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Also known as a purchase group, this is a temporary investment association that is made up of bankers in order to sell securities. Typically the originating house is pegged to manage the syndicate. Most syndicates are based on the undivided account arrangement whereby each member is liable for unsold securities up to the amount of its percentage participation regardless of the number of securities that investment banker has sold. In syndicates with a divided account, each member investment banker's liability is restricted when it comes to participation. Once a member sells the securities assigned, that investment banker has no additional liability whether or not the other members are able to sell their portion of the security.
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