Mining banker Ron D'Ambrosio has left TD Securities after a short stint to head to GMP Securities.
TD lured Mr. D'Ambrosio away from Macquarie late last year to join the growing TD mining practice as a managing director. But after barely enough time to learn to find the washroom at TD's big black tower, he is off to GMP where he will join some old colleagues.
For the securities division of Toronto-Dominion Bank the plan is to keep growing in mining and metals notwithstanding the departure.
"While we are clearly disappointed by this turn of events, we have terrific momentum in the mining sector and are firmly committed to our clients in the space," said Pat Meneley, the head of investment banking at TD. "We recently started our global precious metals trading business, and we continue to build our team."
The switch adds to an already Macquarie-heavy team at GMP GMP, which has a big resource bent, has steadily assembled a team of mining professionals who came over from the Canadian office of Macquarie. On the banking side, Doug Bell is a rainmaker. And on the research side, George Albino is a well-regarded gold analyst.
At GMP, they are back in the boutique world, which is familiar turf. All are veterans of Orion Securities, which was a top independent player in mining before being bought by Macquarie.
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