Insurance M&G Plc
Jim Boyd, CEO, Equity Release Council
Molly Broome, Economist, Resolution Foundation
Nida Broughton, Co-Director of Economic Policy, Behavioural Insights Team
Jonathan Cribb, Associate Director and Head of Retirement, Savings, and Ageing, Institute for Fiscal Studies
Joanna Elson CBE, Chief Executive Officer, Independent Age
Tom Evans, Managing Director of Retirement, Canada Life
Steve Groves, Chair, Key Retirement Group
Tish Hanifan, Founder and Joint Chair of the Society of Later life Advisers
Sue Lewis, ILC Trustee
Siobhan Lough, Senior Consultant, Hymans Robertson
Mick McAteer, Co-Director, The Financial Inclusion Centre
Stuart McDonald MBE, Head of Longevity and Democratic Insights, LCP
Anusha Mittal, Managing Director, Individual Life and Pensions, M&G Life
Shelley Morris, Senior Project Manager, Living Pension, Living Wage Foundation
Sarah O'Grady, Journalist
Will Sherlock, Head of External Relations, M&G Plc
Daniela Silcock, Head of Policy Research, Pensions Policy Institute
David Sinclair, Chief Executive, ILC
Jordi Skilbeck, Senior Policy Advisor, Pensions and Lifetime Savings Association
Rt Hon Sir Stephen Timms, former Chair, Work & Pensions Committee
Nigel Waterson, ILC Trustee
Jackie Wells, Strategy and Policy Consultant, ILC Strategic Advisory Board
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Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
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4 Piper Jaffray Bowdoin Presentation
1. Begin your journey
Piper Jaffray
Bowdoin College
Information Session
September 21, 2006
2. Who We Are
Piper Jaffray is the leading middle market investment bank
• Client-focused securities firm dedicated to delivering superior financial
advice, products and transaction execution to businesses, institutions
non-profits and public entities within targeted sectors
• Industry leader
– M&A
– Equity / Debt
– Restructuring
– Research
• Operates through two business
segments:
– Corporate and Institutional Services
– Public Finance Services
2
3. More Than 100 Years of Guiding Clients
1895 1971 1992 1998 2003 2006
In 1895 George In 1971 Piper, In 1992 Piper, In 1998 Piper In 2003 Piper In 2006 Piper
B. Lane Jaffray & Jaffray & Jaffray was Jaffray once Jaffray
Commercial Hopwood Hopwood became acquired by U.S. again became completed the
Paper and became the first Piper Jaffray Inc. Bancorp and in an independent, sale of the
Collateral Loans regional and the holding 1999 changed its public securities company’s
& Co. was brokerage firm company name name to U.S. firm through a Private Client
established and to offer its own changed to Piper Bancorp Piper spin-off from Services branch
in 1917 merged stock for public Jaffray Jaffray. U.S. Bancorp. network.
with Piper, sale. Companies Inc.
Jaffray & Co.
to form Lane,
Piper & Jaffray.
