Randy Paine, President of KeyCorp’s (KEY) KeyBanc Capital Markets, says his segment of the business will expand into new verticals. While Paine did not disclose which verticals KeyBanc Capital Markets will target, he did provide some insight on where management will focus expansion efforts.
“We look for niches and verticals that are full of middle market companies,” Paine says. “We look for financial sponsor activity in those verticals because that tells you that there are consolidation opportunities and that there will be transaction activity that we can lead.”
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Paine says his team identifies the public companies within the verticals they are targeting, as well as the investment banks that cover those companies. He says many of the middle market companies aren’t broadly covered, creating an opportunity for greater depth of equity research coverage.
“So, again, we are looking for opportunities to really exploit the capabilities of our integrated corporate and investment banking franchise focused on the middle market,” Paine says. “Lastly, we want to find verticals that are well-positioned to grow in the current economic environment.”
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