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RBC lures health care banker from Jefferies

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The capital markets arm of Royal Bank of Canada is bulking up its health care investment banking group in the U.S., adding a banker from Jefferies & Co. Inc. as the sector keeps getting hotter for mergers activity.

RBC said Robert Steininger joined as a co-head of the health care group. He will work with Kevin Davies, who has been running the group since 2006.

Mr. Steininger brings some recognizable clients, notably Valeant Pharmaceuticals, which he advised on its $3.3-billion combination with Biovail. He also worked for Salix Pharmaceuticals on its $2.7-billion purchase of Santarus Inc.

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Prior to Jefferies, Mr. Steininger worked at UBS.

With deals in the works such as Valeant's attempt to buy Allergan, the health care business is very busy and paying a lot of fees to banks.

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