HSBC Holdings PLC, the London-based global banking group that acquired Republic New York Corp last month, has reached another U.S. deal, this time for equity research with the investment bank of Brown Brothers Harriman & Co.
Stephen Green, chairman of HSBC's investment banking operations, said in a release Wednesday that the deal with Brown Brothers will plug a gap in the company's global equity coverage.
HSBC buys and sells foreign stocks for its U.S. clients but last year halted trading in U.S. stocks because it lacked the research capabilities.
Ronald Hill, a partner at Brown Brothers Harriman, and Krishna Patel, chief executive of investment banking at HSBC, will coordinate the arrangement. The two companies' combined research covers 2,700 companies across 22 countries.
- James Kraus