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A security worker stands next to the Macquarie Group logo in central Sydney in this Feb. 9, 2010, file photo.

DANIEL MUNOZ/Reuters

Macquarie Capital Markets Canada Ltd. has parted ways with its real estate investment banking team, as well as its leveraged finance group.

Both teams were deemed 'non-core' for the investment bank, according to someone familiar with the cuts, and the changes allow Macquarie to focus on its traditional strengths in resources and infrastructure.

Although Macquarie no longer has real estate investment banking coverage, its well-known real estate investment trust analyst, Michael Smith, remains with the firm. Macquarie has a sizable retail wealth operation and is still capable of selling REIT deals to this network.

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David Fleck, the head of Macquarie's Canadian institutional arm, said in a July interview that the firm's next big hurdle would be outlining what exactly Macquarie is, and where it fits between boutique firms and banks.

"The biggest challenge for us is to truly understand what we're good at, and what we're not so good at, and define the business around that. The more definition you have, the more confidence the Street will have that you're here for the long-term," he said.

(Tim Kiladze is a Globe and Mail Reporter.)

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