Energy banker returns to National Bank

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Arun Chandrasekaran is returning to National Bank Financial to head up energy investment banking a year after he left to join a Calgary-based private equity firm.

The move is part of a revamp of National's office in the oil patch, which also includes the addition of an analyst.

Mr. Chandrasekaran had been a principal with Stream Asset Financial Management, in charge of finding, structuring and completing transactions for its funds, which focus on the midstream part of the energy business.

"There will be other changes. We're growing that platform, and also moving up the market to bigger cap names along with the mid-cap names that we're still covering," said Yanick Blanchard, National's head of corporate and investment banking.

Meanwhile, the bank has hired research analyst Travis Wood, who has covered oil and gas companies for Toronto-Dominion Bank, Mr. Blanchard said. Another hire will be announced shortly as well, he said.

The changes come after a bump in the value of oil patch mergers and acquisitions in the first half of 2016. However, oil prices have retreated by around 20 per cent since climbing above $51 (U.S.) a barrel in early June, muddying the industry's prospects.

Mr. Blanchard said he had also beefed up National's mining franchise when the industry was in a trough. "We're kind of contrarian. When everybody is divesting, we're trying to take advantage of the talent that is available out there and trying to prepare for when the market comes back," he said.

Before signing on with Stream in August, 2015, Mr. Chandrasekaran worked for a dozen years as an investment banker at National and Tristone Capital.

Ryan Dunfield, president of Stream, expressed disappointment that Mr. Chandrasekaran is leaving the firm after having helped build awareness in its early period. However, he said he understood Mr. Chandrasekaran is moving to an expanded role at National Bank, and that he's sure to act as adviser to Stream's future clients.

Meanwhile, Dan Tsubouchi, who made his name as a top energy banker at GMP Securities in Calgary, has joined Stream Asset as chief market strategist, providing internal research, and writing regular thematic reports on the sector. After leaving GMP in 2013, Mr. Tsubouchi was head of energy research at Haywood Securities.