SVB to sell investment banking division to Leerink-led group

  • SVB Financial Group sells SVB Securities to Jeff Leerink-led group, backed by funds managed by The Baupost Group.
  • Sale comes after FDIC took over Silicon Valley Bank in March due to bank run, triggering banking crisis.
  • Research business MoffettNathanson not included, while strategic alternatives for SVB Capital evaluated.
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