RBC snares ex-Morgan Stanley banker to win more consumer, retail deals
RBC Capital Markets has hired Andrea Sartore as a director from Morgan Stanley to cover consumer and retail clients.
The new role, within RBC’s industrials team, is part of a push from the bank to tap consumer-related dealmaking for corporate clients and private equity sponsors, which are keen to deploy capital in a sector linked to rising interest rates and consumer spending patterns.
RBC Capital Markets’ head of investment banking, Sean Miller, announced Mr Sartore’s hire internally on Friday. Louise Kennerley
Mr Sartore will be based in Sydney and report to Rob Mete, RBC’s head of industrials and financial sponsors for Australia, an internal memo sent to RBC staff, and seen by The Australian Financial Review, showed.
He joins the Canadian bank after 13 years with Morgan Stanley, where he was most recently an executive director in its investment banking team.
Mr Sartore advised industrials, consumer and retail clients on mergers and acquisitions, capital markets and financing transactions.
He led investment firms Quadrant and FiveV Capital’s $1 billion-plus sale of ProbeCX, an outsourcing services provider, to KKR in September 2021, and worked on restaurant chain Guzman y Gomez’s $100 million private placement to Aware Super a year later, the memo showed.
Until now, RBC had not covered Australian consumer, retail corporates, however, it is an active area for the bank in the United States, particularly with private equity sponsors, a person familiar with the hire said.
Mr Sartore’s knowledge of, and connections to private equity firms will be critical in this role because sponsor capital is increasingly eyeing deals in consumer and retail.
Anchorage Capital Partners, for example, acquired David Jones from South Africa’s
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