3
4. Leading Middle Market Company Focus
Most Active IPO Underwriters in 2005
Piper Jaffray Focus Sectors IPOs Overall
Rank Manager # of Deals Rank Manager # of Deals
ranked #1 in the 1 Piper Jaffray 31 1 Credit Suisse First Boston 45
number of IPOs 2 Credit Suisse First Boston 27 2 J.P. Morgan 42
3 J.P. Morgan Securities 26 3 Citigroup Global Markets 40
completed in its 4 Goldman Sachs 25 4 UBS Securities 38
focus sectors—the 5 Merrill Lynch & Co. 25 5 Goldman Sachs 37
6 Citigroup Global Markets 23 6 Lehman Brothers 36
growth areas of 7 Banc of America Securities 22 7 Merrill Lynch 34
8 Lehman Brothers 22 8 Deutsche Bank Securities 32
the economy— 9 CIBC World Markets 22 9 Piper Jaffray 31
and ranked #9 in 10 Deutsche Bank Securities 20 10 Morgan Stanley 29
11 Wachovia Capital Markets 20 11 Banc of America Securities 29
the number of 12 Morgan Stanley 19 12 Jefferies & Co. 28
IPOs completed 13 William Blair & Co. 19 13 CIBC World Markets 28
14 Thomas Weisel Partners 18 14 Bear Stearns & Co. 27
overall in 2005 15 UBS Securities 16 15 Wachovia Capital Markets 26
Source: Dealogic and Piper Jaffray
5. Top 20 M&A Advisors In 2005
Number of Number of
Middle Market Advisors* Deals Closed All Advisors Deals Closed
Houlihan Lokey Howard & Zukin 126 Goldman Sachs & Co. 151
Jefferies & Co. 76 Houlihan Lokey Howard & Zukin 126
Wachovia 69 Citigroup 113
Piper Jaffray 48 Morgan Stanley 113
M&A International 40 JP Morgan 109
Keefe Bruyette & Woods 38 Credit Suisse 108
William Blair & Co. 36 Banc of America Securities 103
Sandler O’Neill & Partners 35 Merrill Lynch 103
Lincoln Partners 33 UBS Warburg 96
Daniels & Associates 32 Lehman Brothers 92
BB&T 30 Jefferies & Co. 76
KPMG Corporate Finance 27 Wachovia 69
Goldsmith Agio Helms & Co. 26 Lazard 62
Raymond James & Associate 24 Deutsche Bank 60
CIBC World Markets 24 Piper Jaffray 48
Robert W. Baird & Co. 23 M&A International 40
Rothschild 21 Bear Stearns & Co. 39
Stephens 20 Keefe Bruyette & Woods 38
McDonald Investments 20 William Blair & Co. 36
RBC Capital Markets 18 Sandler O’Neill Partners 35
Source: Thomson Financial and Piper Jaffray; U.S. based buyers/sellers only
* Excludes Investment Banks with Average Deal Size>$500 million
6. Our Guiding Principles
Since its beginning in 1895, Piper Jaffray has built its business by
committing itself to its clients, people and communities.
We create and implement superior financial solutions for our
clients. Serving clients is our fundamental purpose.
We earn our clients’ trust by delivering the best
guidance and service.
Great people are our competitive advantage.
As we serve, we are committed to these core values:
Always place our clients’ interests first
Conduct ourselves with integrity and treat others with respect
Work in partnership with our clients and each other
Maintain a high-quality environment that attracts, retains
and develops the best people
Contribute our talents and resources to serve the communities
in which we live and work
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7. Guides for the Journey
• We are committed to guiding our clients to success.
• The best guides are:
– resourceful when the options are few
– aggressive in reacting to changing conditions
– trustworthy by remaining firmly committed to their clients’
success
• The same traits are inherent in the best investment
bankers.
• It is our culture at Piper Jaffray--we will help you
become the best guide for our clients’ journeys.
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8. Broad Product Offering Capabilities
Equity Securities M&A Advisory Convertible Securities Debt Capital Markets
More resources dedicated to middle Top-ranked middle market M&A Significant experience in various types of Dedicated debt capital markets team:
market growth companies on Wall advisor: convertible offerings including: • More than 300 debt financings
Street: • Industry-focused M&A teams • Standard new issue offerings– raising $115 billion since 2002
• Lead manager on top performing • Middle market M&A team focused overnight and marketed transactions • Dedicated team of leveraged
IPOs in recent years on industrial and manufacturing • Placement of private convertible finance experts with more than 120
• Leading aftermarket trading services industries notes or preferred stock offerings years of collective experience
support • Deep relationships with financial • Refinancing of existing convertibles • Product expertise across entire
• Largest number of middle market and strategic investors • Public and private restructuring of leveraged capital spectrum and
