BNP Paribas Exane Adds Five Senior Analysts in US


Last week, BNP Paribas Exane, the equity research division of global investment bank BNP Paribas, announced that it has recently added five senior equity research analysts to its US equity research team.

Latest Equity Research Analyst Additions

BNP Paribas Exane recently announced that it has added five experienced sell-side equity research analysts to its US equity research team.  These new analysts include:

Andrew Buscaglia has joined BNP Paribas Exane as Senior Analyst for US Industrial Technology, following almost 16 years as a sell-side equity research analyst.  In his new role, Andrew will cover diversified industrial IoT applications, including automation equipment, instrumentation, and sensors.  Andrew joins BNP Paribas Exane from Berenberg, where he was a Senior Analyst and US Industrials Sector Head. Prior to Berenberg, Andrew was a Senior Analyst at Credit Suisse, covering environmental services and industrial distribution. Previously, Andrew was a research associate on the semiconductor devices team at Canaccord Genuity. Andrew holds a Bachelor’s degree from Hamilton College.

Kevin Grundy joined the bank as Senior Analyst for US Beverages and Household Products after 24 years in sell-side equity research and accounting.   Previously, Kevin was an Equity Research Analyst at Jefferies for over 10 years, and before that, he spent 4 years at Morgan Stanley in a similar position.  Kevin also worked at JP Morgan and UBS as an Equity Analyst for over 4 years combined.  Earlier in his career, Kevin spent six years at Arthur Andersen and Celanese in various accounting related roles.  He holds a BS in Accounting from University of Scranton and an MBA in Finance from Rutgers University. Kevin was also runner-up for the 2023 Institutional Investor poll for his views on the sector.

Following 13 years covering EU telecommunication companies, Sam McHugh joined BNP Paribas Exane as Head of Telecom Equity Research and will focus on growing the bank’s US telecoms and media coverage, while also taking on enhanced responsibilities as a global coordinator for telecom research. Previously, Sam has spent eight years at BNP Paribas Exane in London where he was the Sector Head for Telecom Research.  Over the years, Sam has consistently been ranked the #1 European Telecom Services analyst by Institutional Investor.  Prior to joining BNP Paribas Exane, Sam spent five years at Sanford Bernstein on the European telecom research team.  Earlier in his career, Sam spent three years at KPMG in London. Sam holds a Master of Mathematics from the University of York. 

Stefan Slowinski has joined BNP Paribas Exane as Global Head of Software Research, leading the coverage on large cap US software and internet stocks, and coordinating BNP Paribas Exane’s global technology research product. Stefan has been with BNP Paribas Exane in London for over six years, where he has consistently been ranked as a top European Software analyst by Institutional Investor. Prior to BNP Paribas Exane, Stefan was the Head of Research at Haitong Securities for Europe and LATAM, and Deputy Global Head of Equity and Credit Research at Societe Generale. He was also a Founder and Managing Partner of INOX Global Capital Management. Earlier in his career, Stefan spent a combined three years as Robertson Stephens, and Salomon Brothers as a financial analysts and software & internet analyst.  Stefan has a Bachelor’s degree from the University of Pennsylvania and an MBA from the London Business School.

Moses Sutton is appointed to Head of Clean Energy Research and will lead the clean energy and infrastructure research team. Moses joins BNP Paribas Exane from Wellington Management where he covered global renewables. Previously, he was a research analyst at Barclays, where he spent six years building the #2-ranked Institutional Investor team in alternative energy. Earlier in his career, Moses spent more than three years as an analyst at Cowen & Company and EarthPoint Solutions / NextEnergy.  Moses holds a Bachelor’s degree in Music Composition from CUNY Brooklyn College and is a CFA charter-holder.

Michael Rietbrock, BNP Paribas Exane’s Director of Equity Research, Americas comments about these recent hires saying, “We welcome Moses, Sam, Stefan, Andrew and Kevin to the US BNP Paribas Exane team. It’s an exciting time to join the platform and their contributions will further expand our global equities offerings to institutional clients. We’re very proud to have such talented analysts and look forward to offering BNP Paribas Exane’s unrivalled services to our clients.”

Our Take

In 2021, BNP Paribas purchased the half of Exane it didn’t already own following a successful 17-year partnership between the two firms.  In November 2022, BNP Paribas launched BNP Paribas Exane in the US.

In addition to the five new analyst hires, BNP Paribas Exane announced that they plan to expand their research coverage from 275 U.S. stocks today to more than 500 U.S. stocks by 2025, with an initial focus on the Technology, Media, and Telecommunications (TMT), Consumer, Healthcare and Industrials sectors. This expansion of U.S. stocks coverage is supported by the bank’s plans to increase the number of research analysts, sector specialists, traders, sales traders and salespeople they employ.

BNP Paribas Exane’s hiring this group of highly experienced research analysts, and their plans to continue expanding their research coverage in the next few years is interesting as the bank looks to capture market share from a variety of other mid-sized brokers and investment banks that have consolidated, merged, or shuttered their equity capital markets businesses in the US altogether over recent years.  It remains to be seen whether BNP Paribas Exane’s equity research franchise can gain enough traction to support the growth of the rest of their fledgling US cash equities business.


About Author

Mike Mayhew is one of the leading experts on the investment research industry. In addition to founding Integrity Research, Mike is on the board of directors of Investorside Research Association, the non-profit trade association for the independent research industry, and a frequent speaker on research industry trends and developments. Mike has over thirty years of research industry experience. Email:

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