When contacted about speculation that the campaign has ended a reputable source with close ties to the firm confirmed the crusade is over but declined to elaborate further.
The revelation follows the dismantling of Canaccord’s shipping team, which included equity analyst Noah Parquette and investment banker Henry Williams.
In an exchange with TradeWinds Parquette confirmed that the duo left the firm back in January and acknowledged it’s no longer involved in shipping but failed to shed light on why the coup was so short-lived.
Canaccord made headlines in the spring of 2014 when Williams was hired to serve as the managing director of its maritime, energy services and infrastructure unit.
A few weeks later the investment bank poached Parquette from Maxim Group, which marked the end of a tour that lasted just seven months.
The forecaster initiated research coverage of the dry-bulk segment and six US-listed bulker operators in the summer of 2014.
By the start of 2015, which is when Canaccord’s campaign began to unravel, Parquette’s repertoire also included the tanker, LPG and LNG sectors, among others.
At the time, many believed the recruitment effort represented a broader bid to expand the firm's presence in an industry that had been on management’s radar for some time.
When Canaccord hired Wall Street veteran Scott Burk back in 2011 the analyst said he intended to initiate coverage of shipping stocks but the plan started to unravel due to the downturn.
As we reported, Burk abandoned ship after lining up a position with Energy & Exploration Partners in 2012.
A few years later Canaccord enlisted Williams to lead the pursuit of initial public offerings, private placements, mergers & acquisitions and what a statement described as a "broad range" of other assignments.
Today, Wall Street observers are quick to point out that competition for these types of transactions, which have been relatively scarce of late, remains “pretty intense”.
