A shot of a Vancouver skyline at sunrise.
Clarus Securities Inc. is closing its Vancouver office, one day after the independent investment bank's 10th anniversary.
But if you ask co-founder Jim Christodoulis, this isn't a change in direction.
"There's no change in strategy, we're just strengthening the brand," Mr. Christodoulis said. That brand is built on the company's research-driven model. Clarus has three main areas of focus: mining, oil and gas and special situations, or non-resource. Clarus said Monday that Mr.Christodoulis has taken over as president and chief executive officer of the boutique firm.
He will replace former CEO Rod Campbell, who has been in the role since April, 2011. As Mr. Campbell exits, Clarus will eliminate its Vancouver office and shift its focus to its bases in Calgary and Toronto.
The three other employees working out of the Vancouver office have been offered positions in other areas of the firm, which Mr. Christodoulis said they are still working through. The company has grown from a base of seven employees a decade ago, to 35 employees today.
On Sunday, Vancouver-based Oracle Mining Corp. said Mr. Campbell had joined its business as president. Oracle Mining is working to reopen and develop an underground copper mine in Pima County, Arizona.
Clarus added to its research team in September, when it brought on two Calgary-based oil and gas analysts. Robert Paré came to Clarus from NCP Northland Capital Partners, and Daniel Choi from Paradigm Capital.
More recently, the firm strengthened its Toronto office with the addition of investment bankers Ron Stewart and Mark Pavan. Both were brought on as managing directors. Mr. Stewart has a strong background in mining, and Mr. Pavan is focused on technology and industrial sectors.
Mr. Christodoulis, who has worked as Clarus's managing director of institutional equities, said that these new additions understand the company model well, and have positioned Clarus for growth on both the issuer and buy sides.
(Jacqueline Nelson is a Globe and Mail Financial Services Reporter.)