National Bank Financial is going downmarket in the oil patch, in the best sense of the word.
NBF hired Sandy Edmonstone on Wednesday as the Calgary-based co-head of its global energy investment banking team.
Mr. Edmonstone is a veteran of GMP Secuities, where he and Tom Budd were among the most effective deal makers for small to mid-cap oil and gas companies.
In the past, NBF focused on the larger oil and gas producers, utilities, energy trusts and service firms, with Rob Wonnacott heading the group. Going forward, leadership will be shared, with Mr. Edmonstone responsible for the mid-tier companies, and Mr. Wonnacott continuing to anchor coverage of large cap energy, pipeline and power companies.
There's a sense that NBF plans to further expand its Calgary office at a time when talent is available, in part because the global dealers have scaled back Canadian operations.
(For those who survived university economics, or even enjoyed the courses, Mr. Wonnacott has a father and an uncle who taught the subject and wrote the textbooks that introduced many of us to supply/demand curves.)