RBC Capital Markets snaps up Bear Stearns team

Date: Friday, September 5, 2008
Author: HedgeWeek

RBC Capital Markets, the corporate and investment banking arm of Royal Bank of Canada today announced that it has hired 11 bankers from Bear Stearns to form a new U.S. institutional equity sales and trading team to be based in London and Switzerland.

Tim Allen joins RBC Capital Markets as Managing Director and Head of US Institutional Equity Sales from Bear Stearns, where he spent the last 18 years, most recently as Head of US Equity Sales, Europe.

The new team will leverage RBC Capital Markets' well-established U.S. research and trading flows, emanating from its New York office, to provide full coverage, advice and U.S. equity products to RBC's European institutional and hedge fund clients, particularly in France, Italy, Germany,Switzerland and Austria.

Commenting for RBC Capital Markets, Stephen Foss, Head of Equities says, "We are delighted to have been able to attract such a strong and well-established team, under Tim's leadership, from Bear Stearns.

"RBC remains committed to cash equities and to growing our capital markets business by continuing to selectively hire top talent.  We've been able to do this because of the strength and reputation of our enterprise, plus the fact that market disruptions have made available many outstanding professionals."