Enviar pesquisa
Carregar
So ho loft capital markets advisory partners 1-23-2012
•
1 gostou
•
509 visualizações
C
Capital Markets Advisory Partners
Seguir
Economia e finanças
Negócios
Denunciar
Compartilhar
Denunciar
Compartilhar
1 de 37
Baixar agora
Baixar para ler offline
Recomendados
Pitchbook for Greenwich Asset Management Group US ADR stocks long only
Pitchbook for Greenwich Asset Management Group US ADR stocks long only
Private U.S. Listed Equity Portfolio Manager
Bcg
Bcg
Shruti Bangera
Bpo Slides
Bpo Slides
Rodrigo Aguilera
Investor Presentation
Investor Presentation
Multiplus
Non-Deal Roadshow'
Non-Deal Roadshow'
CPFL RI
ROPA Advisory Services
ROPA Advisory Services
ROPA
Grammar gremlins
Grammar gremlins
julieee64
10 Challenges for Emerging Market Startup Ecosystems
10 Challenges for Emerging Market Startup Ecosystems
Dave McClure
Mais conteúdo relacionado
Semelhante a So ho loft capital markets advisory partners 1-23-2012
NVCA 4-Pillar Plan
NVCA 4-Pillar Plan
wtmyers
1001 J V C A N V C A Liquidity Efforts
1001 J V C A N V C A Liquidity Efforts
Allen Miner
NVCA: Restoring Liquidity to US Venture Capital - Apr09
NVCA: Restoring Liquidity to US Venture Capital - Apr09
kellywalters
Nvca 4 Pillar Plan To Restore Vc Liquidity
Nvca 4 Pillar Plan To Restore Vc Liquidity
dinonap
Sebacia Inc.- Startup Company Venture Capital Financing Deal Terms & Valuations
Sebacia Inc.- Startup Company Venture Capital Financing Deal Terms & Valuations
VC Experts, Inc.
Dividend announcement
Dividend announcement
Rahul Chawla
Consistent Performance: Reducing the Impacts of Price Uncertainty Through Por...
Consistent Performance: Reducing the Impacts of Price Uncertainty Through Por...
Portfolio Decisions
The JOBS Act Implementation Update
The JOBS Act Implementation Update
MarketNexus Media
Q1 ’05 Venture-Backed IPOs
Q1 ’05 Venture-Backed IPOs
mensa25
090420 a new financial order - 114 page abridged version for financial markets
090420 a new financial order - 114 page abridged version for financial markets
Suzanne Duncan
NIN Ventures Investor Presentation
NIN Ventures Investor Presentation
NINVentures
IPO Task Force
IPO Task Force
Matthew Stotts
Capitalizing on the Commodities Market despite Extreme Volatility - Presentat...
Capitalizing on the Commodities Market despite Extreme Volatility - Presentat...
Investments Network marcus evans
Diamond Recession Report Dont Waste A Crisis
Diamond Recession Report Dont Waste A Crisis
Eugene Lee
2015 sme-survey-results
2015 sme-survey-results
UNU-WIDER
Private equity-market-analysis-and-sizing-2012
Private equity-market-analysis-and-sizing-2012
CAR FOR YOU
Rex sherry - How to Navigate in Unclear Waters
Rex sherry - How to Navigate in Unclear Waters
MIT Forum of Israel
Politically connected firms in Tunisia
Politically connected firms in Tunisia
Economic Research Forum
arvinmeritor DB2222DE-DDC8-46DA-9B8C-823EC7EBA95A_2009_AANY_sponsored_by_DB_F...
arvinmeritor DB2222DE-DDC8-46DA-9B8C-823EC7EBA95A_2009_AANY_sponsored_by_DB_F...
finance27
arvinmeritor DB2222DE-DDC8-46DA-9B8C-823EC7EBA95A_2009_AANY_sponsored_by_DB_F...
arvinmeritor DB2222DE-DDC8-46DA-9B8C-823EC7EBA95A_2009_AANY_sponsored_by_DB_F...
finance27
Semelhante a So ho loft capital markets advisory partners 1-23-2012
(20)
NVCA 4-Pillar Plan
NVCA 4-Pillar Plan
1001 J V C A N V C A Liquidity Efforts
1001 J V C A N V C A Liquidity Efforts
NVCA: Restoring Liquidity to US Venture Capital - Apr09
NVCA: Restoring Liquidity to US Venture Capital - Apr09
Nvca 4 Pillar Plan To Restore Vc Liquidity
Nvca 4 Pillar Plan To Restore Vc Liquidity
Sebacia Inc.- Startup Company Venture Capital Financing Deal Terms & Valuations
Sebacia Inc.- Startup Company Venture Capital Financing Deal Terms & Valuations
Dividend announcement
Dividend announcement
Consistent Performance: Reducing the Impacts of Price Uncertainty Through Por...
