Technology has made all sorts of inroads into the relationships that used to underpin where an institutional investor sends stock trades.
But every dealer knows that it's still critically important to have individuals on a trading desk who know how to talk to clients. That's what Raymond James recognized on Monday when it deepened its trading team in Montreal by landing trader and hedge fund expert Joseph Clement.
Mr. Clement co-founded an advisory firm two years ago that focused on risk arbitrage and global macro stock trading strategies, called Clement Shio & Co. Before that, he covered the hedge fund crowd for Desjardins Securities for three years, and previous engagements include stints at Orion Securities (now part of Macquarie Group) and Merrill Lynch.
Raymond James co-head of trading Bob McDonald said in a news release that Mr. Clement "brings unique expertise and experience covering hedge funds and pension funds and adds a new dimension to our team's focus to deepen relationships with U.S. hedge fund companies."
Florida-based Raymond James runs a full-service investment dealer in Canada, based in Toronto.