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What does 'brought over the wall' mean?
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Jan 4, 2023 · Being "brought over the wall" is when a research employee of an investment bank is lent to the underwriting department to focus on a particular company.
- Julia Kagan
A discussion of a financing technique whereby certain issuers bring a limited number of potential investors "over the wall" to confidentially pre-market a securities offering before announcing the deal publicly.
When an employee, often a research analyst, is “brought over the wall” in investment banking, it signifies a transition from the research department to the underwriting department. The purpose is to provide specialized expertise and insight into a particular company during the underwriting process.
"Brought over the wall" is an employment tactic of sorts specific to investment banks. The underwriting department pulls an employee from the reseach department. The hope is that the research employee will be able to offer special knowledge to the underwriters, and perhaps predict trends.
Review wall crossing protocols and procedures to ensure effective systems and controls are in place and provide staff guidance and training to manage wall crossing risks. If in doubt, tread a cautious path when walking the regulatory tightrope and seek legal advice.
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A company that proposes to bring recipients over the wall should carefully manage the information-giving process, including by preparing what is often referred to as a wall-crossing script.
What's the significance here to Be Brought Over the Wall? Being "brought over the wall" is the point at which an employee in the research department of an investment bank — normally a research analyst — is brought over to work for the underwriting department to zero in on a specific company.