Consistent Performance: Reducing the Impacts of Price Uncertainty Through Por...
The JOBS Act Implementation Update
The JOBS Act Implementation Update
Q1 ’05 Venture-Backed IPOs
Q1 ’05 Venture-Backed IPOs
090420 a new financial order - 114 page abridged version for financial markets
090420 a new financial order - 114 page abridged version for financial markets
NIN Ventures Investor Presentation
NIN Ventures Investor Presentation
IPO Task Force
IPO Task Force
Capitalizing on the Commodities Market despite Extreme Volatility - Presentat...
Capitalizing on the Commodities Market despite Extreme Volatility - Presentat...
Diamond Recession Report Dont Waste A Crisis
Diamond Recession Report Dont Waste A Crisis
2015 sme-survey-results
2015 sme-survey-results
Private equity-market-analysis-and-sizing-2012
Private equity-market-analysis-and-sizing-2012
Rex sherry - How to Navigate in Unclear Waters
Rex sherry - How to Navigate in Unclear Waters
Politically connected firms in Tunisia
Politically connected firms in Tunisia
arvinmeritor DB2222DE-DDC8-46DA-9B8C-823EC7EBA95A_2009_AANY_sponsored_by_DB_F...
arvinmeritor DB2222DE-DDC8-46DA-9B8C-823EC7EBA95A_2009_AANY_sponsored_by_DB_F...
arvinmeritor DB2222DE-DDC8-46DA-9B8C-823EC7EBA95A_2009_AANY_sponsored_by_DB_F...
arvinmeritor DB2222DE-DDC8-46DA-9B8C-823EC7EBA95A_2009_AANY_sponsored_by_DB_F...
Último
Stock Market Brief Deck for 3/22/2024.pdf
Stock Market Brief Deck for 3/22/2024.pdf
Michael Silva
ACCOUNTING FOR BUSINESS.II DEPARTMENTAL ACCOUNTS.
ACCOUNTING FOR BUSINESS.II DEPARTMENTAL ACCOUNTS.
KumarJayaraman3
Contracts with Interdependent Preferences
Contracts with Interdependent Preferences
GRAPE
LIC PRIVATISATION its a bane or boon.pptx
LIC PRIVATISATION its a bane or boon.pptx
sonamyadav7097
Mphasis - Schwab Newsletter PDF - Sample 8707
Mphasis - Schwab Newsletter PDF - Sample 8707
harshan90
Remembering my Totem _Unity is Strength_ growing in Bophuthatswana_Matthews B...
Remembering my Totem _Unity is Strength_ growing in Bophuthatswana_Matthews B...
Matthews Bantsijang
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTES
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTES
KumarJayaraman3
Stock Market Brief Deck for March 19 2024.pdf
Stock Market Brief Deck for March 19 2024.pdf
Michael Silva
Buy and Sell Urban Tots unlisted shares.pptx
Buy and Sell Urban Tots unlisted shares.pptx
Precize Formely Leadoff
The Power Laws of Bitcoin: How can an S-curve be a power law?
The Power Laws of Bitcoin: How can an S-curve be a power law?
Stephen Perrenod
Monthly Economic Monitoring of Ukraine No.230, March 2024
Monthly Economic Monitoring of Ukraine No.230, March 2024
Інститут економічних досліджень та політичних консультацій
Work and Pensions report into UK corporate DB funding
Work and Pensions report into UK corporate DB funding
Henry Tapper
Slideshare - ONS Economic Forum Slidepack - 18 March 2024.pptx
Slideshare - ONS Economic Forum Slidepack - 18 March 2024.pptx
Office for National Statistics
Sarlat Advisory - Corporate Brochure - 2024
Sarlat Advisory - Corporate Brochure - 2024
Guillaume Ⓥ Sarlat
Monthly Market Risk Update: March 2024 [SlideShare]
Monthly Market Risk Update: March 2024 [SlideShare]
Commonwealth
MARKET FAILURE SITUATION IN THE ECONOMY.
MARKET FAILURE SITUATION IN THE ECONOMY.
Arifa Saeed
Taipei, A Hidden Jewel in East Asia - PR Strategy for Tourism
Taipei, A Hidden Jewel in East Asia - PR Strategy for Tourism
Brian Lin
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGecko
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGecko
CoinGecko
India Economic Survey Complete for the year of 2022 to 2023
India Economic Survey Complete for the year of 2022 to 2023
SkillCircle
Commercial Bank Economic Capsule - March 2024
Commercial Bank Economic Capsule - March 2024
Commercial Bank of Ceylon PLC
Último
(20)
Stock Market Brief Deck for 3/22/2024.pdf
Stock Market Brief Deck for 3/22/2024.pdf
ACCOUNTING FOR BUSINESS.II DEPARTMENTAL ACCOUNTS.
ACCOUNTING FOR BUSINESS.II DEPARTMENTAL ACCOUNTS.
