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Scotiabank Hires Malhotra for Financial Coverage

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Nov. 21 (Bloomberg) -- Bank of Nova Scotia, Canada’s third-biggest lender, hired Sumit Malhotra from Macquarie Group Ltd. to cover financial firms for its investment-banking unit.

Malhotra, an analyst at Macquarie’s Canadian unit since 2009, will join on Jan. 6 and cover Canadian banks, life insurance companies and brokerages, the Toronto-based lender said today in an internal memo. Kevin Choquette, who covered financial services for Scotiabank for 15 years, has left “to pursue other opportunities,” according to the memo.

Scotiabank is realigning its financial-services coverage based on regions. The firm’s New York-based analyst, Joanne Smith, will cover U.S. life companies, money center banks and global peers, while Claudia Benavente, based in Santiago, assumes responsibility for Latin American financial institutions, according to the memo.

Malhotra’s move is the latest in a series of changes among Canadian financial-services analysts. Earlier this month, Desjardins Securities Inc. hired Doug Young, formerly of Toronto-Dominion Bank, as veteran analyst Michael Goldberg took on a new role in the firm.

Royal Bank of Canada hired Cormark Securities Inc.’s Darko Mihelic last month to cover financial-services firms for the country’s largest lender after Andre-Philippe Hardy was promoted to head of Canadian equity research. Cormark has since hired Meny Grauman, an associate from Canadian Imperial Bank of Commerce, to cover banks and insurers, according to Susan Streeter, the firm’s head of equity research.

In August, Toronto-Dominion hired Canaccord Genuity Group Inc.’s Mario Mendonca, replacing Young and Jason Bilodeau.

To contact the reporter on this story: Doug Alexander in Toronto at dalexander3@bloomberg.net

To contact the editors responsible for this story: David Scanlan at dscanlan@bloomberg.net; Peter Eichenbaum at peichenbaum@bloomberg.net

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