Royal Bank of Canada’s capital markets division has hired Adam Huitt as a managing director in its global health-care investment banking group, according to an internal memo reviewed by Bloomberg News. 

Huitt is set to start at RBC in May and will cover pharmaceutical services, according to the memo from Matthew Stopnik and Jim Wolfe, RBC’s co-heads of U.S. investment banking, and Andrew ‘Cal’ Callaway, its global head for health care. Huitt joined from Baird where he held a similar role. 

An RBC spokeswoman confirmed the contents of the memo. 

Pharmaceutical services is a subsector of health care involving businesses that cater to drug companies. Investors have viewed the sector as a way to gain exposure to pharmaceutical spending without the risk of investing directly in biotech companies whose success — or failure — rides on the therapies they’re testing.

“Pharmaceutical services is a core franchise for our Global Healthcare Group,” Stopnik, Wolfe and Callaway wrote in the memo. “We have successfully advised and financed both corporate clients and financial sponsors on a number of landmark transactions in this sector and are thrilled to have Adam join us to lead this effort.”

RBC has hired six other senior global health-care bankers since the beginning of 2022 including Bo Crowell, John Cramer, Richard Hsieh, Rajat Bhatia, Rahul Sood and Sandrine Cailleteau.