Contracts with Interdependent Preferences
Contracts with Interdependent Preferences
LIC PRIVATISATION its a bane or boon.pptx
LIC PRIVATISATION its a bane or boon.pptx
Mphasis - Schwab Newsletter PDF - Sample 8707
Mphasis - Schwab Newsletter PDF - Sample 8707
Remembering my Totem _Unity is Strength_ growing in Bophuthatswana_Matthews B...
Remembering my Totem _Unity is Strength_ growing in Bophuthatswana_Matthews B...
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTES
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTES
Stock Market Brief Deck for March 19 2024.pdf
Stock Market Brief Deck for March 19 2024.pdf
Buy and Sell Urban Tots unlisted shares.pptx
Buy and Sell Urban Tots unlisted shares.pptx
The Power Laws of Bitcoin: How can an S-curve be a power law?
The Power Laws of Bitcoin: How can an S-curve be a power law?
Monthly Economic Monitoring of Ukraine No.230, March 2024
Monthly Economic Monitoring of Ukraine No.230, March 2024
Work and Pensions report into UK corporate DB funding
Work and Pensions report into UK corporate DB funding
Slideshare - ONS Economic Forum Slidepack - 18 March 2024.pptx
Slideshare - ONS Economic Forum Slidepack - 18 March 2024.pptx
Sarlat Advisory - Corporate Brochure - 2024
Sarlat Advisory - Corporate Brochure - 2024
Monthly Market Risk Update: March 2024 [SlideShare]
Monthly Market Risk Update: March 2024 [SlideShare]
MARKET FAILURE SITUATION IN THE ECONOMY.
MARKET FAILURE SITUATION IN THE ECONOMY.
Taipei, A Hidden Jewel in East Asia - PR Strategy for Tourism
Taipei, A Hidden Jewel in East Asia - PR Strategy for Tourism
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGecko
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGecko
India Economic Survey Complete for the year of 2022 to 2023
India Economic Survey Complete for the year of 2022 to 2023
Commercial Bank Economic Capsule - March 2024
Commercial Bank Economic Capsule - March 2024
So ho loft capital markets advisory partners 1-23-2012
1.
The IPO Crisis
And What Must Be Done To Fix It: Market structure is too low cost to pay for the infrastructure needed to support capital formation. Improved strategies are needed. We offer some. SoHo Loft Reed Smith 599 Lexington Avenue 22nd Floor New York, NY January 22-23, 2012 David Weild 212.542.9979 david.weild@cmapartners.com © Capital Markets Advisory Partners, LLC
2.
Our Focus
• Change Agent (Supported by Grant Thornton) – Studies • Why are IPOs in the ICU? • A wake up call for America • Market structure is causing the IPO crisis – and more • Killing the stock market that laid the golden eggs (pending chapter in “Broken Markets” to be published by John Wiley & Sons) – Citations • Congress, Senate, SEC • IPO Task Force Report to the US Treasury • Jeffrey Immelt led Jobs Council Report to the White House • Solutions for Issuers (Capital Markets Advisory Partners) – How to significantly increase size and quality of institutional demand. • Cut deal execution risk • Improve price • Improve aftermarket performance © Capital Markets Advisory Partners, LLC 2
3.
The small IPO
market collapsed with the OHRs and Reg. ATS (loss of B/D incentives) As seen in the study "Market structure is causing the IPO crisis—and more" Percent of total U.S. IPOs 100% Allegations of Spread Fixing (1994) 90% Manning Rule (1996) Transactions raising at least $50 million 80% OHRs (1997) Regulation ATS (1998) 70% 60% Decimalization (2001) 50% Sarbanes-Oxley (2002) 40% Reg. NMS (2005) 30% 20% 10% Transactions raising less than $50 million 0% 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Sources: Grant Thornton LLP, Capital Markets Advisory Partners and Dealogic YTD Data includes corporate IPOs as of 6/30/11, excluding funds, REITs, SPACs and LPs © Capital Markets Advisory Partners, LLC 3
4.
A catastrophic fall
in the number of listed companies (43%) As seen in the study "A wake up call for America"* 200 China Indexed value of selected global exchange listings 150 Hong Kong 100 Australia (1997 = 0) 50 Germany Tokyo 0 London Toronto (50) United States (100) 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Sources: Grant Thornton LLP, Capital Markets Advisory Partners, World Federation of Exchanges and individual stock exchanges YTD *March 16, 2011; House Financial Services Committee “Hearing on Legislative Proposals to Promote Job Growth, Capital Formation and Market Certainty” statement by David Weild © Capital Markets Advisory Partners, LLC 4
5.
Current legislation will
help but won’t do nearly enough to fix our stock markets. Private Disclosure Public Standards • H.R. 1070 (Reg. A) • H.R. 2930 (crowdfunding) Private Private Public Public • H.R. 1070 (Reg. A) • H.R. 1965 (banks; 500-2,000 shareholders) • H.R. 2940 (general solicitation, Reg. D) • H.R. 2930 (crowdfunding) • H.R. 2167 (500-1,000 shareholders) © Capital Markets Advisory Partners, LLC
6.
