In a sign that better market conditions may be just around the corner, Piper Jaffray Cos. says it’s hiring about 60 investment bankers for its M&A advisory and capital-raising business.
The hirings will take place globally, among the firm’s offices in the U.S., Hong Kong, London and Shanghai. Piper Jaffray has roughly 1,100 employees worldwide as was founded back in 1895, according to a story from Bloomberg.
Chief Executive Officer Andrew Duff says business activity is building up after a “virtual shutdown in capital markets” last year. Mergers and acquisitions advisory work has lagged substantially in the past 12 months. Bloomberg pegs it as a 33 percent fall-off in global M&A, to $1.6 trillion in activity in 2009. However, a 49 percent rise in the S&P 500 this year has sparked a demand for new shares and spurred $66 billion in new IPOs.