Corner of Bay Street and Adelaide streets in Toronto. July 25, 2013.Gloria Nieto/The Globe and Mail
Origin Merchant Partners has added a long-time investment banker to its roster, as Charles Pennock left his role as head of equity capital markets at Edgecrest Capital Corp. to join Origin.
Origin is an advisory firm put together over the past few years by a collection of veteran bankers, with a focus on industries such as agriculture and real estate.
Mr. Pennock joined Edgecrest earlier this year when the startup acquired Stonecap Securities, where he had been working. He was a managing partner in investment banking at Edgecrest, running equity capital markets, before making the move to Origin where he had a number of long-time contacts.
Advisory-only firms such as Origin have become a more popular model in recent years, as the profitability of sales and trading floors has waned. Advisory-only businesses can also argue when pitching clients that they have fewer conflicts of interest, as they don't sell shares of companies they work for (or against).
The team at Origin includes Jim Osler, who was head of mergers and acquisitions at Genuity Capital Markets, as well as Sean McIntyre and Rob Penteliuk, bankers with backgrounds in diversified industries.
Mr. Pennock made the move to Origin on April 21.