If three analysts run a research department, do you call them co-co-heads? That's the question at Genuity Capital Markets after co-founder Andrea Horan's decision to leave the institutional dealer.
A well-regarded media analyst and head of research since Genuity opened its doors two years ago -- before that she was at Westwind and RBC Dominion Securities -- Ms. Horan has decided to take a break from the Street. With her departure, Genuity shifted management responsibility onto three colleagues: financial services analyst Mario Mendonca, telecom expert Dvai Ghose and tech analyst David Hodgson. Feel free to pause for a moment and joke about how it takes three men to perform the role of one woman. Genuity is also now looking for a new media analyst.
Overall responsibility for institutional equities at Genuity rests with head trader John Esteireiro and head of equity capital markets Dan Daviau, who moonlights as a tech-focused investment banker.
Stampede to Calgary continues
The global investment banks continue to open offices in Calgary, a sign of the international importance now attached to the Canadian oil patch.
Morgan Stanley hired corporate financier Mark Horsfall away from TD Securities last week, the first step in establishing an investment banking team in Calgary. Merrill Lynch has long been present in the oil patch, while in the past year, Lehman Brothers and Goldman Sachs have opened Alberta offices, and UBS Securities has built a massive Calgary energy trading desk.
Sprott beefs up oil coverage
Sticking with the oil patch, Sprott Securities beefed up its coverage of the oil service firms, with Jeff Mochoruk coming aboard after serving as an analyst on a handful of companies and a senior associate to TD Securities' Roger Serin. Joining Sprott means you have a tough act to follow: Chief executive officer Scott Lamacraft was the top-ranked analyst in the services sector for years, but now devotes his time to running the 102-employee institutional dealer.
Hedge fund traders make moves
The ever-growing need to cover hedge fund clients has created musical chairs on equity desks in the past two weeks. The action started when trader Jay Lee left Raymond James to join Blackmont Capital, which is about to be acquired by CI Fund Management. Prior to joining Raymond James, Mr. Lee ran a convertible debenture and credit arbitrage fund at Toronto-based hedge fund Polar Securities. Raymond James moved quickly to fill the space by hiring Mike Horowitz away from FirstEnergy Capital.
Merrill Lynch has also bolstered its desk by hiring trader Pat McCarthy away from National Bank Financial. While a wonderful individual in his own right, Mr. McCarthy is also known on the Street as the husband of actress Cara Wakelin, last seen in the Robin Williams comedy Death to Smoochy.
CORRECTION
The co-heads of the equity department at Genuity Capital Markets are head trader John Esteireiro and head of sales David Morrison. Yesterday, Genuity co-founder and investment banker Dan Daviau was incorrectly identified as co-head of equities.
Andrew Willis