Daniel Cocchiara

Daniel Cucchiara inquired about the current state and momentum of middle-market M&A deals under $1 billion, specifically asking if momentum from late 2025 carried into early 2026.

Answer

Chairman and CEO Chad Abraham clarified that Piper Sandler focuses on middle-market volume, which grew high single digits in 2025, and their advisory business outpaced this. He noted that the middle-market M&A, largely sponsor-based, accelerated in the second half of 2025. Abraham emphasized the importance of watching this mix, as the vast majority of their volume is in the middle market, despite also handling large transactions.

Daniel Cucchiara asked for a current market assessment of M&A deals under $1 billion, inquiring about any momentum observed in this cohort towards the end of 2025 and its carryover into the first month of 2026.

Answer

Chairman and CEO Chad Abraham clarified that Piper Sandler focuses on middle-market volume, which grew high single digits in 2025, outpacing overall M&A. He noted that over 50% of their middle-market activity is sponsor-based and believes this segment accelerated in the back half of 2025. Mr. Abraham emphasized the importance of watching this mix, as the vast majority of their volume is in the middle market.

Daniel Cocchiara asked if diminished regulatory scrutiny on GSIBs (Globally Systemically Important Banks) has led to increased competition from bulge bracket firms for deal mandates, and how Moelis & Company's ability to gain market share is affected in such a deregulatory environment.

Answer

CEO Navid Mahmoodzadegan stated that he does not perceive meaningfully stronger competition from bulge bracket firms than in recent years. He noted that Moelis primarily competes against other independent firms, which are entrepreneurial and nimble, and where much of the incremental market share is being gained.

Daniel Cocchiara inquired whether diminished regulatory scrutiny on GSIBs has led to increased competition from bulge brackets for deal mandates and how Moelis is positioned to gain market share in such an environment.

Answer

CEO Navid Mahmoodzadegan stated he does not perceive significantly stronger competition from bulge brackets than in recent years. He noted that Moelis primarily competes against other independent firms, emphasizing their entrepreneurial and nimble nature as key to gaining incremental market share.

Daniel Cocchiara followed up by asking if LPs are recalibrating their allocations to private markets due to struggles in alternatives, and the correlation between M&A activity and non-M&A revenues.

Answer

CEO John Weinberg stated that while fund flows between asset classes always exist, Evercore does not anticipate a major impact on its business from LPs rethinking alternative allocations. He also noted that M&A activity and non-M&A revenues are not entirely uncorrelated but did not foresee a significant impact on M&A from potential shifts in alternative allocations.

Daniel Cocchiara followed up by asking if LPs are recalibrating allocations to private markets due to struggles in alts, and if non-M&A revenues have a high correlation with M&A activity or should be considered uncorrelated.

Answer

CEO John Weinberg stated that while funds flow between asset classes, he does not anticipate a major impact on Evercore's business from a rethinking of alts affecting M&A. He clarified that non-M&A revenues are not entirely uncorrelated with M&A activity but did not foresee a significant impact from current trends.

Daniel Cocchiara asked about observations regarding a slower start to the year for M&A, trends across geographies, and the comparison of domestic versus international deal activity expectations. He also inquired about personnel changes in Asset Management under Chris Hogbin, identifying areas needing change and those with momentum.

Answer

CEO and Chairman Peter Orszag noted a 'nice build' in January for Lazard's M&A business but cautioned it was very early. He observed U.S. CEOs seemed more confident, with significant interest globally, and highlighted how the fracturing global economy drives client discussions. CEO of Asset Management Chris Hogbin outlined his focus on executing Lazard 2030 goals through three areas: delivering strong investment performance (appointing Eric Van Nostrand as CIO), growing by scaling existing products and exploring new channels, and driving efficiency (appointing Rosalie Berman as COO, integrating AI).

Daniel Cocchiara asked about Lazard's observations on a potentially slower M&A start to the year, geographic trends, and expectations for domestic versus international M&A in 2026. He also sought Chris Hogbin's perspective on areas needing change and those with healthy momentum within Asset Management, following personnel changes.

Answer

CEO and Chairman Peter Orszag noted a 'nice build' in January for Lazard's M&A business, with US CEOs appearing more confident, and global operations driving European activity. He highlighted the impact of global economic fracturing on client discussions. CEO of Asset Management Chris Hogbin outlined his focus on execution in Asset Management, emphasizing strong investment performance, scaling existing products, exploring white space, and driving efficiency through new leadership roles.