A sign for Bay Street in the Toronto Financial District is displayed in Toronto.Brent Lewin/Bloomberg
Cormark Securities Inc. has added a managing director to its energy banking unit amid a recent flurry of movements among dealers in Calgary.
Ryan Mooney, who was in institutional sales at Dundee Capital Markets Inc., has joined Cormark as investment banker. He will work alongside Dion Degrand.
Prior to his two years at Dundee, Mr. Mooney, an engineer by trade, had stints at KERN Partners, Tristone Capital and National Bank Financial.
The appointment follows the recent departure of banker Ryan Shay.
Cormark chief executive officer Scott Lamacraft said it shows that the firm is maintaining its commitment to Calgary despite the volatile conditions in oil and gas as well as financing for the industry.
Other dealers have also repositioned in energy recently. GMP Capital Inc. announced its acquisition of FirstEnergy Capital Corp. early this month. Also, National Bank hired three professionals – Arun Chandrasekaran and Cristina Lopez in banking and analyst Travis Wood – to bolster its presence in the oil patch.
Cormark most recently made energy headlines as co-lead of the $635-million equity issue by Birchcliff Energy Ltd. and adviser to Birchcliff in the producer's acquisition of natural gas assets from Encana Corp.
Jeffrey Jones