Equity Research Analyst Hiring / Firing: Piper Sandler & Nomura

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In the past week, US investment bank Piper Sandler has added one new equity research analyst to its team while Japanese investment bank Nomura has shuttered its US equity research division that it previously housed at Instinet.

Piper Sandler Adds Healthcare Analyst

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Minneapolis-based investment bank Piper Sandler recently announced that it was adding a new senior biotechnology analyst, Yasmeen Rahimi, PhD to its New York equity research team.  Prior to joining Piper, Ms. Rahimi spent almost 3 years at ROTH Capital Partners covering 26 biotechnology companies.  Previously, Yasmeen spent more than 2 years at H.C. Wainwright and Guggenheim Partners as a biotech research associate.  Earlier in her career, Ms. Rahimi was a medical researcher at Shire Pharmaceuticals.

Ms. Rahimi earned a master’s degree in analytical chemistry from Purdue University, a doctorate in biochemistry from Indiana University School of Medicine, and was a postdoctoral fellow at Yale University School of Medicine. She received dual bachelor’s degrees in chemistry and German, with honors, from Butler University.

Director of equity research at Piper Sandler, Michael Cox commented on this recent hire, “We are excited to welcome Yasmeen and her equity research and overall industry expertise to our biotech research group. Her addition will add strength to our firm’s overall leadership in the healthcare sector and add immediate value for our clients.”

Nomura Shutters US Research Team

As we warned, the recent strategic alliance between Nomura and Wolfe Research led Nomura to shutter its US equity research business, a unit that was housed at New York-based agency broker Instinet.  Consequently, the firm will lay off as many as 48 staffers, many of them from the firm’s equity research team. 

Over the past few years, Nomura has experienced a period of dramatically scaling back its equities businesses outside of Japan.  In 2016 the bank exited European equities research and equity capital markets and integrated its US equity research staff with its agency brokerage affiliate Instinet.  In April 2019, Nomura announced a $1 billion cost savings program, which includes cutting close to 50 positions in its equities and investment banking divisions in Europe and the US, as well as equity research analysts in Singapore and Hong Kong.  

Our Take

Piper Sandler employs 55 equity research analysts covering over 850 small, mid and large cap stocks in technology, healthcare, financial institutions, energy, clean tech, industrials, agriculture, and consumer goods and services.  The recent addition of Yasmin Rahimi, PhD to the firm’s growing healthcare research team (currently 13 research analysts covering over 200 companies) makes sense as the firm has been looking to beef up its biotech coverage.  Ms. Rahimi is Piper’s fifth biotech analyst. 

The recent Wolfe Research deal enabled Nomura to be able to provide their equities customers with a high quality broad-based equity research product without having to produce this research internally.  Consequently, the Wolfe deal allowed Nomura to exit the US equity research business, thereby eliminating the 48 headcount associated with this team.

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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: Michael.Mayhew@integrity-research.com

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