companies under coverage in focus • Advised more than 320 M&A existing convertible debt powerful distribution capabilities
sectors transactions worth $45 billion since • Senior, subordinated and
• 350 companies under coverage with 2000 syndicated loan capabilities
$2 billion or less market cap through CIT Group
High-Yield & Structured Products Private Placements Financial Restructuring Corporate & Venture Services
Brings consultative approach to research Extensive industry expertise and Leading advisor to financially stressed Dedicated corporate and venture
and client relationships: knowledge of the marketplace: and distressed businesses, creditor services team with more than 70 years
• Focused on securities under stress, • Discussions with more than 800 constituencies and equity investors: combined experience:
bringing liquidity to an illiquid institutional investors focused on • Proven experience in Chapter 11, • Managed more than 140
market private companies out-of-court workouts, sale of distributions and traded more than
• Credit analysis that delivers deep, • Raised more than $1.6 billion in assets, reorganizations, acquisitions 421 million shares since 2003
forward-looking examination of private placement transactions since and exchange and tender offers • Average block trade size of $35
securities 2000 • Accurate company and securities million
• Value-added research on valuations • Managed over 340 10b5-1 trading
collateralized debt obligations, • Ability to successfully evaluate plans
aircraft finance, health care and various situations • Completed 68 Directed Share
distressed credits • Access to key strategic relationships Programs with up to 2,000
participants; 31 were lead managed
9. Unparalleled Industry Expertise
• Ranked #1 in number of IPOs
completed in our focus sectors in Alternative Energy Health Care
2005 •
•
Clean Technology
Distributed Power Generation
•
•
BioPharmaceuticals
Health Care Services
• Lead manager on the top •
•
Ethanol/Bio-Fuels
Fuel Cells
•
•
Information-Driven Health Care
Life Sciences Tools/Diagnostics
performing IPOs in the industry in • Solar Power • Medical Technology
• Wind
recent years Industrial Growth
Business Services • Aerospace
• Nominated advisor to leading • Business Information Services • Automotive Products
• Facilities Services • Building Products
European growth companies • Human Resource Services • Flow & Process Controls
• Industrial Services • Industrial Distribution
• Top ranked middle market M&A • Learning Services • Metal Processing
• Marketing Services • Packaging
advisor • Professional Services • Plastic Processing
• Security & Safety
Consumer • Specialty Chemicals
• Apparel, Footwear & Softline Retail • Specialty Vehicles
• Consumer Products • Other Manufacturing & Services
• Food & Beverage
• Restaurants Technology
• Specialty & Hardlines Retail • Computer Hardware & Semiconductors
• Enterprise Software
Financial Institutions • Internet
• Asset Management • IT Services
• Broker-Dealers • Wireline & Wireless Communications
• Depository Institutions
• Financial Technology & Services
• Insurance
• Specialty Finance
10. Consumer
$468,386,400
Apparel and Apparel $265,000,000
Retail
Consumer Products has agreed to be acquired by has agreed to acquire
Initial Public Offering
Bookrun
Initial Public Offering
Services Acquisition
Corp. International and Follow-On Offering
Food & Beverage Pending Pending Pending August 2006
Restaurants $135,000,000 $44,845,338 $174,538,150
Specialty Retail
Sole Managed
has been acquired by Follow-On Offering Initial Public Offering
Pending August 2006 June 2006 February 2006
$382,184,810 $98,920,060 $78,000,000
has been acquired by
Recapitalization Follow-On Offering Follow-On Offering
May 2006 May 2006 May 2006 April 2006
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11. Alternative Energy
$250,000,000
Solar
Solar Thin-Film Supplier Solar / Polysilicon
Wind Bookrun Sole-Managed
Co-Managed
Bio-fuels Initial Public Offering Private Placement
Initial Public Offering
Pending Pending Pending
Hydrogen
$300,000,000 $95,737,500
Fuel Cells $75,000,000
Advanced Materials
Bookrun Bookrun Bookrun
Initial Public Offering Initial Public Offering Follow-On Offering
Pending Pending August 2006
$25,775,000 $394,450,000 $22,099,200
Sole-Managed Co-Managed Bookrun
Private Placement Follow-On Offering Initial Public Offering
May 2006 March 2006 August 2005
12. Financial Institutions
• Banks & Investment Undisclosed $95,738,000 $39,096,000 $423,720,000
Banks Patriot Capital Funding, Inc.
