Editor's note: This post has been updated to include remarks from AGF.
For the second time in just over a year, Bank of Montreal's securities unit is short an analyst for one of its most important sectors.
The bank, which has a big focus on metals and mining, is suddenly short an analyst for base-metals stocks after Stephen Bonnyman departed.
Mr. Bonnyman covered stocks such as Ivanplats Ltd., Thomson Creek Metals, HudBay Minerals, and Capstone Mining. Plenty of the companies on his coverage list are key clients or potential clients on the investment banking side. For example, BMO led the Ivanplats initial public offering last year.
Mr. Bonnyman came to BMO early last year from the buy side, and he is going back there. Look for him to show up at money manager AGF Ltd., working on the metals funds now run by Bob Lyon.
Mr. Bonnyman will be an associate portfolio manager working with Mr. Lyon, who oversees the firm's resource-focused portfolios, said AGF chief investment officer Martin Hubbes.
AGF has been bringing in money from institutions especially that are interested in resources, he said. "We're beefing up that team to keep up with inflows," Mr. Hubbes said.
Prior to BMO, he had been at UBS Global Asset Management and McLean Budden on the buy side, and before that at CIBC World Markets and RBC Dominion Securities on the sell side.
(Boyd Erman is a Globe and Mail Reporter & Streetwise Columnist.)
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