Global Sector Investing Edges Out Domestic Trading Of Canadian Stocks
Brendan Wood Report On Canadian Equities Research, Sales & Trading 2022/2023
For Immediate Release – New York, NY, November 4th, 2022 (TopGun Press)
What was once a dominant domestic market for Canadian stocks is no longer. Adopting the new norm of global sector investing, Canada’s institutional investors now spend the lion’s share, over $700M CAD, of their commission dollars on global rather than Canadian trades, which account for just under $500M CAD. Faced with a decreasing domestic market demand for Canadian stock coverage, Canadian dealers are forced to seriously cover foreign institutional investors, who pay for Canada stock coverage, in addition to their Canadian clients.
Today’s mainstream investment business is organized on a global sector basis, a trend which disadvantages, if not marginalizes, the traditional services of the Canadian dealer community. Many Canadian dealer organizations have expanded their footprint beyond Canadian borders and/or innovated accordingly. RBC Capital Markets and BMO Capital Markets long ago established securities trading businesses in the US. TD Securities’ recent acquisition of US Cowen & Co. follows suit. Other Canadian banks are likely to further internationalize their dealer businesses.
In the now mature global sector driven investment industry, a geographic specialty such as Canada, despite some creative entrepreneurial niches, is exposed to expanding competition, increased span of coverage and a limited commission payout per institutional client.
Canadian Commissions Market Share
(Canadian Investors Paying for Coverage of Canadian Equities):
1. RBC Capital Markets
2. BMO Capital Markets
3. Scotia Capital
4. CIBC World Markets
5. TD Securities
Non-Banks / Boutiques:
1. Canaccord Genuity
2. Stifel Nicolaus
3. Desjardins Securities
4. Raymond James
5. Eight Capital
(US Investors Paying for Coverage of Canadian Equities):
1. RBC Capital Markets
2. BMO Capital Markets
3. Scotia Capital
4. Bank of America
5. TD Securities
Non-Banks / Boutiques:
1. Stifel Nicolaus
2. Peters & Co.
3. Canaccord Genuity
4. Haywood Securities
5. Tudor, Pickering, Holt
US Commissions Market Share
(Canadian Investors Paying for Coverage of US Equities):
1. Morgan Stanley
2. Goldman Sachs
3. RBC Capital Markets
4. Sanford Bernstein
4. JP Morgan
Top Canadian Research Departments (Sector Weighted):
1. RBC Capital Markets
2. Scotia Capital
3. CIBC World Markets
4. BMO Capital Markets
5. TD Securities
Share of TopGun Sales Relationships (Share of Top 3 Votes):
1. Scotia Capital
2. RBC Capital Markets
3. BMO Capital Markets
4. National Bank Financial
5. CIBC World Markets
Share of TopGun Trading Relationships (Share of Top 3 Votes):
1. RBC Capital Markets
2. BMO Capital Markets
3. Scotia Capital
4. TD Securities
5. National Bank Financial
Copyright© 2022 All Rights Reserved Reproduction in any form, strictly prohibited
Below Are The 2022 TopGun Canadian Sell-Side Analysts, Sales Professionals and Traders
TopGun Sell-Side Research Analysts Covering Canadian Equities:
Agriculture, Chemicals, Fertilizers:
Ben Isaacson (Scotia)
Joel Jackson (BMO)
Jacob Bout (CIBC)
Alternative Energy:
Rupert Merer (NBF)
Ben Pham (BMO)
Mark Jarvi (CIBC)
Banks:
Mario Mendonca (TD)
Darko Mihelic (RBC)
Sohrab Movahedi (BMO)
Base Metals & Minerals:
Orest Wowkodaw (Scotia)
Greg Barnes (TD)
Jackie Przybylowski (BMO)
Biotechnology & Pharmaceuticals, Healthcare / Cannabis:
Justin Keywood (Stifel)
Tamy Chen (BMO)
Doug Miehm (RBC)
Consumer Products & Merchandising:
Christopher Li (DES)
Mark Petrie (CIBC)
Michael Van Aelst (TD)
Diversified Financials:
Geoff Kwan (RBC)
Jaeme Gloyn (NBF)
Phil Hardie (Scotia)
High Tech:
Thanos Moschopoulos (BMO)
Richard Tse (NBF)
Paul Treiber (RBC)
Industrial Products:
Walter Spracklin (RBC)
Maxim Sytchev (NBF)
Kevin Chiang (CIBC)
