A syndicate is a self-organizing group of individuals, companies, corporations or entities formed to transact some specific business, to pursue or promote a shared interest.
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👉 Syndicate in the context of Crime family
A crime family is a unit of an organized crime syndicate, particularly in the Sicilian Mafia and Italian-American Mafia, often operating within a specific geographic territory or a specific set of activities. In its strictest sense, a family (or clan) is a criminal gang, operating either on a unitary basis or as an organized collection of smaller gangs (e.g., cells, factions, crews, etc.). In turn, a family can be a sole "enterprise" or part of a larger syndicate or cartel. Despite the name, most crime families are generally not based on or formed around actual familial connections, although they do tend to be ethnically based, and many members may in fact be related to one another. Crime "families" tend to be associated more directly with their respective territories than the individuals to whom their members may or may not be related.
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Syndicate in the context of Bookrunner
In investment banking, a bookrunner is usually the main underwriter or lead-manager/arranger/coordinator in equity, debt, or hybrid securities issuances. The bookrunner usually syndicates with other investment banks in order to lower its risk. The bookrunner is listed first among all underwriters participating in the issuance. When more than one bookrunner manages a security issuance, the parties are referred to as "joint bookrunners", or a "multi-bookrunner syndicate".
The bank that runs the books is the closest one to the issuer and controls the allocations of shares to investors, holding significant discretion in doing so, which places the bookrunner in a very favored position.