In the past, Barclays ran its Canadian ECM team from Manhattan. Adding an experienced Toronto-based executive is expected to win the investment bank a larger stake in Canadian equity offerings.Kirsty Wigglesworth/The Associated Press
Investment bank Barclays Capital Canada Inc. ramped up its coverage of Canada on Wednesday by landing veteran financier Erik Charbonneau from rival Credit Suisse AG.
Mr. Charbonneau will fill a number of senior roles at Barclays, including a role previously staffed by bankers based in New York. He will join the firm, which has 75 employees in Canada, as head of equity capital markets (ECM), a role he held for the past 11 years at Credit Suisse. The job means Mr. Charbonneau is responsible for helping corporate clients raise money by selling stock. In the past, Barclays ran its Canadian ECM team from Manhattan. Adding an experienced Toronto-based executive is expected to win the investment bank a larger stake in Canadian equity offerings, as ECM is a corner of the market where strong relationships with both corporations and rival banks help to win roles in transactions.
"Erik has a proven track record over his 22-year career of originating capital markets transactions for numerous clients across many industries," said Tim Kitchen, Barclays' Calgary-based head of Canadian investment banking. "We are delighted to welcome a professional of Erik's quality to the Barclays Canada team."
Barclays ranked 12th among investment banks in selling equity for Canadian companies last year, while Credit Suisse placed 8th in the ratings, and was one of two global banks to crack the top 10; JPMorgan Chase & Co. was the other.
Credit Suisse Canada CEO Ron Lloyd said Wednesday that his firm has begun an internal and external search for Mr. Charbonneau's replacement and said: "We plan to continue delivering our leading global equity capital markets capabilities to our clients from Toronto."
Mr. Charbonneau will also head up Barclays coverage of financial sponsors, such as pension plans and private equity funds. And the fluently bilingual graduate of Montreal's McGill University will be responsible for Barclay's investment banking coverage of Quebec-based clients.
"The addition of Erik further demonstrates Barclays' strong commitment to Canada," said Barclays Canada chief executive officer Bruce Rothney. "We believe that under his leadership, Barclays will continue its strong progress in Canadian and cross-border ECM.