Insurance:
Mario Mendonca (TD)
Darko Mihelic (RBC)
Tom MacKinnon (BMO)
Media:
Jeff Fan (Scotia)
Drew McReynolds (RBC)
Adam Shine (NBF)
Oil & Gas Equipment & Services:
Andrew Bradford (RJ)
Cole Pereira (Stifel)
James Gourlay (Peters)
Oil & Gas – Large Cap:
Greg Pardy (RBC)
Tyler Reardon (Peters)
Randy Ollenberger (BMO)
Oil & Gas – Small/Mid Cap:
Dan Grager (Peters)
Ray Kwan (BMO)
Michael Harvey (RBC)
Precious Metals & Diamonds – Large Cap:
Tanya Jakusconek (Scotia)
Josh Wolfson (RBC)
Greg Barnes (TD)
Precious Metals & Diamonds – Small/Mid Cap:
Ovais Habib (Scotia)
Don DeMarco (NBF)
Trevor Turnbull (Scotia)
Pulp, Paper & Forest Products:
Hamir Patel (CIBC)
Daryl Swetlishoff (RJ)
Sean Steuart (TD)
Real Estate, REITS & Hospitalities:
Mario Saric (Scotia)
Michael Markidis (DES)
Pammir Bir (RBC)
Telecommunications & Wireless:
Jeff Fan (Scotia)
Drew McReynolds (RBC)
Vince Valentini (TD)
Transportation:
Walter Spracklin (RBC)
Fadi Chamoun (BMO)
Kevin Chiang (CIBC)
Utilities:
Robert Kwan (RBC)
Ben Pham (BMO)
Robert Hope (Scotia)
Economics:
Avery Shenfeld (CIBC)
Stefane Marion (NBF)
David Doyle (MAC)
ESG:
Ian Gillies (Stifel)
Patrick Bryden (Scotia)
Anne Marie Monette (RBC)
Index Analysis:
Peter Haynes (TD)
Bryan Chuah (CIBC)
Portfolio Strategy:
Hugo Ste-Marie (Scotia)
Ian de Verteuil (CIBC)
Martin Roberge (CG)
Quantitative Analysis:
Mark Deriet (COR)
Hugo Ste-Marie (Scotia)
Martin Roberge (CG)
SmCap/SpSits:
Maggie MacDougall (Stifel)
Michael Doumet (Scotia)
Stephen MacLeod (BMO)
Technical Analysis:
Mark Deriet (COR)
Sid Mokhtari (CIBC)
Javed Mirza (CG)
Copyright© 2022 All Rights Reserved Reproduction in any form, strictly prohibited
TopGun Sell-Side Sales Professionals Selling Canadian Equities:
Bernie Allion (RBC)
Jamie Bates (Former CIBC – Now TD Securities)
Guillaume Caya (TD)
Jean-Philippe Cousineau (NBF)
Gonzalo Escoto (Scotia)
Mark Ferguson (TD)
Jhad Friesen (CIBC)
Arthur Grayfer (Peters)
Bannon Kopko (Scotia)
Robin Kozar (BMO)
Todd Krauser (RBC)
Philippe Lachance (RBC)
Paul Lee (Scotia)
Kyle MacGregor (BMO)
Ryan Males (CIBC)
Brad Marcotte (Peters).
Grant Moenting (Scotia)
Wendy Nichols (NBF)
Nathan Normandin (BMO)
Menal Patel (Peters)
Ed Podivinsky (RBC)
Robert Posthumus (CIBC)
Swanzy Quarshie (Scotia)
Nick Sellmer (RBC)
Arash Yazdani (DES)
Copyright© 2022 All Rights Reserved Reproduction in any form, strictly prohibited
TopGun Sell-Side Traders Trading Canadian Equities:
Ashlim Ameen (RBC)
Jay Bakker (COR)
Steven Barnes (RBC)
Andrew Cooke (CIBC)
Kevin Costa (Eight)
Geoffrey Fell (CAN)
Chris Finora (TD)
Paul Forma (BofA)
George Gardiner (Scotia)
Carlo Giarrusso (BMO)
Ara Guiragossian (CIBC)
Jordan Johnston (Scotia)
Matt Larose (NBF)
David Lower (NBF)
Jason Melo (Scotia)
Loutfi Mouaket (CIBC)
Peter Newell (Scotia)
Derek Oram (RJ)
Rip Patel (BofA)
Mark Popadiuk (RBC)
Robert Pringle (NBF)
Devin Ramasawmy (BMO)
Tom Scheuring (RBC)
John Shannon (MS)
George Stratis (TD)
Godefroy Tessier (BMO)
Copyright© 2022 All Rights Reserved Reproduction in any form, strictly prohibited
About Brendan Wood International:
Brendan Wood International (BWI), formed in 1970, is a private partnership generating independent performance audits throughout the world. Relying on real time intelligence, the firm advises public companies, institutional and activist investors, investment banks and broker dealers on strategy, performance and recruitment of TopGun talent. The firm’s partners have formally presented at 1000+ C level strategy meetings and corporate off sites in fifty cities. Brendan Wood founded the exclusive TopGun Club.
Related Links:
www.TopGunPress.com
www.brendanwood.com
@BrendanWoodIntl
Contacts:
Jordan Novak
Partner
Brendan Wood International
+1 416 924 8110
jnovak@brendanwood.com
Amanda Knott
Managing Director
Brendan Wood International
+1 416 924 8110
aknott@brendanwood.com
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