has been acquired by Follow-On Offering Follow-On Offering Follow-On Offering
• Financial Meridian Bank, N.A. Bookrunning Manager Co-Lead Manager Co-Manager
a subsidiary of
Technologies &
Services August 2006 June 2006 June 2006 April 2006
• Specialty Finance $413,600,000 $146,625,000 $10,000,000 $100,000,000
• Specialty Insurance
Follow-On Offering Reg Direct Offering Preferred Units
Co-Manager Initial Public Offering Sole Placement Agent Sole Placement Agent
March 2006 March 2006 February 2006 February 2006
$60,000,000 $115,900,000 $40,000,000 $429,275,000
Initial Public Offering Follow-On Offering Sr. Unsecured Notes Follow-on Offering
Co-Manager Co-Lead Manager Exclusive Placement Co-Manager
Agents
February 2006 January 2006 December 2005 October 2005
13. Health Care
$96,342,973 $715,000,000 $50,600,000 $519,000,000
BioPharmaceuticals
Health Care Services
Follow-on has acquired has been acquired by
Information-Driven Offering Initial Public Offering
Health Care July 2006 July 2006 March 2006 February 2006
Medical Technology $104,500,000 $1,189,400,000 $150,000,000 $260,000,000
Tools & Diagnostics
has been acquired by has been acquired by
Merged with
has been acquired by
December 2005 November 2005 August 2005 July 2005
$167,650,000 $33,975,429 $56,400,000 $45,000,000
Joint Bookrun Sole Bookrun Sole Bookrun Lead Managed
Initial Public Offering Follow-On Offering Initial Public Offering Convertible Offering
June 2005 June 2005 April 2005 February 2005
13
14. Technology & Communications
$92,200,000 $25,775,000 $25,000,000 $121,000,000
Computer Hardware
& Semiconductors has acquired CRS
has been acquired by Retail Systems Inc.
Wireline & Wireless from
Communications PIPE Offering Private Placement
June 2006 May 2006 February 2006 December 2005
Enterprise Software
$310,000,000 $21,000,000 $109,090,854 $141,000,000
Internet
IT Services has acquired has been acquired by
Sole Bookrun
Initial Public Offering Initial Public Offering
August 2005 August 2005 August 2005 June 2005
$241,500,000 $199,391,400 $1,012,000,000 $529,000,000
Sole Bookrun has acquired
Convertible & Convertible &
Follow-On Offering Follow-On Offering Initial Public Offering
February 2005 November 2004 August 2004 July 2004
14
15. Industrial Growth
Aerospace
a portfolio company of
Automotive Products has acquired has sold a portfolio company of
has been acquired by
Building Products
to
has been acquired by
Flow & Process July 2006 June 2006 May 2006 April 2006
Controls
Industrial Distribution a portfolio company of a portfolio company of
has been recapitalized by a division of
Metal Processing with
United Road Services Inc.
has been acquired by
has been acquired by
has been acquired by
Packaging
March 2006 January 2006 November 2005 November 2005
Plastic Processing
Security & Safety
Numatics, Incorporated
a portfolio company of a portfolio company of
Specialty Chemicals
a portfolio company of
has been acquired by
has been acquired by has been acquired by an
Specialty Vehicles
affiliate of has been acquired by
Emerson Electric Company
Other Manufacturing October 2005 October 2005 September 2005 September 2005
& Services
15
16. Business Services
Business Information
Services
PROJECT BRUINS PROJECT CHAMPAGNE
Facilities Services
IT Solutions Provider Rental Services Provider
INITIAL PUBLIC OFFERING INITIAL PUBLIC OFFERING
Human Resource
Services In Process In Registration In Registration In Process
Industrial Services
Learning Services A PORTFOLIO COMPANY OF
Marketing Services INITIAL PUBLIC OFFERING
FOLLOW-ON OFFERING INITIAL PUBLIC OFFERING HAS BEEN ACQUIRED BY
Professional Services August 2006 July 2006 March 2006 February 2006
IT Services
a portfolio company of
HAS BEEN ACQUIRED BY HAS BEEN ACQUIRED BY
has been acquired by
INITIAL PUBLIC OFFERING
December 2005 November 2005 September 2005 August 2005
16
17. Private Placements
$25,000,000 $45,200,000 $21,500,000 $112,500,000
Serve as agent to
raise private equity
and/or debt
Series A Convertible Series C Convertible Series A Convertible
