Santander announces U.S. equity research alliance with Nephron Research LLC

10/01/2025
  • This is the third equity research alliance for Santander Corporate & Investment Banking that enhances its research capabilities in the United States and complements its established market position in Europe and Latin America.

Santander Corporate & Investment Banking (Santander CIB) today announced that its U.S. broker-dealer, Santander US Capital Markets LLC, has entered a strategic alliance with healthcare-focused Nephron Research LLC (Nephron Research). This is Santander CIB’s third equity research alliance in the United States, following earlier agreements with Telsey Advisory Group LLC, which specializes in the retail & consumer as well as e-commerce sectors, and Vertical Research Partners LLC, focused on the industrials & materials sectors.

Nephron Research is a leading equity research firm that specializes in the healthcare sector. The firm’s experienced team of analysts covers 84 companies and provides health policy coverage across multiple sub-sectors, delivering in-depth insights into one of the most dynamic industries in the United States.

Through this alliance, Santander will strengthen its client offerings through an expanded breadth of U.S.-based equity research, while benefiting from Nephron Research’s deep sector expertise and established institutional relationships. Nephron Research, in turn, will leverage Santander’s global scale, geographic reach, and financial market capabilities to broaden its impact.

“This third alliance underscores the momentum of our U.S. growth strategy. By partnering with leading research firms across key sectors, we are expanding the insights and capabilities we bring to clients. Adding Nephron’s healthcare expertise strengthens our capabilities in the U.S. and enhances the value we deliver to our corporate and institutional clients globally.”

David Hermer
Head of Santander CIB US

“We are excited to partner with Santander, one of the largest global banks, as they continue to expand their U.S. capital markets presence. We look forward to leveraging our market-leading Healthcare research platform with Santander's global scale and financial markets expertise to better serve our respective clients and unlock new avenues of mutual growth.”

Joshua Raskin and Eric Percher
co-founders of Nephron Research

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