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.
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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