RBC Internet Analyst Mahaney Leaves for Evercore

(Bloomberg) -- Royal Bank of Canada research analyst Mark Mahaney is leaving for Evercore Inc., according to people familiar with the matter, as the U.S. bank pushes to boost its equities business.

Mahaney, lead technology analyst at RBC Capital Markets, will continue to cover internet stocks as an analyst for Evercore, said the people, who asked to not be identified because the matter isn’t public.

He covered some 30 stocks including Amazon.com Inc., Google parent Alphabet Inc. and Uber Technologies Inc., according to data compiled by Bloomberg.

He joined the Canadian bank in 2013 after more than seven years at Citigroup Inc.

Mahaney didn’t respond to a request for comment. A representative for RBC confirmed Mahaney’s departure while a spokesperson for Evercore declined to comment.

While the divisions are separate, strong equity research can boost a bank’s capital markets division and help land high-profile initial public offerings.

Evercore has been making high-profile hires related to its IPO business, including John Scuorzo who joined the firm this year as a senior managing director from Citigroup Inc. and Goldman Sachs Group Inc.’s equity capital markets veteran Kristy Grippi, Bloomberg News previously reported.

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