Sandler O'Neill and Partners

Sandler O'Neill + Partners, L.P., (Sandler O'Neill) was a full-service investment banking firm and broker-dealer specializing in the financial services sector.[1] It was headquartered in New York City, and had offices in Boston, Chicago, San Francisco and Atlanta. The firm also operated a mortgage finance company and registered investment adviser based in Memphis.

Sandler O'Neill + Partners, L.P
TypePartnership
IndustryInvestment banking
FateAcquired by Piper Jaffray, now Piper Sandler Companies
Founded1988 (1988)
Defunct2019
Headquarters1251 Avenue of the Americas, New York, New York, US
Key people
James J. Dunne III, Senior Managing Principal
Jonathan J. Doyle, Senior Managing Principal
Websitewww.sandleroneill.com/index.htm
Sandler O'Neill's largest office was at 1251 Avenue of the Americas, New York City, NY

Sandler O'Neill provided investment banking services to financial institutions and their investors. Its services include merger and acquisition advisory, capital markets, fixed income sales and trading, and equity sales and trading, equity research, balance sheet management, mortgage finance, and consulting services. The firm publishes research on about 300 financial institutions across the United States.

Despite shifts in the way similar Wall Street firms are run, Sandler O'Neill retained its private partnership structure, and was the largest private investment bank dedicated to the financial sector.[2] It ranked among the top advisers on bank and thrift mergers as well as in capital raising.

In 2019, the company was acquired by Piper Jaffray and renamed Piper Sandler Companies. The combined company is headquartered in Minneapolis.[3]

History

Sandler O'Neill + Partners, L.P. was founded in 1988 by Herman S. Sandler and five other executives from the firm Bear Stearns. Though today it serves companies of all sizes, the firm was founded with an emphasis on community and mid-size banks, as its founders saw that smaller financial institutions were underserved by the existing advisement system.[2] Six months after the foundation of the firm, Christopher Quackenbush left Merrill Lynch to build Sandler's investment banking group. Two years after Sandler's establishment it formed Sandler O'Neill Mortgage Finance, an affiliate of Sandler O'Neill + Partners. The affiliate is currently headquartered in Memphis but maintains an office in New York City separate from the firm's headquarters.

In 1993, the company moved to Two World Trade Center from Two Wall Street. The same year, Sandler O'Neill opened an equity sales and trading division. The following year, the firm began publishing equity research, focusing on community banks and other financial institutions.

Sandler O'Neill had four satellite offices in addition to its main office in New York City. The first was opened in Boston in 1998. Offices in Atlanta and San Francisco were opened in 2003. A final satellite office was opened in 2004 in Chicago.

The firm ranked among the best performing investment banking firms, advising financial firms on strategic and financial initiatives, including mergers and acquisitions and capital raising. It is one of the last privately held investment banks on Wall Street, after other firms went public, including Goldman Sachs in the early 2000s. In 2010, the firm sold a substantial minority to two private equity firms: the Carlyle Group and Kelso & Company.[4] The firm was led by James J. Dunne III, who left Bear Stearns in 1988 to help found Sandler, and Jonathan Doyle, who joined the firm in 1990.[5] Both served as senior managing principals of the firm.[6] Sandler O'Neill celebrated its 25th anniversary in 2013.[2]

In 2019, the company was acquired by Piper Sandler Companies.[3]

September 11th attacks

On September 11, 2001 the firm which was headquartered on the 104th floor of the South Tower of the World Trade Center lost 68 of its 171 employees, 40 percent of its overall workforce. One third of the firm's partners, almost the entire equity desk, the entire syndicate desk, and all of the firm's bond traders died during the attack.[7] Among those lost were Herman Sandler, and Christopher Quackenbush, two of the three senior executives who managed the firm. In addition to personnel, the company lost its entire computer system and nearly all of its records in the destruction.[6]

On Sept. 19th, three days after the U.S. financial markets reopened, Dunne said on CNBC that Sandler O'Neill was open for business, having restarted operations as early as September 12.[7] After the attacks, the firm operated temporarily out of the Solow Building, in space provided by Banc of America. In early 2002, Sandler O'Neill moved from the Solow Building to 919 Third Avenue.[7] The firm remained in that building until another move in 2012.

See also

References
  1. "An Overview". Sandler O'Neill. Retrieved 30 June 2015.
  2. Sandler, O'Neill (4 April 2013). "A Letter to Our Clients" (PDF). Sandler O'Neill. Retrieved 6 July 2015.
  3. "Piper Jaffray to Buy Sandler O'Neill for $485 Million". wsj.com. 2019-07-09. Retrieved 2019-07-09.(subscription required)
  4. Staff, Dealbook (4 November 2010). "Sandler O'Neill Sells a Stake to Carlyle and Kelso". The New York Times. Retrieved 1 July 2015.
  5. Dickson, Martin (13 January 2014). "View from the top: Jon Doyle, Sandler O'Neill". The Financial Times.
  6. Craig, Susanne. "Proudly Private, a Wall Street Brokerage Firm Marches On". The New York Times.
  7. Brooker, Katrina (21 January 2002). "Starting Over When the planes slammed into the World Trade Center". Fortune Magazine. Retrieved 30 June 2015.
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