The bankers
Leading the efforts at the firm since 2014 is David Batalion, an investment banker focused solely on SPACs. A top recurring client is Betsy Cohen, the former CEO of The Bancorp, and her son Daniel Cohen, chairman of financial services firm Cohen & Co., where Batalion worked before joining Cantor. The underwriter has ranked fourth or higher in SPACs every year going back to 2015, and 2020 is no different. It's currently ranked second, according to SPAC Research.This year, the firm was the sole underwriter on Ron Burkle's SPAC, as well as the lead left on Bill Ackman's vehicle, which raised the most ever for a SPAC when it sold $4 billion in shares in July.
Chirico ascribes his company's position in the underwriter rankings as an outgrowth of Citigroup's equity capital markets team having worked together for decades. That could be Tyler Dickson, the head of the combined corporate bank and underwriting group, who started his 30-year career in equity capital markets, or other senior ECM leaders who have worked together for decades such as Chirico, Doug Adams, or Phil Drury.
"Now it's virtually 100% of what I do," he said, adding that since those early days the market has matured significantly, grown exponentially, and attracted higher-quality sponsors, target companies, and investors.
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