IPO success rates
have been in sustained decline for nearly two decades, despite deals that are increasing in average size and maturity Success rate of trailing 30 IPO filings Source: Capital Markets Advisory Partners, LLC, All rights reserved Includes only corporate issuers. Excludes funds, MLPs, SPACs and REITs. © Capital Markets Advisory Partners, LLC 6
7.
Unprecedented volatility (S&P
500) Standard & Poor's 500 index moves of 4% or higher Intraday price volatility Closing price volatility 4% 4% 3% 3% 2% 2% Excluding 2008 and 2009 1% 1% 0% 0% 1960s 1970s 1980s 1990s 2000s 2010s* 1960s 1970s 1980s 1990s 2000s 2010s* *Analysis through 9/30/11 Source: Grant Thornton LLP, Capital Markets Advisory Partners and Capital IQ Original analysis from "Market Swings are Becoming New Standard," New York Times, September 11, 2011 © Capital Markets Advisory Partners, LLC 7
8.
IPOs take >
3 times as long to get through the SEC than they did 20 years ago Number of days in registration (Trailing 30-deal average) © Capital Markets Advisory Partners, LLC 8
9.
We would have
enjoyed a venture-backed post 1990s 'IPO Echo Boom,' but Reg. ATS killed it $120 U.S. Venture Capital Raised (In Billions) Source: National Venture Capital Association Data as of 6/30/11 $100 $80 $60 $40 $20 $0 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 YTD "Penny Stocks" Deal Size < $50 Milllion Deal Size ≥ $50 Million U.S. Unemployment Rate 12% 900 Sources: Grant Thornton LLP, Capital Markets Advisory Partners, Dealogic and U.S. Department of Labor Data includes corporate IPOs as of 6/30/11, excluding funds, REITs, SPACs and LPs 800 10% U.S. Unemployment Rate 700 Number of U.S. IPOs 8% 600 500 6% 400 4% 300 200 2% 100 0% 0 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 YTD © Capital Markets Advisory Partners, LLC 9
10.
We believe the
loss of small IPOs is a major contributor to job loss in the United States As seen in the study "Market structure is causing the IPO crisis— and more" "Penny Stocks" Deal Size < $50 Milllion Deal Size ≥ $50 Million U.S. Unemployment Rate 12% 900 800 10% 700 U.S. Unemployment Rate 8% 600 Number of U.S. IPOs 500 6% 400 4% 300 200 2% 100 0% 0 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 YTD Sources: Grant Thornton LLP, Capital Markets Advisory Partners, Dealogic and U.S. Department of Labor Data includes corporate IPOs as of 6/30/11, excluding funds, REITs, SPACs and LPs © Capital Markets Advisory Partners, LLC 10
11.
We should be
approaching 1,000 IPOs/year and < 5% unemployment U.S. IPOs (Actual) U.S. IPOs (Projected) U.S. Unemployment Rate (Actual) U.S. Unemployment Rate (Projected) 12% 1,000 900 10% 800 700 8% U.S. Unemployment Rate Number of U.S. IPOs 600 6% 500 400 4% 300 200 2% 100 0% - 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Est. Est. Est. The 'U.S. IPOs (Projected)' estimate assumes 520 IPOs per year starting in 1991 with a 3% compound annual growth rate equivalent to the U.S. GDP growth rate. A simple linear regression model was created using historical data to predict the 'U.S. Unemployment Rate (Projected)' based on this number of projected IPOs. Sources: Grant Thornton LLP, Capital Markets Advisory Partners, Dealogic and U.S. Department of Labor Data includes corporate IPOs as of 6/30/11, excluding funds, REITs, SPACs and LPs © Capital Markets Advisory Partners, LLC 11
12.
IPOs > $500
million have demonstrated the steepest decline of all Success rate of trailing 30 IPO filings with proceeds of at least $500 million Source: Capital Markets Advisory Partners, LLC, All rights reserved Includes only corporate issuers. Excludes funds, MLPs, SPACs and REITs. © Capital Markets Advisory Partners, LLC 12
13.
Loss of the
Ecosystem: Underwriting Groups Microsoft’s IPO (1986) vs. LinkedIn’s IPO (2011) © Capital Markets Advisory Partners, LLC 13
14.
Microsoft IPO: $58,695,000
March 13, 1986 Underwriter Table from Final Prospectus 116 Underwriters (p. 1 of 3) Source: Microsoft IPO Final Prospectus, Capital Markets Advisory Partners, LLC. © Capital Markets Advisory Partners, LLC 14
15.
