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From intriguing deals to colourful lawsuits, Bay Street endured a great deal of surprises in 2016.Galit Rodan/The Globe and Mail

Raymond James has added two well-known research analysts to assist with mining coverage, extending a recent hiring spree that touches multiple sectors.

RayJ, as the dealer is known, has hired Brian MacArthur as head of mining research. Mr. MacArthur previously worked at UBS in Toronto and he will cover precious and base metals.

RayJ has also added Farooq Hamed to cover precious and base metals; he last worked at Barclays Capital. Both men will work out of Toronto and start in a few weeks, joining existing mining analysts Chris Thompson and Tara Hassan.

The independent dealer is pushing heavily into capital markets, adding a number of senior bankers and research analysts over the past two years. The latest mining hires follow additions in sectors such as energy and power.

The mining bet, though, stands out because the industry has been rather quiet for the past few years. Lately there is much more optimism, with the likes of coal and copper prices climbing.

Raymond James has also expanded the size of its retail adviser network with the recent acquisition of MacDougall MacDougall & MacTier Inc. in May, one of the few sizable independently owned financial-services firms left standing. The acquisition added $6-billion in assets under administration to Raymond James's businesses, bringing its total to $33-billion at the time of the deal.