Scotia Capital is relocating its global energy solutions team from New York to Calgary, allowing the dealer to double down on the energy space and to complement its smoking hot Scotia Waterous group.
The energy solutions team, led by Matt Giffen, is focused on the sales and trading side of things, offering services like commodity hedging. In total the team in Calgary will have 16 people, comprised of people relocating from New York as well as some new hires in Alberta.
Scotia said they've been thinking about this for a while and noted that the announcement is part of a bigger plan that includes building a new trading floor in Calgary that will provide space to add new team members.
In 2009 Scotia acquired UBS Energy, which was made up of about 60 people. People on the back end side who were picked up in this acquisition will be able to stay in New York, even though the client-facing employees are relocating.
With this team in Calgary, Scotia hopes to build out its energy platform which is already in good standing because Adam Waterous and his team locked down some big oil and gas M&A deals last year, particularly those between China and South American countries.
In other Calgary news, CIBC has hired Jim Thompson to focus on commodities in the corporate solutions group. He has 14 years in the energy space with stops at Iberdola Canada Energy Services and Fortis Bank.
All of this is just more proof that things really are heating up in Calgary.