An oil pump jack pumps oil in a field near Calgary, Alberta, July 21, 2014.© Todd Korol / Reuters
Canaccord Genuity Group Inc. has filled senior investment banking positions in Calgary left vacant since last summer as oil and gas markets worsened, industry sources say.
The dealer hired Trevor Anderson and Neil Duffy to lead its energy banking unit, according to the sources. Mr. Anderson was previously managing director at Raymond James and Mr. Duffy had the same title at Haywood Securities.
A spokesman from Canaccord Genuity declined to comment.
Canaccord has been seeking to rebuild its energy banking group since July, when long-time director and global head of energy Bruce McDonald left.
Changes at the investment dealer come at a difficult time in both energy and finance markets. The first week of 2016 has picked up where 2015 left off – in a severe downturn. Crude oil prices have fallen into the low $30s (U.S.) a barrel, a level that makes most Canadian oil companies unprofitable, and equity financing is often out of the question.
There have been a handful of large deals involving such asset sellers as Cenovus Energy Inc. and Canadian Natural Resources Ltd., and a hostile bid for Canadian Oil Sands Ltd. from Suncor Energy Inc. that is scheduled to expire Friday. But an expected deluge of mergers and acquisitions has been slow to build.
Jeffrey Jones