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Canadian bank headquarters stand on Bay Street in Toronto on Monday August 29, 2011. Bay Street is the centre of Toronto's Financial District and is often used by metonymy to refer to Canada's financial industry Photographer: Brent Lewin/Bloomberg

Brent Lewin/Bloomberg

Independent investment bank GMP Capital Inc. has lost two of its key mining bankers.

The Toronto-based dealer announced late on Monday that Doug Bell, vice-chairman, investment banking, and a named executive officer with the firm, is leaving to start his own business. Mr. Bell had been with GMP for eight years.

A GMP spokesperson also confirmed on Tuesday that Ron D'Ambrosio, a managing director in the mining sector since 2010, has also left the firm.

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Sources familiar with Mr. Bell's plans said he is going into the private money-management sector alongside Mr. D'Ambrosio.

Mr. Bell could not be reached for comment.

"Doug has been a trusted partner and a valued member of the firm's senior leadership team," the Monday statement said.

"Under his leadership, we built upon our industry-leading mining franchise and we are confident the team will continue to build on this legacy."

In the release, GMP also said it is looking forward to Mr. Bell being a client of the firm in the future.

Mr. Bell was among GMP's top performers and its highest earners, with expertise in the small and mid-cap mining sector.

He joined the company in 2010 from investment dealer Macquarie Capital Markets Canada Ltd. Earlier in his career, he worked at Orion Financial, which Macquarie acquired in 2007.

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Last year, Mr. Bell earned $3.7-million in compensation, second only to Harris Fricker, GMP's chief executive officer, who was paid $3.9-million.

Still a major GMP stakeholder, Mr. Bell held about 555,000 shares as of the end of August, according to a regulatory filing.

GMP is running ninth in the Canadian equity underwriting league tables this year, according to Bloomberg data, one spot behind fellow independent Canaccord Genuity Group Inc.

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About the Author
Capital Markets Reporter

Niall McGee joined the Globe and Mail in 2014 as a capital markets reporter. Previously, he spent a decade at Business News Network (BNN) as a reporter and segment producer. In 2016, he won a National Newspaper Award (NNA) in business alongside veteran reporter Jacquie McNish for an investigative series into alleged insider trading at online gambling company Amaya Inc. More

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