Microsoft IPO: $58,695,000
March 13, 1986 Underwriter Table from Final Prospectus 116 underwriters (p. 2 of 3) Source: Microsoft IPO Final Prospectus, Capital Markets Advisory Partners, LLC. © Capital Markets Advisory Partners, LLC 15
16.
Microsoft IPO: $58,695,000
March 13, 1986 Underwriter Table from Final Prospectus 116 underwriters (p. 3 of 3) Source: Microsoft IPO Final Prospectus, Capital Markets Advisory Partners, LLC. © Capital Markets Advisory Partners, LLC 16
17.
LinkedIn IPO: $352,800,000
May 18, 2011 Underwriter Table from Final Prospectus 5 underwriters Source: LinkedIn IPO Final Prospectus © Capital Markets Advisory Partners, LLC 17
18.
Two Solutions (Both
address the economic model) • Issuer’s Choice - Board Chooses “Tick Size” - Issuers deserve choice in how the market in their shares is made and supported (“Mass Customization”) – Issuer Boards of Directors should be allowed to determine „tick size‟ which would cost little to implement and provide an important tool to impact support (research, sales and capital) and modulate speculative trading and volatility. • Alternative Sub $2 Billion Market Cap Stock Market - Issuers (and Americans) deserve a sub-$2 billion market cap stock market structured to create focus on capital formation and job creation (see Wall Street Journal Op- ed dated October 28, 2011, entitled “How to Revive Small-Cap IPOs”) © Capital Markets Advisory Partners, LLC 18
19.
Capital Markets Advisory
Partners: Solutions for Issuers © Capital Markets Advisory Partners, LLC 19
20.
The best investors
are now self-directed. We work with management to reach them. Wall Street Adjusted We help Issuers Adjust (Each change increased selling) (Each step increases placement) • Focused on big, large cap • Methods to reach the self- funds directed 2/3rds of the • Focused on big, high institutional market turnover funds • Methods to minimize • Shut down middle-market selling pressure institutional sales forces • Methods to promote retail • Converted retail from stock ownership broking to asset gathering • Campaign to improve the stock markets for issuers © Capital Markets Advisory Partners, LLC 20
21.
Wall Street Not
Reaching Best Investors Distribution of fundamentally oriented U.S. institutions in 2010 Each tier = 100* institutions ranked by equity assets (e.g., 1st tier = top 100 institutions) Market Value ≤ $2 billion Market Value > $2 billion $8,000,000,000,000 $7,000,000,000,000 2010 $6,000,000,000,000 $5,000,000,000,000 Equity Assets $4,000,000,000,000 $3,000,000,000,000 $2,000,000,000,000 $1,000,000,000,000 $0 Tier Tier Tier Tier Tier Tier Tier Tier Tier Tier Tier Tier Tier Tier Tier Tier Tier Tier Tier Tier Tier Tier Tier Tier Tier Tier Tier Tier Tier Tier Tier Tier Tier Tier Tier Tier 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 *36th tier = 43 institutions © Capital Markets Advisory Partners, LLC 21
22.
Market Value of
Shares Held $1,000,000,000 $1,200,000,000 $200,000,000 $400,000,000 $600,000,000 $800,000,000 $0 Jennison Associates LLC Fidelity Management & Research Co. Intel Corp. Pension Fund Artisan Partners LP TIAA-CREF Asset Management LLC BlackRock Advisors LLC American Century Investment… TCW Asset Management Co., Inc. VMware Inc. Waddell & Reed Investment Management… © Capital Markets Advisory Partners, LLC OppenheimerFunds, Inc. Wellington Management Co. LLP Winslow Capital Management, Inc. Goodman & Co. Investment Counsel Ltd. Thrivent Investment Management, Inc. Morgan Stanley Smith Barney LLC… Atlanta Capital Management Co. LLC AllianceBernstein LP Renaissance Technologies LLC Conatus Capital Two Sigma Investments LLC RBC Global Asset Management, Inc. Columbia Management Investment… 22 Norges Bank Investment Management Criterion Capital Management LLC Highbridge Capital Management LLC D. E. Shaw & Co., Inc. Piedmont Investment Advisors LLC Geneva Investment Management of… Partner Fund Management LP Sumitomo Trust & Banking Co. Ltd.… Miura Global Management LLC Michigan Department of Treasury Alydar Partners LLC Deutsche Bank Investment Management,… Neptune Investment Management Ltd. RCM Capital Management LLC Morgan Stanley Investment Management,… UBS Global Asset Management Empire Capital Management LLC Kleinheinz Capital Partners, Inc. Victory Capital Management, Inc. Russell Investment Management Co. are mostly smaller investors that are not the focus of large investment banks Marvin & Palmer Associates, Inc. S.A.C. Capital Advisors LP BlackRock Investment Management (UK)… Loomis, Sayles & Co. LP Top 50 fundamental institutional investors ranked by market value of shares held Legal & General Investment Management … Henderson Global Investors Ltd. Market Cap. $42.04 B JPMorgan Asset Management, Inc. Mackenzie Financial Corp.
