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JPMorgan (JPM) Creates Sports-Focused Investment Banking Team
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Per an internal memo seen by Reuters, JPMorgan (JPM - Free Report) has set up a new dedicated sports investment banking (“IB”) team. The move comes as the Wall Street giant seeks to tap the increasingly profitable industry.
The new IB team is expected to offer advisory and financing solutions for activities like investing in sports franchises to clients globally.
Fred Turpin, the global head of media and communications investment banking, stated, “Sports has become an increasingly large asset class, attracting more and more institutional investors.”
The team will be co-led by Eric Menell and Gian Piero Sammartano, who will report to Turpin. Sammartano will maintain his local reporting line into Burkhard Koep, the head of Telecoms and Media EMEA.
Despite weakness in the global mergers and acquisitions (M&A) market, dealmaking in the sports industry was robust last year. The sports M&A activity was more than $22.6 billion, according to a report by the Institute for Mergers, Acquisitions, and Alliances.
Notably, this new team is not JPM’s first time entering the world of sports. The Wall Street giant already has a sports financing group that has advised or financed a number of deals for new stadiums.
JPMorgan has worked on deals like British billionaire Sir Jim Ratcliffe's recent acquisition of a minority stake in Manchester United.
The bank has also advised Formula One owner Liberty Media and sports entertainment group World Wrestling Entertainment.
Turpin said, “We are excited about the growth opportunities of our global sports practice backed by the collective efforts of colleagues across the firm.”
Over the past six months, JPMorgan shares have rallied 31.7% compared with 29.8% growth of the industry.
Over the past 60 days, the Zacks Consensus Estimate for NMR’s current fiscal-year earnings has been revised 43.5% upward. The stock has gained 45.5% over the past six months.
Earnings estimates for PIPR have been revised 9.1% upward for the current year over the past 60 days. Over the past six months, PIPR shares have rallied 32.2%.
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JPMorgan (JPM) Creates Sports-Focused Investment Banking Team
Per an internal memo seen by Reuters, JPMorgan (JPM - Free Report) has set up a new dedicated sports investment banking (“IB”) team. The move comes as the Wall Street giant seeks to tap the increasingly profitable industry.
The new IB team is expected to offer advisory and financing solutions for activities like investing in sports franchises to clients globally.
Fred Turpin, the global head of media and communications investment banking, stated, “Sports has become an increasingly large asset class, attracting more and more institutional investors.”
The team will be co-led by Eric Menell and Gian Piero Sammartano, who will report to Turpin. Sammartano will maintain his local reporting line into Burkhard Koep, the head of Telecoms and Media EMEA.
Despite weakness in the global mergers and acquisitions (M&A) market, dealmaking in the sports industry was robust last year. The sports M&A activity was more than $22.6 billion, according to a report by the Institute for Mergers, Acquisitions, and Alliances.
Notably, this new team is not JPM’s first time entering the world of sports. The Wall Street giant already has a sports financing group that has advised or financed a number of deals for new stadiums.
JPMorgan has worked on deals like British billionaire Sir Jim Ratcliffe's recent acquisition of a minority stake in Manchester United.
The bank has also advised Formula One owner Liberty Media and sports entertainment group World Wrestling Entertainment.
Turpin said, “We are excited about the growth opportunities of our global sports practice backed by the collective efforts of colleagues across the firm.”
Over the past six months, JPMorgan shares have rallied 31.7% compared with 29.8% growth of the industry.
Image Source: Zacks Investment Research
At present, JPM carries a Zacks Rank #3 (Hold).
A couple of better-ranked stocks from the finance space are Piper Sandler Companies (PIPR - Free Report) and Nomura Holdings, Inc. (NMR - Free Report) . Currently, PIPR sports a Zacks Rank #1 (Strong Buy) and NMR carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Over the past 60 days, the Zacks Consensus Estimate for NMR’s current fiscal-year earnings has been revised 43.5% upward. The stock has gained 45.5% over the past six months.
Earnings estimates for PIPR have been revised 9.1% upward for the current year over the past 60 days. Over the past six months, PIPR shares have rallied 32.2%.