Michael Wekerle, one of the best-known traders on Bay Street, is on the move again.
After Mr. Wekerle left GMP Capital last summer, he resurfaced a short while later at a small asset-management shop called Galileo Global Equity Advisors Inc. He and a group of partners planned to buy a stake in the Toronto-based firm and launch a lineup of funds. That plan is now off.
In addition to Mr. Wekerle, often known as simply ‘Wek,’ the group that was to buy into Galileo included former Salida Capital head trader Stephen Craig, former CTVGlobemedia executive Paul Sparkes and veteran financial services executive Joseph MacDonald.
Among the ideas the group was tossing around were funds that would include a performance equity fund, a hedge fund that involves shorting stocks and even potentially a product that focuses on media to take advantage of Mr. Sparkes' background.
However, the partnership plan fizzled and as of last week, Mr. Wekerle and Mr. Sparkes are no longer affiliated with Galileo. It’s not clear what they will do next, but the expectation is they will likely pursue their plan to run money. Mr. MacDonald and Mr. Craig remain with Galileo.
See this ROB magazine story for more detail on Mr. Wekerle’s departure from GMP and the plan at Galileo.