National Bank exec moves over to country’s largest independent broker. Is this the beginning of an exodus?
, one of North America's leading independent full-service investment dealers has taken a bite out of one of the big banks by announcing it's nabbed Craig McDougall to head up its M&A business in Canada.
McDougall spent the last 17 years at National Bank in charge of their investment banking operations. At the bank McDougall advised companies involved in some of this country's largest mergers and acquisitions including the $4.3 billion combination of Franco Nevada and GoldFields of SA, Astral's $1 billion purchase of Standard Broadcasting and Alimentation Couche-Tard's acquisition of Circle K in the U.S.
Starting out as a chartered accountant with Clarkson Gordon in 1985, McDougall moved swiftly up the corporate finance latter landing the top M&A job at National Bank in February 1998. His departure sends a clear signal that independent firms still have a big part to play in the securities industry.
McDougall comments about the move: "I am excited to be joining a firm with such a strong reputation for delivering top line investment banking solutions from both sides of the border. With our strong domestic footprint, coupled with the cross border and global expertise that Raymond James
delivers, it gives us a unique advantage to support our corporate clients with the best of both worlds."
With the Canadian dollar dropping like a stone there likely will be significant M&A interest from U.S. companies in 2015 who are looking to acquire businesses north of the border at a currency discount. McDougall's presence provides Raymond James with the ability to benefit from this activity.
In his job for less than a month we'll wait for the first big deal to be announced. In the meantime congratulations to Raymond James for snagging such a valuable commodity.