On Friday, BMO bid adieu to analyst Claude Proulx, who after a quarter of a century on the sell side is going to the buy side.
Mr. Proulx, who covered stocks for BMO in sectors such as industrials and tranport, is moving to the Caisse de dépôt et placement du Québec to build up the giant pension fund's expertise in transportation and industrials.
Mr. Proulx was known as a do-anything analyst in his 16 years at BMO.
Going to the buy side presents a new challenge: Your money is where your mouth is.
On the sell side, you give advice but it's up to the client to take it. On the buy side, you are part of the team making the trade.
Bert Powell will be picking up Mr. Proulx's industrials coverage list, which included names such as Aecon Group and Velan Inc. .
Consumer names, which included Gildan Activewear , will be spread among existing consumer analysts.