Typical transaction Preferred Stock Preferred Stock Preferred Stock Preferred Equity
range–$20 to $50 July 2006 July 2006 June 2006 February 2006
million $24,476,000 $12,000,000 $32,500,000 $18,000,000
Structure deals,
identify investors
Series G Convertible Private Placement Series B Convertible Series C Convertible
and manage the Preferred Stock Common Stock Preferred Stock Preferred Stock
process February 2006 December 2005 November 2005 August 2005
Quality relationships $13,000,000 $22,500,000 $46,500,000 $80,000,000
with venture capital
and private equity
investors Series C Convertible Series D Convertible Series A Convertible Private Placement
Preferred Stock Preferred Stock Preferred Stock Common Stock
July 2005 December 2004 November 2004 October 2004
17
19. Convertible Securities
Overnight and marketed transactions (typically
Standard new •
under Rule 144A)
Prospectus Offering Memorandum
issue
$373,750,000 $600,000,000
• $75 million - $1 billion+ in aggregate amount raised
• Piper Team originated numerous Issuer-friendly 3.25% Convertible Senior 1.25% Convertible Subordinated
(R)
Subordinated Notes
innovations
Plus Cash Notes due 2008
Due 2026
Price 100%
– Auto-Conversion We acted as lead manager We acted as book manager and structuring
of this registered offering. agent of this offering under SEC Rule 144A.
– Plus Cash® June 21, 2006 May 29, 2003
– Laddered Equity Hedge
• Typical market capitalization of issuer
– Over $300 million
Private Placement Private convertible note or preferred stock Offering Memorandum Offering Memorandum
• $30,000,000 $75,000,000
offerings
of convertibles
• $15 - $75 million in aggregate amount raised 5.50% Senior Convertible Notes 10% Senior Secured Bridge Notes due 2005
Typical market capitalization of issuer
due 2026 plus Warrants Mandatorily Exchangeable into
• Price 100% 6% Senior Secured Convertible Notes
Due 2009
– $50 - $300 million We acted as sole placement agent We acted as sole placement agent
of this private offering. of this private offering.
May 18, 2006 October 18, 2004
Refinancing of • Registered exchange offers
• Funded exchange offers Prospectus Prospectus
existing $60,000,000 Old Notes Exchanged $199,324,000 Old Notes Exchanged
• Private exchange offers $12,000,000 New Money $60,000,000 New Money
convertibles • Private stock-for-bond swaps Offer to Exchange all 6.50% Offer to Exchange all 3.75%
Convertible Senior Notes due 2012 Convertible Subordinated Notes due 2007
• Cash repurchases for 6.5% Convertible SNAPsSM due 2012 for 6.52% Convertible Senior
Subordinated Notes due 2009
• Early conversions We acted as dealer-manager and
placement agent of this public offering.
We acted as dealer-manager and
placement agent of this public offering.
• Consent solicitations February 8, 2006 December 31, 2002
20. Debt Capital Markets
$805,000,000 $115,157,000 $190,000,000 $560,000,000
Transaction Types
P-JETS UAL00-1
Acquisition Capital
Series 2005-1 A1 / A2 Call
Recapitalizations Senior Secured Credit Non-rated 144A
Facilities & Subordinated Repackaged EETC Senior Unsecured Notes
Growth Capital Bridge Financing Grantor Trust 10.00% Notes Due 2013 Institutional Syndication
$40,000,000 $500,000,000 $200,000,000 $195,000,000
Product Suite
Senior Credit Facilities Private Placement
Sole Placement Agent
Piper Jaffray
Second Lien Term Debt 6.650% Notes due 2036
6.12% Senior Notes due 2015 7.625% Notes due 2013 8.500% Notes due 2016 6.500% Notes due 2018
Bridge Financing
$300,000,000 $225,000,000 $270,000,000 $300,000,000
Structured Financing
Mezzanine Debt
Senior & Subordinated
Notes
7.500% Notes due 2016 8.125% Notes due 2016 11.500% Notes due 2014 7.875% Notes due 2015
21. Strategic Office Locations
London
Minneapolis
San Francisco Madrid
New York
Chicago
Palo Alto Shanghai
Piper Jaffray has offices that are strategically located. Our headquarters are in Minneapolis, with investment banking and
research offices in San Francisco, Palo Alto, Chicago, New York, London and strategic alliances in Madrid and Shanghai.
