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A changing of the guard is coming in the research team at Canaccord Genuity Group Inc. as long-time telecom analyst and department head Dvai Ghose steps down at the end of March and cannabis analyst Derek Dley becomes head of the investment bank’s Canadian research group.

Mr. Ghose was a top-ranked analyst for much of his 25-year career and has run the research group at Canaccord and a predecessor firm since 2006. In 2015, he gave up covering companies to become Canaccord’s head of strategic development and leader of the global-research team of 80 analysts who cover more than 1,000 companies. In an internal note. Canaccord chief executive Dan Daviau praised Mr. Ghose for his key role in building the trading platform that will support the firm’s “longer-term fintech strategy.”

“As global head of research, Dvai has been successful in elevating our research brand and harnessing synergies with our partners in Canada, the U.S., U.K. and Australia,” Mr. Daviau said. “He was lauded for his ability to sell a good story and well-respected for his independent views.”

Equity-research analysts, and their colleagues in institutional sales and trading, face enormous professional challenges as technology, the growing popularity of passive-investment strategies and increased regulation combine to put downward pressure on compensation in what was once a lucrative line of work. Analysts are coping with tactics that include covering an increasing number of stocks with a combination of senior and junior staff, and focusing on larger investment themes, rather than quarterly financial results.

When Mr. Ghose departs, Mr. Dley will become a player-coach as head of the domestic-research team and an analyst on consumer-product and cannabis stocks. He has spent the past 12 years on Bay Street and holds the CFA designation.

In addition, Canaccord plans to expand the role of Kelly Bourque as head of business management in the research department. She will work with Mr. Dley in running the group on a day-to-day basis, improving the quality of communication to clients and co-ordinating coverage with Canaccord analysts outside Canada.

Publicly traded Canaccord is Canada’s largest independent investment bank, with approximately 1,600 employees, a market capitalization of $770-million and a wealth-management division that oversees $60-billion of client assets.

Mr. Ghose has not announced his future plans, but if he follows the trail blazed by a number of other former peers, his next career may be outside investment banking.

Last spring, former analyst and head of research Quentin Broad stepped down as head of institutional equity sales at CIBC Capital Markets to become managing director of the charity Capitalize for Kids, an organization focused on childhood mental-health issues. After Mr. Broad left, CIBC gave his responsibilities to head of institutional trading Ryan Fan.

In the fall, Daniel Kim ended a 17-year run as head of research and tech analyst at independent investment dealer Paradigm Capital to become executive vice-president of corporate development at Baylin Technologies Inc., a wireless technology company based in Toronto. Mr. Kim covered the company for six years before jumping aboard. Paradigm appointed Corey Hammill as its head of research; he also covers the airlines, consumer product and infrastructure stocks.

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