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Dundee Capital Markets, a commodity focused boutique dealer, is shrinking.
The firm has parted ways with Chris Naprawa, who had been head of institutional sales. Chris Motherwell, another member of the sales desk, is also gone. On the banking side, Sean Cooney, an investment banking analyst in Calgary, and Lindsay Weiss, an agriculture focused managing director in the mergers department, are also no longer with the firm.
The market has been hard on smaller dealers that focus on sectors like mining and energy, with financing especially drying up.
Dundee last year bulked up in sales with the hiring of a team of five from GMP Securities to add to its sales desk. One of the team that came from GMP, Marc Lustig, became head of capital markets at Dundee.
The changes were made on Thursday.
(Boyd Erman is a Globe and Mail Capital Markets Reporter & Streetwise Columnist.)
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