cotia Capital's slow but steady U.S. expansion took another step forward on Monday, as the investment bank launched research coverage on 11 U.S. oil and gas stocks.
Two analysts based in Calgary - Mark Polak and Jason Bouvier - are now publishing reports on 11 energy exploration and production companies, and Scotia Capital said in a press release that further expansion of its franchise is in the works. Analysts in Canada and Mexico now cover a total of 90 U.S. listed and inter-listed companies, as Scotia Capital moves from its traditional focus on the domestic market to a global view on select sectors, such as energy and mining.
"This initiative is a natural and logical extension of the bank's lending and corporate advisory platform in the U.S. and reflects our strategic focus in the oil, gas and energy sectors," said Mike Durland, co-CEO at Scotia Capital.
Scotia Capital is the investment dealer arm of Bank of Nova Scotia . Two Canadian rivals - Royal Bank of Canada and Bank of Montreal - have U.S. equity research teams backing full-scale U.S. wholesale banking franchises.
Over the past five years, Scotia Capital has used acquisitions to build its oil and gas expertise. That process saw acquisitions and divestitures firm Waterous & Co. brought into the fold in 2005, and a 60-person U.S. energy trading team from UBS Securities hired in 2009. Last year also saw Scotia Capital open an equity desk in New York.