Peter Grosskopf is leaving Cormark Securities to be chief executive officer of Sprott Inc.
He'll replace Eric Sprott, who will concentrate more on managing funds for the asset-management company he founded.
It's a big shakeup at Sprott, as the main Globe story details, but so too at Cormark. Mr. Grosskopf was president and one of the bank's most senior investment bankers.
Mr. Grosskopf, in his 23 years as a banker, has been a big part of the success of two boutiques. He was a founding member of Newcrest Securities, before it was sold to Toronto-Dominion Bank, then joined Cormark six years ago and helped it become one of the most profitable and respected boutiques.
But that kind of hustling takes a toll, and Mr. Grosskopf said he's looking forward to being in a business where it's not a deal-by-deal existence.
"You're always in a beauty contest," said Mr. Grosskopf. "To chase the business that aggressively is a tough thing to do."
It's also lucrative when it works, and it worked for Mr. Grosskopf and Cormark.
As a result, Mr. Grosskopf was well-rewarded by Mr. Sprott for giving up his post at Cormark to come to Sprott Inc. Mr. Sprott is transferring five million Sprott Inc. shares to Mr. Grosskopf over the next three years, a stake worth about $16.5-million at current market prices.
Kevin Bambrough, the president of Sprott Inc., is getting three million shares as part of the reorganization.