Bank of Nova Scotia's capital markets arm has hired Mark Mulroney for a senior position, one created to help manage key client relationships.
Mr. Mulroney most recently served as a managing director at National Bank Financial, based in Toronto. He is leaving NBF to joining Scotiabank's global banking and markets team as a managing director and senior strategic relationship manager.
Across Bay Street, there is a trend to break down the walls between the different silos within an investment bank, because clients tend to want full-service coverage. A miner may need advice for a merger, and at the same time need help raising debt and equity to help fund the transaction, as well as tap foreign exchange and derivatives groups to hedge the different types of risk involved. Some dealers have found it helpful to have point people oversee a client's full range of needs.
Mr. Mulroney is the son of former prime minister Brian Mulroney and his wife Mila, and also the brother of Caroline Mulroney, who recently ran for the leadership of the Progressive Conservative Party of Ontario. He has worked at a number of investment banks in various capacities.
Mr. Mulroney joined NBF in 2012 from RBC Dominion Securities to work in institutional equity trading, and in 2013 he took over as head of equity capital markets, which serves as a bridge between the trading floor and investment banking.
He will start his new role at Scotiabank in June and report jointly to Kevin Felix, co-head of global capital markets, and Dany Beauchemin, co-head of global investment banking.