21
23. Why is Piper Jaffray Unique?
Piper Jaffray has a unique culture
• A high-energy environment
generates enthusiasm among
our professionals
• Supportive executive team
that respects the balance between
professional and personal growth
• Exceptional staff from the top undergraduate and graduate institutions in
the country
• Significant interaction with senior management of clients who value our
expertise
• Opportunity to work closely with senior bankers
• Superior career visibility in meritocracy-based culture
23
24. Our Recruiting Philosophy
• We hire the best people and empower them to use their skills, innovation
and creativity to find solutions for our clients.
• We seek people from diverse
backgrounds who are highly
motivated, dedicated and productive.
• We promote open exchange
of ideas and a team-oriented approach.
• We invest heavily in our people
because they are our greatest resource.
Andrew Duff
Chairman and CEO, Piper Jaffray
24
25. A Day in the Life
Industry Team:
Consumer
Location:
Minneapolis
Education:
B.S., California Polytechnic University
Laura
Investment Banking Analyst
25
26. A Day in the Life
Investment Banking Analyst
8:15 Arrive at work; check e-mail and voice mail
8:30 Grab coffee with Consumer Group analysts
8:30 Browse headlines from the Wall Street Journal, Capital Markets
Updates and industry specific publications such as Women’s Wear
Daily
9:00 Draft Confidential Information Memorandum (CIM) for a sell-side
M&A assignment for a grocery co-op corporation. Involves:
– Industry research on size of grocery market, including competition and local
demographics
– Requesting, organizing and synthesizing due diligence information
11:00 Participate in drafting call for Initial Public Offering (IPO) for action
sports apparel manufacturer. Involves:
– Review of growth opportunities, key business strengths and company financials
– Industry research on action sports market
– Planning a trip to southern California to meet with company management and
tour headquarters (including on-site skate park) 26
27. A Day in the Life
Investment Banking Analyst
12:00 Lunch with Consumer Group analysts
12:30 Develop management presentation for lead-managed
IPO for golf specialty retailer. Involves:
– Research on golf industry
– Review of historical and projected financials
– Setting up a call with management to discuss presentation
– Planning a trip with company management and bankers for IPO roadshow
3:30 Begin pitch for toy manufacturer. Involves:
– Creating buyer profiles
– Valuation analysis: comparable company analysis, comparable M&A
transactions, discounted cash flow analysis, leveraged buyout analysis
– Work with Capital Markets to develop update on equity market conditions
5:30 Grab dinner with Consumer Group analysts
6:00 Review draft of pitch with associate
27
28. A Day in the Life
Investment Banking Analyst
7:30 Head to gym for quick workout
8:30 Review pitch and courier book to senior banker’s
home
10:00 Review CIM, e-mail to company and set up drafting call
11:00 Head home
“P.S. No day is typical in investment banking—that’s what makes it
exciting. You may be working on equity financings, buy- or sell-side
M&A assignments or debt financings. Think on your feet because you
may have to travel across country at a moment’s notice.”
28
29. 2006/2007 Recruiting Plan
Hiring Plan
• Investment Banking—30 Analysts for 2007
• All industry groups and functional areas in most office locations
Process/Schedule
• Resume deadline—September 29
• Interview invitation extended—week of October 2nd
• First round interviews—in Boston, October 12th and 13th
29
30. Career Opportunities at Piper Jaffray
Visit our Web site to learn more about career opportunities at
Piper Jaffray:
www.piperjaffray.com/careers
Investment Banking recruiting contact:
• Megan McManus: 612 303-6349
megan.t.mcmanus@pjc.com
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