Welcome to Western Capital Markets’ 2021–2022 Blog and News Recap
On behalf of the WCM team, we hope you all had a great summer and we’re looking forward to seeing everyone again this upcoming year.
Similar to last year, the Logistics team will continue providing blog posts covering weekly recaps of our Educational Seminars, interviews with upper-years and industry alumni/professionals to provide clarity on different career landscapes, and in-depth research posts to offer insight on important concepts and world events.
Also, find below an interesting overview of the recent volatility in the SPAC market!
Introduction
On August 29th, the WCM team presented an ‘Intro to Finance at Western’ where the Executive Team provided an overview of WCM and spoke to their experiences on navigating the financial services industry; you can find a recap below:
Who are We? What is WCM?
The Western Capital Markets Team (WCM) is an educational club that delivers a holistic member experience through connecting theory with application, allowing members to explore and develop a genuine interest across pillars of finance. This makes learning theory and achieving recruitment success an organic part of the member experience, rather than the sole focus.
Our Mission Statement:
WCM’s mission is to educate, develop, and provide real-world opportunities for our members to explore and thrive in the world of finance.
How We Fulfill Our Mission:
Education
- We deliver high-quality, interactive, and unintimidating briefings on the financial services landscape, recruitment opportunities, and the workings of the financial markets.
Development
- We facilitate the introduction to upper years with industry experience + a structured curriculum that allows members to develop applicable skills and a strong relationship with their mentors.
Events
- We connect members with career opportunities in financial hubs across the world through career-development trips consists of firm visits, conferences, and networking opportunities.
Outreach
- We expand the finance community at Western by encouraging people of all backgrounds to join through focused initiatives and events, building our connections with the main campus and alumni.
How You Can Get Involved
- Attend our Educational Seminars and build your interest and understanding of finance
- Join our Mentorship Program and find a mentor in a field that appeals to you
- Attend our International Career Development Trips and build a global network in your chosen field
- Attend our intensive Recruiting Workshops; apply, interview, and get your dream job
2021–2022 Events Snapshot
Fall Semester
- West Coast/US Conference — Tentative Date: Week of October 18, 2021
- New York/US Conference — Tentative Date: Week of October 18, 2021
- Resume Workshop — Tentative Date: Week of November 8, 2021
- Excel and PowerPoint 101 — Tentative Date: TBD
Spring Semester
- Toronto Conference — Tentative Date: Week of January 21, 2022
- International Career Conference — Tentative Date: February 2022
- Women in Finance Conference — Tentative Date: TBD
- Valuation Competition — Tentative Date: TBD
Industry Conference Overview
West Coast Conference
- A week-long virtual career conference including firm info sessions, keynote speakers, and panelists from firms in the San Francisco Bay Area, with opportunities for Coffee Chats with past Ivey alumni in different industries.
- Past Participants: Houlihan Lokey, Ares, Goldman Sachs, Credit Suisse, and Centerview Partners
New York Conference
- A 3-day trip to New York, including a full-day conference with Ivey Alumni professionals, firm visits to company professionals, firm visits to company headquarters such as Goldman Sachs and Morgan Stanley, and free time to explore New York City.
- Past Participants: Goldman Sachs, Perella Weinberg Partners, Evercore, Citi, and Morgan Stanley
Toronto Conference
- A full-day trip to Bay Street, where you will have the opportunity to visit firms, listen to keynote speakers, and hear from panels of Ivey alumni working in investment banking, private equity, and asset management.
- Past Participants: RBC, Scotiabank, TD, CPPIB, and ONEX
Facebook Group
Make sure that you are currently a member of our active Facebook Group here to stay informed on club initiatives!
What to Expect from Our Group?
- Presentations: View our Educational Seminars and other decks
- Events: Stay up to date with all our events, including Virtual Trips and Mentorship
- Resources: In-depth blog posts, recommended resources, and more
- Connect: Share your thoughts and connect with Executives and other students
How to Join?
Club registration will open on September 12th, 2021 and you can become a member for only $20.
Just a few benefits of joining:
- Attend our career development conferences.
- Join our signature mentorship program.
- Partake in our recruiting series and workshops.
- Attend our Women in Finance Conference.
Next Steps to Getting Involved
Annual General Meeting
- When: Mid-September
- Who: Everyone is invited!
- What: Learn more about WCM’s structure, membership benefits, Executive hiring, annual plan, and meet with other new members
Director and VP Hiring
- When: Late September
- Who: 1st and 2nd years for Directors, and 3rd years for Vice Presidents
- What: Join our growing executive Team as a Director or VP and make your mark on the Finance Community here at Western
Educations and Mentorship Program
- When: October and onwards
- Who: WCM Members
- What: Dive into every corner of finance, build your understanding, discover your interests, build your skills, grow your network, and land your dream job
A look at the 2021–2022 WCM Executive Team
Our team is eager and excited to meet everyone so feel free to reach out with any questions, and suggestions or just to chat!
What’s in the News?
The SPAC Selloff
Special Purpose Acquisition Companies or SPAC’s have been a hot topic of discussion for months now. A SPAC is a company that has no operations and is formed strictly to raise capital through an IPO with the purpose of acquiring an existing private company. The operation completed through a SPAC is similar to a standard reverse merger, with the difference being that SPACs do not have any prior operating history.
The cumulative market value of companies that completed SPAC mergers since December 2020 reached its peak in February 2021 at nearly USD$330B but had since dipped to USD$250B, a broad selloff that has wiped about roughly USD$75B of value. Earlier this year, it was common for SPACs to always rise in value after announcing deals. Now, the opposite is becoming the norm as about 75% of SPACs that have announced deals but haven't completed them are trading below their listing price, seeing their share prices fall. This is not to say that the SPAC market has collapsed — the value of the sector, at USD$250B is still up from its USD$100B value from roughly a year ago — but the blank-check boom has hit a selloff.
Many investors have called this reversal inevitable as many of the companies that are merging with SPACs have zero or little revenues but are being valued in the billions; share prices were rising when there was little fundamental reason behind the gains. The air has come out of the bubble said Roy Behren of Westchester Capital Management.
This downturn has hurt individual investors who bought into the craze near its top, with several SPAC-related companies being some of the most traded stocks on Robinhood and other brokerages earlier this year. Given the protection typically attributed to SPAC creators, individual investors are often stuck with the losses — creators are protected through the right to buy a large number of shares at discounts, and to minimize losses, they often sell their SPAC shares before deals are completed.
To learn more about this topic and enhance your understanding, a few insightful articles have been linked:
