The Bank of Nova Scotia building in the financial district in Toronto.Nathan Denette/The Canadian Press
A co-head of investment banking at the Bank of Nova Scotia has left the company after serving a two-year stint in the role.
Adam Sinclair, who joined the bank in 2018, left the company last week. He was responsible for investment banking globally, and Canadian corporate banking. Before joining Scotiabank, he spent more than a decade at Barclays, where he led the Canadian financial institutions group at the investment bank.
Mr. Sinclair did not respond to requests for comment about his departure. Scotiabank did not respond to a request for comment.
Dany Beauchemin, who co-led investment banking with Mr. Sinclair and has been with the bank for nearly 20 years, is still listed as a co-head on the company website.
In 2019, Mr. Sinclair and Mr. Beauchemin replaced Charles Emond, who was the global head of investment banking for a few months before he left Scotiabank after 20 years to join the Caisse de dépôt et placement du Québec. Mr. Emond is now the president and chief executive officer of the pension fund.
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Vacancies in senior investment banking roles are rare, according to Adam Dean, founder of Dean Executive Search, a headhunter for the financial services industry. Managers at investment banks, he said, need a particular skill set to succeed.
“Dealmakers don’t always make great people leaders,” he said. “The competencies required to succeed in a leadership position in an investment bank are very different from the attributes that have made them successful in the past. … A good candidate will have a strategic mindset, influence, collaboration skills and the ability to inspire others.”
According to deal data from Refinitiv, Scotiabank is a top five investment bank for Canadian equity and debt deals, as well as initial public offerings.
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Jaren Kerr