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The shakeup comes amid a dreadful operating environment that has hit many Canadian independents.Adam Balatoni

Dundee Capital Markets Inc. has parted ways with three senior members of its sales and trading team, according to sources.

Karen Mate, Jeff Crane and Martin Lavigueur have left the Toronto-based brokerage firm.

Ms. Mate had been with Dundee since mid-2013 and was vice-president institutional sales. Earlier in her career, she spent 14 years at Scotia Capital.

Mr. Crane joined Dundee in May, 2014, as senior-vice-president institutional sales. Before Dundee, he worked at Macquarie Capital Markets Canada Ltd.

Mr. Lavigueur also worked at Macquarie before joining Dundee just under two years ago.

The shakeup comes amid a dreadful operating environment that has hit many Canadian independents. Like many of its peers, Dundee is highly exposed to the cratering resources market. The brokerage posted a $14-million operating loss for the first nine months of the fiscal year.

The Globe and Mail reported last month that Dundee Capital will soon be spun out of Dundee Corp. in a management buyout as a separate privately held entity.

Over the past few months, a number of smaller boutiques have gone out of business entirely, including Jacob Securities, Octagon Capital and Salman Partners.

Last month, GMP Capital Inc., Canada's second-largest independent, announced it was cutting a quarter of its staff amid a "tough operating environment."

Dundee did not respond to a request for comment.