Jimmy Shan, a managing director in equity research at GMP, is leaving the independent dealer to work for Slate Asset Management.
In his new role Mr. Shan will lead a new business called Slate Securities, which will invest in public and private real estate investments and will operate independently from Slate's existing funds. Before the departure he had worked in capital markets for 15 years.
The exit follows the news that BMO Nesbitt Burns' analyst Heather Kirk, who covered real estate investment trusts as well, is also leaving Bay Street.
Equity analyst departures tend to come in waves. Sometimes the root cause is a systemic shock, such as the oil price crash that started in 2014, which sparked a raft of energy analyst departures.
Other times the changes stem from a situation akin to musical chairs. Once one or two analysts leave the Street, their firms tend to recruit talent from rivals, simply moving the vacancy to another firm, a situation that unfolded a few years ago with equity analysts who cover financial institutions.