The new heads of Canadian Imperial Bank of Commerce's securities units are bulking up in research, with one of the first major hires since new management was unveiled at the firm.
Ian de Verteuil, the longtime head of research at Bank of Montreal's securities unit, has a new role as head of portfolio strategy at rival CIBC.
CIBC research head Quentin Broad announced in an email that Mr. de Verteuil would join on Nov. 3 as "managing director and head of portfolio strategy, quantitative and technical analysis."
Mr. de Verteuil spent most of his career at BMO's securities unit, in two stints. He joined in 1987 as an equity analyst at Burns Fry, a predecessor to BMO's securities business. He left in 2009 to join Canada Pension Plan Investment Board as head of fundamental research. A little over a year later, he left CPPIB. A few months thereafter, he rejoined BMO as global head of research. That lasted until late 2013.
Over the years, Mr. de Verteuil was always a top-tier analyst. For many years his specialty was banks, before broadening out to wider roles.
At CIBC he will be charged with finding "broad market themes that can then be distilled into actionable stock selection," Mr. Broad said in his memo. He will try to tighten ties to the buy side, work with retail brokers on stock selection and spend time marketing with CIBC analysts such as chief economist Avery Shenfeld.