Macquarie North America Ltd's Toronto office, November 23, 2012.J.P. Moczulski/The Globe and Mail
Macquarie Group Ltd. is changing up its mining research coverage in Canada as it seeks to drum up more business, bringing in a new analyst with experience as an investment banker.
Ron Stewart, whose most recent job is as a banker at Clarus Securities, is set to join the Australian firm's Toronto office.
Mr. Stewart has spent two decades in executive roles at miners such as Placer Dome and Kinross, and also has research in his background.
He worked as an analyst at resource-focused boutique Dundee Securities, and was eventually made head of research.
Macquarie has been revamping in Canada to look more like a local boutique with expertise in resources and growth stocks. When the bank first came to Canada it had aspirations to work in sectors such as pipelines and financial services, but after management changes last fall the firm has honed its focus.
Mr. Stewart will work with Michael Gray, who covers gold stocks for Macquarie out of Vancouver.
Mr. Stewart replaces Pierre Vaillancourt, who will be leaving the firm in a few weeks.