23.
Total Equity Assets
firms bracket Coverage from bulge $100,000,000,000 $200,000,000,000 $300,000,000,000 $400,000,000,000 $500,000,000,000 $600,000,000,000 $0 erodes here Jennison Associates LLC Fidelity Management & Research Co. Intel Corp. Pension Fund Artisan Partners LP TIAA-CREF Asset Management LLC BlackRock Advisors LLC American Century Investment… TCW Asset Management Co., Inc. © Capital Markets Advisory Partners, LLC Waddell & Reed Investment Management… OppenheimerFunds, Inc. VMware Inc. Wellington Management Co. LLP Winslow Capital Management, Inc. Goodman & Co. Investment Counsel Ltd. Thrivent Investment Management, Inc. Morgan Stanley Smith Barney LLC… Atlanta Capital Management Co. LLC AllianceBernstein LP Renaissance Technologies LLC Conatus Capital Two Sigma Investments LLC RBC Global Asset Management, Inc. Columbia Management Investment… 23 Norges Bank Investment Management Criterion Capital Management LLC Highbridge Capital Management LLC D. E. Shaw & Co., Inc. Piedmont Investment Advisors LLC Geneva Investment Management of… Partner Fund Management LP Sumitomo Trust & Banking Co. Ltd.… Miura Global Management LLC Michigan Department of Treasury Alydar Partners LLC Deutsche Bank Investment Management,… Neptune Investment Management Ltd. RCM Capital Management LLC Morgan Stanley Investment Management,… UBS Global Asset Management Empire Capital Management LLC Kleinheinz Capital Partners, Inc. Victory Capital Management, Inc. 48% (24 of 50) of VMware investors are below the priority line of most investment banks. Russell Investment Management Co. Marvin & Palmer Associates, Inc. S.A.C. Capital Advisors LP BlackRock Investment Management (UK)… Loomis, Sayles & Co. LP Legal & General Investment Management… Henderson Global Investors Ltd. Market Cap. $42.04 B JPMorgan Asset Management, Inc. Mackenzie Financial Corp.
24.
Market Value of
Shares Held $80,000,000 $20,000,000 $40,000,000 $60,000,000 $100,000,000 $120,000,000 $140,000,000 $0 Fidelity Management & Research Co. Wells Capital Management, Inc. Waddell & Reed Investment Management… Fred Alger Management, Inc. Century Capital Management LLC Columbia Management Investment… JPMorgan Asset Management, Inc. AllianceBernstein LP Champlain Investment Partners LLC © Capital Markets Advisory Partners, LLC LogMeIn Inc. Arbor Capital Management LLC (Minnesota) Luther King Capital Management Corp. Bluefin Investment Management MFS Investment Management, Inc. Artisan Partners LP Deutsche Bank Investment Management,… OppenheimerFunds, Inc. Next Century Growth Investors LLC Aberdeen Asset Management, Inc. ING Investment Management Co. Broadview Advisors LLC Palisade Capital Management LLC Ashford Capital Management, Inc. 24 Delaware Management Business Trust Dreyfus Investment Advisors, Inc. Chartwell Investment Partners LP Columbia Partners LLC Investment… Adage Capital Advisors LLC Robeco Institutional Asset Management BV Emerald Advisers, Inc. TIAA-CREF Asset Management LLC Renaissance Technologies LLC Mutual of America Capital Management… Bank of New York Mellon Asset… Russell Investment Management Co. NCM Capital Management Group, Inc. Harvey Partners LLC Invesco PowerShares Capital… RS Investment Management Co. LLC Chinook Capital Management LLC Sigma Capital Management LLC Azimut SGR SpA Oberweis Asset Management, Inc. are mostly smaller investors that are not the focus of large investment banks Goldman Sachs Asset Management LP BlackRock Investment Management (UK)… Norges Bank Investment Management Copper Rock Capital Partners LLC Top 50 fundamental institutional investors ranked by market value of shares held BlackRock Advisors LLC MacGuire, Cheswick & Tuttle Investment… Market Cap. $1.02 B The Public Sector Pension Investment Board Principal Global Investors LLC
25.
