Hey guys - Has anyone heard of Cormark Securities in Toronto? I'm trying to get a sense of how big their IB team is, what the culture is like, how the pay compares to the street, and any other insights anyone can provide.
Many thanks!
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Also interested. I've heard of Cormark and read a couple of their reports but can't reliably comment on their IB team. Take this with a grain of salt as i'm a student but I would group Cormark with Beacon Securities, Paradigm Capital, GMP, and some of the other independent dealers in Toronto if you're familiar with them. From looking at their website, it seems like their team is fairly large but i'm not sure what their deal flow is like other than from what i've seen from the tombstones on their website.
I've worked with them before. A few points:
I would consider Cormark on par with GMP in terms of deal size, but think GMP is more active. I believe Cormark focuses almost exclusively on natural resources. Their team is small, but the folks i've worked with are nice and would likely make good colleagues. I agree with the above poster that you would likely be better off at a big 5 bank, however, Cormark is still a good option.
Hope that helps.
I really appreciate this. I like to have my options open so I'm looking at both boutiques / big 5 banks for a possible summer internship. Just a quick follow up question, do you know how their hours compare to the big 5 + how much below street an analyst would possibly make?
Many thanks and happy holidays!
Can't comment much on hours or salary. Don't really know to be honest. I think your obvious goal is to shoot for Big 5/Canaccord and if that fails go for some of the smaller but reputable firms/US firms (Duff and phelps/Evercore/Macquarie/Dundee etc)
Hope that helps
As an analyst, all in don't you make the same amount (+-10k) at boutique vs big bank. Assuming no anamoly of a very shiity or a very good year. Plus i thought some boutiques are better from the POV that in very good years the bonus reflects higher pay for analysts vs Big5 where no matter how good or bad the fiscal year all in pay stays within a band width?
Cormark has done well in deal flow in Canada over the last few years as an independent. I would put it just below Canaccord and GMP as far as the Canadian independents go. They definitely have more deal flow than Paradigm and Beacon as was mentioned previously.
The team size is relatively small (a lot smaller when comparing it to the big 5). They have a good mining team (get on one or two of the larger deals a year) and do some small cap technology.
I've heard pay is below street but not sure about hours or culture. Generally the small independents (smaller than Canaccord and GMP) in Canada are known for having better hours though (just can't speak specifically about Cormark).
Any new views on the company specially in regards to dealflow and pay? Thank you in advance!
I went through their interview process this summer and made it through pretty far in the process. I didn't end up getting an offer but luckily ended up at a bank instead.
They have a pretty unique culture in the sense that a lot of their guys are lifers at Cormark. Some of the guys are transfers from the research side. They seemed to really care about the whole culture and fit piece a lot more than the big banks while I was speaking to them. For a first year analyst position, I met all of the MD's from the IB group and the CEO as well. They run a leaner team, and are pretty top heavy from what I remember.
I'd say they do pretty decent in the mid-market space and small caps and will likely focus on that space going forward.
For the comment about Cormark being on par with GMP, I don't think that is true at all. GMP is much bigger scale and is probably a mega boutique (probably the same for Canaccord), whereas Cormark is a Canadian private & independent bank.
I would say the hours are for sure better, based on my experience in speaking to the guys there. Pay is probably below street.
Not sure about Toronto, but they do have a Calgary office, which has been mired in internal politics and drama. I heard that they fired their lead research guy in Calgary a few years ago because the guy had some issues with the CEO. The problem eventually escalated into potential lawsuits which were then settled out of the court. Now with their top earner gone, the place is in limbo... they hired a new guy in replacement of the ousted oldster, but the new guy isn't pulling his weight either. turnover is pretty high too...
Again, toronto is better... but I would stay away from the place. The stories associated with Cormark all seems somewhat negative and insipid.
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