RBC Hires Ex-Citigroup Analyst Mahaney to Cover Web Stocks

Royal Bank of Canada, the country’s largest lender, hired former Citigroup Inc. (C) analyst Mark Mahaney as a managing director covering Internet stocks.

Mahaney, 47, will be based in San Francisco and report to Marc Harris, co-head of global research, Toronto-based Royal Bank of Canada (RY) said today in a statement.

Citigroup fired Mahaney, one of the industry’s top technology analysts, in October as it settled a separate regulatory probe into its handling of Facebook Inc. (FB)’s initial public offering, a person familiar with the matter said then.

“We are excited to add Mark’s talents to our strong global research team,” Harris said in the statement. “His long history of unparalled buy-side relationships and insightful analysis of the Internet sector is second-to-none.”

Mahaney, who joined Citigroup in 2005, has covered Internet stocks since 1998, according to a company biography. Institutional Investor ranked him No. 1 for the Internet from 2008 to 2011.

He left New York-based Citigroup as the lender paid a $2 million fine to settle the Facebook probe. Massachusetts Secretary of the Commonwealth William F. Galvin had claimed that a junior analyst disclosed confidential information about Menlo Park, California-based Facebook before the social networking firm’s IPO.

Separate from the Facebook incident, an unidentified senior analyst e-mailed unpublished information about Google Inc.’s YouTube revenue estimates to a French business magazine reporter on April 30, according to Galvin’s order. That analyst was Mahaney, said the person familiar with the matter.

Mahaney has a bachelor’s degree from Amherst College, a master’s from Johns Hopkins University and an MBA from the Wharton School of the University of Pennsylvania, according to his biography.

To contact the reporters on this story: Donal Griffin in New York at dgriffin10@bloomberg.net; Katia Dmitrieva in Toronto at edmitrieva1@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net

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