Total Equity Assets
$100,000,000,000 $200,000,000,000 $300,000,000,000 $400,000,000,000 $500,000,000,000 $600,000,000,000 $0 Fidelity Management & Research Co. Wells Capital Management, Inc. Waddell & Reed Investment Management… Fred Alger Management, Inc. Century Capital Management LLC Columbia Management Investment… JPMorgan Asset Management, Inc. AllianceBernstein LP © Capital Markets Advisory Partners, LLC Champlain Investment Partners LLC Arbor Capital Management LLC (Minnesota) Luther King Capital Management Corp. LogMeIn Inc. Bluefin Investment Management MFS Investment Management, Inc. Artisan Partners LP Deutsche Bank Investment Management,… OppenheimerFunds, Inc. Next Century Growth Investors LLC Aberdeen Asset Management, Inc. ING Investment Management Co. Broadview Advisors LLC Palisade Capital Management LLC Ashford Capital Management, Inc. 25 Delaware Management Business Trust Dreyfus Investment Advisors, Inc. Chartwell Investment Partners LP Columbia Partners LLC Investment… Adage Capital Advisors LLC Robeco Institutional Asset Management BV Emerald Advisers, Inc. TIAA-CREF Asset Management LLC Renaissance Technologies LLC Mutual of America Capital Management … Bank of New York Mellon Asset… Russell Investment Management Co. NCM Capital Management Group, Inc. Harvey Partners LLC Invesco PowerShares Capital… RS Investment Management Co. LLC Chinook Capital Management LLC Sigma Capital Management LLC Azimut SGR SpA Oberweis Asset Management, Inc. Goldman Sachs Asset Management LP BlackRock Investment Management (UK)… Norges Bank Investment Management Copper Rock Capital Partners LLC BlackRock Advisors LLC 58% (29 of 50) of LogMeIn investors are below the priority line of most investment banks. MacGuire, Cheswick & Tuttle Investment… Market Cap. $1.02 B The Public Sector Pension Investment Board Principal Global Investors LLC
26.
Market Value of
Shares Held $30,000,000 $60,000,000 $10,000,000 $20,000,000 $40,000,000 $50,000,000 $70,000,000 $80,000,000 $0 Fidelity Management & Research Co. Columbia Wanger Asset Management LLC Waddell & Reed Investment Management… Allianz Global Investors Capital LLC BlackRock Advisors LLC Champlain Investment Partners LLC First Trust Advisors LP St. Denis J. Villere & Co. LLC Frontier Capital Management Co. LLC © Capital Markets Advisory Partners, LLC Citadel Advisors LLC Granahan Investment Management, Inc. The Boston Company Asset Management … Wall Street Associates LLC Riverbridge Partners LLC Sentinel Asset Management, Inc. MFS Investment Management, Inc. Constant Contact Inc. Federated Investment Management Co. Lord Abbett & Co. LLC Gagnon Securities LLC Welch & Forbes LLC Ashford Capital Management, Inc. Kalmar Investments, Inc. 26 FIL Investments International Wellington Management Co. LLP Federated Global Investment… Northern Trust Co. of Connecticut Dreyfus Investment Advisors, Inc. Scottish Widows Investment Partnership Ltd. Bank of New York Mellon Asset… Wells Capital Management, Inc. Pictet Asset Management SA Ohio Public Employees Retirement System Ensemble Capital Management LLC Investor AB (Investment Management) Attractor Investment Management, Inc. TIAA-CREF Asset Management LLC Coatue Management LLC New York State Common Retirement Fund Norges Bank Investment Management Cortina Asset Management LLC Aberdeen Asset Management, Inc. P.A.W. Capital Corp. are mostly smaller investors that are not the focus of large investment banks Geneva Capital Management Ltd. UBS O'Connor LLC Washington Capital Management, Inc. Oxford Asset Management LLP Top 50 fundamental institutional investors ranked by market value of shares held William Blair & Co. LLC (Investment… Kopp Investment Advisors LLC Market Cap. $0.66B Essex Investment Management Co. LLC Oberweis Asset Management, Inc.
27.
Total Equity Assets
$100,000,000,000 $200,000,000,000 $300,000,000,000 $400,000,000,000 $500,000,000,000 $600,000,000,000 $0 Fidelity Management & Research Co. Columbia Wanger Asset Management LLC Waddell & Reed Investment Management… Allianz Global Investors Capital LLC BlackRock Advisors LLC Champlain Investment Partners LLC First Trust Advisors LP St. Denis J. Villere & Co. LLC © Capital Markets Advisory Partners, LLC Frontier Capital Management Co. LLC Citadel Advisors LLC Granahan Investment Management, Inc. The Boston Company Asset Management … Wall Street Associates LLC Riverbridge Partners LLC Sentinel Asset Management, Inc. MFS Investment Management, Inc. Federated Investment Management Co. Lord Abbett & Co. LLC Gagnon Securities LLC Welch & Forbes LLC Constant Contact Inc. Ashford Capital Management, Inc. Kalmar Investments, Inc. 27 FIL Investments International Wellington Management Co. LLP Federated Global Investment… Northern Trust Co. of Connecticut Dreyfus Investment Advisors, Inc. Scottish Widows Investment Partnership Ltd. Bank of New York Mellon Asset… Wells Capital Management, Inc. Pictet Asset Management SA Ohio Public Employees Retirement System Ensemble Capital Management LLC Investor AB (Investment Management) Attractor Investment Management, Inc. TIAA-CREF Asset Management LLC Coatue Management LLC New York State Common Retirement Fund Norges Bank Investment Management Cortina Asset Management LLC Aberdeen Asset Management, Inc. P.A.W. Capital Corp. Geneva Capital Management Ltd. UBS O'Connor LLC Washington Capital Management, Inc. Oxford Asset Management LLP 68% (34 of 50) of Constant Contact investors are below the priority line of most investment banks. William Blair & Co. LLC (Investment… Kopp Investment Advisors LLC Market Cap. $0.66 B Essex Investment Management Co. LLC Oberweis Asset Management, Inc.
