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Cellphones at Morgan Stanley Canada lit up last week in the wake of a $200-million share sale from mining company Iamgold Corp. While the bought deal was straightforward, heads turned on Bay Street because Morgan Stanley had been notably quiet in the gold sector after seeing its head Canadian mining banker lured away last year to a top job at a client, global agriculture company JBS.
Yet here was the firm leading a financing alongside TD Securities and National Bank Financial. Bankers at rivals texted colleagues at Morgan Stanley to ask, “What’s up?”
Richard Tory is what’s up. The veteran dealmaker arrived at Morgan Stanley’s Toronto office in July as head of investment banking in Canada, while retaining his role as the New York-based firm’s global head of metals and mining. The stock sale for Iamgold is expected to mark the first of many mining transactions for Morgan Stanley, a firm with a bullish view on Canada’s prospects.
Dougal Macdonald, president of Morgan Stanley Canada, spent the better part of six months recruiting Mr. Tory back to Canada from the firm’s office in London, as part of a broader strategy to step up coverage of domestic clients and to advise foreign companies on domestic deals.
In an interview, Mr. Macdonald said: “In Canada, our view is all sectors are growth sectors, and that is not something you can say about every part of the world.”
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