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GMP’s head of sales and trading resigns

John Foxx/(c) John Foxx

GMP Capital Inc.'s chief trader has left to start a merchant banking firm focused on oil and gas, a year after assuming the role.

Vice chairman Mark Christensen resigned from his job as global head of institutional sales and trading, the company confirmed. Mr. Christensen also sat on the firm's executive committee.

Mr. Christensen has been a fixture on GMP's sales desk since 2000, when he joined the firm. He was there through the bull years for resources, when GMP's desk was very profitable and those who worked there were making large bonuses. However, in recent years, with resource investing out of favour and trading in general down, pay for traders across the street has dwindled.

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Mr. Christensen had been looking for some time to move from the sell side to the buy side, with a view to investing in oil and gas companies.

There's no word yet on who will replace him running GMP's desk.

(Boyd Erman is a Globe and Mail Reporter & Streetwise Columnist.)

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