BMO, Scotia Capital look to their trading desks for supportAKHTAR SOOMRO/Reuters
After a stopover at a Toronto-based hedge fund manager, Daniel Dorenbush has returned to a position helping hedge fund clients at Scotia Capital.
Mr. Dorenbush will be responsible for Canadian new business and growth of the bank's prime brokerage business, Global Prime Finance.
A prime brokerage helps select clients, such as money managers and hedge funds, with securities lending, to make large or leveraged trades or to manage cash.
It's an area of the bank Scotia has been growing with several recent hires and some new technology investments. Last year the bank said it would start a prime brokerage group in the United States, and acquired a London-based synthetic prime brokerage business.
Mr. Dorenbush joins the bank from Waratah Advisors where he was head of business development.
Prior to that, Mr. Dorenbush was chief executive officer of the new Canadian arm of U.S.-based prime brokerage business Merlin Securities. The business helped firms raise capital and trade electronically, among other services.
Merlin was bought in late summer 2012 by Wells Fargo & Co.
(Jacqueline Nelson is a Globe and Mail Financial Services Reporter.)
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