The investment banker was a breed apart, a member of a master race.

He possessed vast, almost unimaginable talent and ambition. If he had a dog, it snarled. He had two little red sports cars yet wanted four. To get them, he was, for a man in a suit, surprisingly willing to cause trouble. Michael Lewis, Liars Poker

A catch all term for raising capital and providing financial advice to corps. and govts. Just about every govt. or large corporation in the US calls on investment banks to raise capital and get advice on managing its finances. They can raise the money a number of different ways i.e issuing stocks or bonds to derivatives and ABS.

Investment banking clients can vary from sophisticated clients i.e. major corporations or large, experienced funds to smaller institutions like SMEs usually depending on the size of the bank Some of the smaller I-banks have focuses on either certain sectors i.e. healthcare or technology or stage related companies i.e. start ups I-Banks can raise money for investment vehicles i.e CEF, REITS, PE Feeders They also provide advice for M&A deals and

Where do they get the money from? Institutional investors large

Endowments Pension funds Hedge Funds Mutual Funds Insurance companies

Individuals HNW

A separate part of the investments bank (GPC)

Bueno Y Sano plans to raise $150 million in capital by issuing stock. They invite five banks to bid for the business. They assess each competitors view and past experience. Piper wins the business!

Corporate Finance team assess the value of the company in relationship to the clients goals and timetable. They call on equity research and S&T team to predict current markets reaction to the offering and also to develop price and marketing plan Bueno Y Sano NYSE: BUENO shares are released to the sales force (institutional and retail) they distribute prospectus and sells shares to investors

The team decides to issue common stock at $22 per share. They also prepare a prospectus to market the offering and files registration materials with the SEC

In the final hours, the price of the shares is finally set. The syndicate desk underwrites (buys) the equity along with a group of other investments banks

Fast Competitive Intense Meticulous Highly rewarding Time consuming Typical banker

Mike Maloney
JP Morgan Consumer Healthcare Group

Zev Garell
JP Morgan Consumer Healthcare Group

Drew Schwarz
Piper Jaffray Technology Group