bulge-bracket firm

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Bulge-Bracket Firm

In bracketing, an underwriting firm responsible for placing a certain amount of a new issue with investors. If a bulge bracket firm is the single largest underwriter, it may be responsible for assigning parts of the issuer to other underwriters. Brackets are listed in order of size on an advertisement detailing each new issue, known as the tombstone.
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bulge-bracket firm

A large investment banking firm that is considered to have an exceptional reputation and customer base. Investment bankers such as Merrill Lynch, Morgan Stanley, and Goldman Sachs are held to be among the relatively small group of firms that qualify.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.
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If institutional investing is a small world, endowment investing is a small room, and endowment managers rarely are willing to speak on the record about what many claim is the elephant in the equation when discussing outsourcing with bulge brackets: conflicts of interest.
"It came down to us and a bulge bracket firm that did investment outsourcing for individuals.
However, both sides of the vendor divide -- boutique and bulge bracket -- tend to claim that this is not a major influencer of endowment decision-making.