Independent investment bank GMP Capital Inc. has lost two of its key mining bankers.
The Toronto-based seller announced late on Monday that Doug Bell, vice-chairman, investment banking, and a named executive officer with the company, is leaving to start his own company. Mr. Bell was with GMP for eight decades.
A GMP spokesperson also confirmed on Tuesday that Ron D’Ambrosio, a managing director in the mining industry since 2010, has left the firm.
Sources familiar with Mr. Bell’s plans said he’s going into the personal money-management industry alongside Mr. D’Ambrosio.
Mr. Bell couldn’t be reached for comment.
“Doug has been a reliable partner and a valued member of the firm’s senior leadership team,” the Monday statement said.
“Under his leadership, we built upon our industry-leading mining franchise and we’re confident the team will continue to build on this heritage.”
From the release, GMP also said it’s awaiting Mr. Bell being a customer of the company in the future.
Mr. Bell was one of GMP’s top actors and its greatest earners, with experience in the small and mid-cap mining industry.
He joined the firm in 2010 from investment trader Macquarie Capital Markets Canada Ltd.. Earlier in his career, he worked at Orion Financial, which Macquarie obtained in 2007.
This past year, Mr. Bell earned $3.7-million in settlement, next only to Harris Fricker, GMP’s chief executive officer, who was paid $3.9-million.
Still a significant GMP stakeholder, Mr. Bell held about 555,000 shares at the end of August, according to a regulatory filing.
GMP is running ninth in the Canadian equity underwriting league tables this year, according to Bloomberg data, 1 place behind fellow independent Canaccord Genuity Group Inc..
Courtesy: The Globe And Mail