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A pair of energy analysts who were affected by UBS AG's by deep cuts in its Canadian securities business have surfaced in new roles in the industry they covered.
Matt Donohue, who was Calgary-based exploration and production analyst at the Swiss bank, has joined Rife Resources Ltd., a private oil company owned by CN Pension Trust Funds, according to a source familiar with the matter. Mr. Donohue has an investor relations role.
Chad Friess, who covered energy as well as pipelines at UBS, has landed at Gibson Energy Inc., where he will handle business development. He starts in mid-September.
They follow some other energy analysts who have recently left the investment industry for new lives in the corporate world. A notable example is Andrew Potter, who quit his high-profile senior exploration and production analyst position at CIBC World Markets to become senior business adviser at Cenovus Energy Inc., the oil sands producer and refiner.
UBS slashed its Canadian securities business this year as part of a worldwide retrenchment and as the deal flow in Canada slowed to a trickle. Mr. Donohue was laid off in May, while Mr. Friess was left to weigh his options.
Among other moves in Calgary, Rob Cooper joined the sales desk at Acumen Capital Partners. He was most recently an exploration and production analyst at Haywood Securities.
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