Recently, global investment bank Mizuho Americas announced that Mara Goldstein had joined their equity research department as managing director covering biotechnology companies. Ms. Goldstein is the 4th new equity research hire the bank has made in 2018.
Mizuho’s Newest Hire
Mara Goldstein joined Mizuho following a career of more than 27 years as a sell-side analyst covering the healthcare and pharmaceutical industries. Most recently, Ms. Goldstein worked for more than 7 years at Cantor Fitzgerald as Senior Managing Director, Biotechnology Analyst, while simultaneously serving as Director of Research.
Previously, Goldstein spent 3 years as Director of Research for Reuters Insight. Ms. Goldstein spent 10 years at CIBC World Markets as a senior analyst covering large capitalization pharmaceutical equities, drug delivery and contract research organizations (CROs). Mara started her sell-side research career at Alex. Brown & Sons, where she spent 7 years covering large capitalization pharmaceutical equities, drug delivery, specialty pharmaceuticals and health care distribution stocks. Ms. Goldstein graduated from Purdue University with a BS in Economics.
Susan Gilbertson, Mizuho’s Head of US Equity Research explained the hiring, “As we continue to invest in our US equity research platform, Mara’s expertise will greatly enhance our research footprint in the fast growing and innovation-minded healthcare sector, a focus area for Mizuho. Mara brings extensive experience and insights which can help guide our clients in their investment decisions.”
Mizuho’s growing US equity research team includes sector analysts in energy (MLPs, oil and gas exploration & production, utilities); healthcare (biotechnology, healthcare services, specialty pharmaceuticals); technology (hardware/software, internet, semiconductors); and REITs.
Although Mizuho is not one of the “Big Four” Japanese securities houses, it has been one of the few sell-side firms which have been aggressively expanding its cash equities business over the past few years. The addition of an experienced analyst like Ms. Goldstein is consistent with the focused way the bank has expanded its US equity research team. Earlier this year, the firm added 3 other senior analysts to its US research team including, Gabriel Moreen an II ranked analyst covering energy related MLPs who joined in August; top-rated oil and gas analyst Paul Sankey; and Susan Gilbertson, the Head of US Equity Research, who were both hired in May.
Given the opportunistic way Mizuho has expanded its cash equities and research business in the US, we would not be surprised to see Mizuho add more research analysts in the future – particularly as it identifies experienced analysts who have been orphaned as other sell-side banks reduce headcount or shutter their research businesses altogether. However, the pressures brought on by MiFID II are likely to cause the firm to focus on quality versus quantity in an effort to win an increasing share of asset managers’ shrinking research wallet.