SVB Financial Group, the parent of Silicon Valley Bank, has acquired New York-based MoffettNathanson to further expand its capabilities in technology investment banking.

Financial terms of the deal were not disclosed.

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Established in 2013, MoffettNathanson is an independent sell-side research firm covering high-growth companies in the media, communications, and technology sectors.

The deal will help SVB Leerink, the investment banking business of SVB, expand its research coverage to include companies in the healthcare and technology industries.

SVB Financial president and CEO Greg Becker said: “The MoffettNathanson team has built an incredible reputation as a leader in equity research.

“The addition of technology equity research is another important step in further solidifying our place as the essential partner to innovation economy clients. I’m proud to welcome the MoffettNathanson team to SVB and continue to strengthen the capabilities of our investment banking practice.”

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SVB caters to companies and their investors through its commercial banking unit Silicon Valley Bank, investment banking unit SVB Leerink, private banking and wealth management arm SVB Private Bank, and funds management and investment division SVB Capital.

MoffettNathanson founding partner Craig Moffett said: “SVB’s deep relationships with the world’s leading innovators will not only bring our clients unique opportunities to participate in the value creation cycle of earlier-stage growth companies, they will also provide our analysts with unique insights into the competitive forces that will shape the destinies of the largest companies in our coverage universe.”

This latest deal follows SVB’s $900m deal to buy Boston Private Financial Holdings, the parent of Boston Private Bank & Trust Company, in January this year.