28.
Appendix © Capital Markets
Advisory Partners, LLC 28
29.
Less than one-third
of very small IPOs (< $50 million) are successful in today’s market Success rate of trailing 30 IPO filings with proceeds < $50 million Source: Capital Markets Advisory Partners, LLC, All rights reserved Includes only corporate issuers. Excludes funds, MLPs, SPACs and REITs. © Capital Markets Advisory Partners, LLC 29
30.
IPOs that raise
$50-$100 million Success rate of trailing 30 IPO filings with proceeds of $50-$100 million Source: Capital Markets Advisory Partners, LLC, All rights reserved Includes only corporate issuers. Excludes funds, MLPs, SPACs and REITs. © Capital Markets Advisory Partners, LLC 30
31.
IPOs that raise
$100-$250 million Success rate of trailing 30 IPO filings with proceeds of $100-$250 million Source: Capital Markets Advisory Partners, LLC, All rights reserved Includes only corporate issuers. Excludes funds, MLPs, SPACs and REITs. © Capital Markets Advisory Partners, LLC 31
32.
IPOs that raise
$250-$500 million Success rate of trailing 30 IPO filings with proceeds of $250-$500 million Source: Capital Markets Advisory Partners, LLC, All rights reserved Includes only corporate issuers. Excludes funds, MLPs, SPACs and REITs. © Capital Markets Advisory Partners, LLC 32
33.
IPOs that have
priced within 1 year of filing— trailing 30 filings Source: Capital Markets Advisory Partners, LLC, All rights reserved Includes only corporate issuers. Excludes funds, MLPs, SPACs and REITs. © Capital Markets Advisory Partners, LLC 33
34.
IPOs that have
priced at or above the low end of the range—trailing 30 filings Source: Capital Markets Advisory Partners, LLC, All rights reserved Includes only corporate issuers. Excludes funds, MLPs, SPACs and REITs. © Capital Markets Advisory Partners, LLC 34
35.
IPOs that are
trading at or above issue price 30 days after pricing—trailing 30 filings Source: Capital Markets Advisory Partners, LLC, All rights reserved Includes only corporate issuers. Excludes funds, MLPs, SPACs and REITs. © Capital Markets Advisory Partners, LLC 35
36.
Capital Markets Advisory
Partners About Capital Markets Advisory Partners, LLC been cited by Members of Congress and Regulators in the US and overseas and by leading publications including, The Capital Markets Advisory Partners is a pioneer in developing Economist, Forbes, The Financial Times, The New York Times and methods to dramatically increase the size and quality of distribution The Wall Street Journal. on IPOs and follow-on offerings. Collectively, we bring hundreds of years of experience from leading institutions. Recently, this work was also cited in: • The President’s Council on Jobs and Competitiveness (Jobs Studies authored by two of our principals (David Weild and Edward Council) Interim Report led by Jeffrey Immelt of General Electric Kim) and supported and published by the major accounting, tax • The IPO Task Force Report to the US Treasury, led by Kate and advisory firm of Grant Thornton have been entered into the Mitchell, past Chairman of the National Venture Capital Congressional Record and the Federal Register and our principals Association. have participated in or testified in front of: • The NYSE and National Venture Capital Association’s (NVCA) Capital Markets Advisory Partners was founded by David Weild, the Blue Ribbon Panel to restore liquidity in the US venture capital former vice chairman and head of listed companies and related industry (2009) businesses at NASDAQ and former head of equity capital markets • The CFTC-SEC Joint Panel on Emerging Regulatory Issues and corporate finance at Prudential Securities. David also serves as (2010) Chairman of the Small Business Financing Crisis Task Force of the • The House Financial Services Committee’s Subcommittee on ISEEE (International Stock Exchange Executives Emeriti). Capital Markets (2011) • The U.S. Treasury’s Capital Formation Conference (2011). These studies, supported and published by Grant Thornton, have © Capital Markets Advisory Partners, LLC 36
37.
The IPO Crisis
And What Must Be Done To Fix It: Market structure is too low cost to pay for the infrastructure needed to support capital formation. Improved strategies are needed. We offer some. SoHo Loft Reed Smith 599 Lexington Avenue 22nd Floor New York, NY January 22-23, 2012 David Weild 212.542.9979 david.weild@cmapartners.com © Capital Markets Advisory Partners, LLC
Baixar agora