RBC’s head of Canadian research leaves for TD

Andre-Philippe Hardy has returned to the bank where his career began.

After nearly 17 years at Royal Bank of Canada RY-T, most recently as head of Canadian and Asia-Pacific research, Mr. Hardy rejoined Toronto-Dominion Bank TD-T earlier this month as head of Canadian research. His new responsibilities are expected to involve merging TD’s Canadian research offerings with those of Cowen Inc., the New York-based independent investment bank that TD acquired for US$1.3-billion in 2022.

“I know from past conversations with TD bankers that their priority is integrating the TD Securities’ Canadian platform with Cowen’s U.S. platform,” said Bill Vlaad, the chief executive officer of Toronto-based executive search firm Vlaad and Co. “And RBC runs an integrated global equity research platform, which Andre-Philippe helped create and manage.”

TD Securities spokesperson Jillian Tanouye confirmed via e-mail that Mr. Hardy had recently started in his new role, adding that he will be reporting to global head of research Robert Fagin. Mr. Hardy’s appointment represents the latest in a number of personnel changes TD has made in the wake of the Cowen deal.

Sante Corona was promoted to co-head of TD’s global equity capital markets business in March, 2023, and relocated to New York two months later to create “seamless connectivity” between TD and Cowen, the bank said at the time. In December, 2023, as TD was preparing to cut roughly 3,000 jobs, the bank announced nearly a dozen new hires for its investment banking, equity sales and research teams in order to expedite its U.S. expansion plans.

Mr. Hardy first worked at TD as an equity research associate and analyst covering financial services from mid-1998 through August of 2004. He spent more than two years as a financial services analyst at Merrill Lynch before joining RBC in early 2007.

His time as a banking analyst spanned 13 years, starting in November, 2000, when he received his first promotion at TD, until the end of 2013, when RBC promoted him to head of Canadian research. His portfolio was expanded in late 2019 to include the Asia-Pacific region.