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CIBC’s Andrew Potter to join energy company

Andrew Potter has resigned as large-cap analyst at CIBC World Markets and has signed on with an as-yet unnamed energy company.

Fred Lum/The Globe and Mail

One of Canada's top-rated energy analysts is leaving the Street for a job on the corporate side.

Andrew Potter has resigned as large-cap analyst at CIBC World Markets and has signed on with an as-yet unnamed energy company, sources said. Mr. Potter, who worked for UBS Securities before joining CIBC, was ranked No. 2 analyst in oil and gas – large cap in the 2012 Brendan Wood International survey, behind BMO's RandyOllenberger.

The Calgary-based analyst was not immediately available for comment, but a source familiar with the matter said his decision was partly based on a desire for a lifestyle that includes fewer pre-dawn mornings and less frequent travel.

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The source said CIBC has dropped its coverage of the large Canadian energy names until it finds a replacement for Mr. Potter.

The move to the client side extends a trend that has picked up in recent quarters as dealers have struggled with falling merger and acquisition business and trading volumes, especially in energy.

"Even at the best of times, I imagine the sell-side analyst job in Calgary could get pretty tiring with the 5 a.m. calls and the heavy travel schedule. But in good markets when you're making gobs of money, you can overlook those minor inconveniences," said Joe Kan, a veteran Bay Street headhunter.

"But in a bad market like this, if you've got a pile of money in the bank and you don't see a turn in sight, the grind versus lifestyle trade gets easier to make."

(Jeffrey Jones is a Globe and Mail Business Reporter.)

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About the Author
Mergers and Acquisitions Reporter

Jeffrey Jones is a veteran journalist specializing in mergers, acquisitions and private equity for The Globe and Mail’s Report on Business. Before joining The Globe and Mail in 2013, he was a senior reporter for Reuters, writing news, features and analysis on energy deals, pipelines, politics and general topics. More


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