SVB’s Investment Bank Is In Talks to Buy MoffettNathanson
SVB’s Investment Bank Is In Talks to Buy MoffettNathanson
(Bloomberg) -- SVB Financial Group’s investment-banking arm SVB Leerink is in talks to acquire equities-research firm MoffettNathanson LLC, according to people familiar with the matter, who declined to be identified discussing private information.
The New York-based firm, named for founders and senior research analysts Craig Moffett and Michael Nathanson, is best known for its coverage of media, communications and internet companies. A deal isn’t yet finalized and it’s possible that talks fall apart.
A MoffettNathanson representative declined to comment. SVB representatives didn’t respond to requests for comment.
SVB Leerink, led by Chief Executive Officer Jeff Leerink, is known for its health-care expertise, and has more recently expanded into technology, in part by hiring a group of senior bankers from UBS Group AG. The entity was formed through a merger of Leerink Partners and SVB in 2019. SVB Leerink’s research team is currently comprised of health-care focused analysts, its website shows.
On an October earnings call, SVB Financial Group CEO Greg Becker and Chief Financial Officer Daniel Beck highlighted efforts to bolster SVB Leerink. The firm is “building out even more of a world-class technology investment banking team or innovation investment banking team,” Beck said, while Becker teased near-term announcements in the fintech sector. The bank’s shares have risen 91% this year.
Founded in 2013, MoffettNathanson has expanded its offerings to include coverage of the payments and processing space, led by senior research analyst Lisa Ellis.
©2021 Bloomberg L.P.