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RBC Hires Napolitano, Smith to Expand U.S. Unit (Update2)

June 10 (Bloomberg) -- RBC Capital Markets said it hired Frank Napolitano and Kevin Smith to expand its U.S. investment-banking business in New York.

Napolitano will head the formation of a new U.S. power and utilities group and Smith will lead the U.S. industrials group, the Toronto-based firm said today in a statement. RBC Capital Markets also hired Ron Eliasek as co-head of U.S. technology, also based in New York.

RBC Capital Markets is expanding its investment-banking services in a push to become a top-10 firm in the U.S. The unit of Royal Bank of Canada, the country’s largest lender, has hired more than 90 senior bankers in the U.S. this year to add coverage of industries including restructuring and aerospace, and areas such as mergers and leveraged finance.

Napolitano, who spent 11 years with Lehman Brothers Holdings Inc., was most recently president of Lakeside Energy, a Chicago-based energy investment firm, RBC said. He has 23 years experience in energy and power utilities.

Smith was hired from Silverfern Group, where he led the firm’s diversified industrial business, RBC said. Before then, he oversaw the diversified industrials and business services group at Wachovia Corp.’s Wachovia Securities, and spent more than a decade with JPMorgan Chase & Co. Former UBS AG banker Ian Woods joins Smith as a director in the U.S. industrial group.

Eliasek was previously head of a software and systems group for Sagent Advisors, a mergers advisory firm, and before then a managing director at Wachovia.

New York Office

RBC also hired five others bankers for its New York office. Jeff Abt, a former Goldman Sachs Group Inc. banker, was hired as a managing director in the U.S. loan capital markets group. Andrew Rosenbaum, a former Lehman banker who last worked at private equity firm Patriarch Partners, becomes a director in the U.S. leveraged finance group, focusing on energy, power and utilities.

Michael Davis, who previously worked at Energy Future Holdings in Dallas and Credit Suisse Group AG, becomes a managing director in equity capital markets. Jon Huerta, who previously worked at Macquarie Group Ltd. and Banc of America, was hired as a director for aerospace and defense.

David Archibald, a former Wachovia banker, was hired as a director in RBC’s financial sponsors group.

To contact the reporter on this story: Doug Alexander in Toronto at

To contact the editor responsible for this story: David Scanlan at; Alec McCabe at

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