The firm’s latest hires are seen to shore up the mining sector team
Adding to a hiring spree that covers multiple sectors for the firm, Raymond James has enlisted two renowned research analysts to help with mining coverage, according to the Globe and Mail.
The company has hired Brian MacArthur as head of mining research. MacArthur previously worked at Toronto-based investment bank UBS as managing director, and he will be covering precious and base metals in his new role.
Raymond James has also brought on Farooq Hamed to cover precious and base metals. A former equity research analyst at Barclays Capital, he along with MacArthur will join existing mining analysts Chris Thompson and Tara Hassan in Toronto in a few weeks.
The firm has been adding senior bankers and research analysts to its talent pool over the past two years in a heavy push to enter the capital markets. The latest mining hires come after additions in sectors like power and energy. The company’s exploration into mining research is remarkable considering the industry’s relative quietness over the past few years; with coal and copper prices going up, market participants are starting to gain more confidence in the sector.
Aside from its expanding research team, Raymond James has also increased the size of its retail adviser network. In May, it acquired MacDougall, MacDougall & MacTier, otherwise known as 3Macs, which was one of the few significant independently owned financial services firms left standing. With the acquisition, Raymond James managed to add $6 billion in AUM to its businesses, raising its total to $33 billion at the time the deal was finalized.
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