Anyone know anything about Vancouver banking/PE

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HelloSunshine - Certified Professional
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I realize that most of the work is run either out of Toronto or Calgary for the metals/mining sector, but do the big banks do any investment banking out of Vancouver (RBC, BMO, CIBC, Scotia etc.)? How about PE shops; any decent MM shops out there? And is comp signficantly lower at the associate level? Any input would be appreciated.

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Comments (38)

Apr 28, 2010

Thinking about making a move?

Apr 28, 2010

Potentially; might be applying for immigration to Canada later this year and was just wondering if Vancouver had a market at all for IB or PE.

Apr 28, 2010
Genesis:

Potentially; might be applying for immigration to Canada later this year and was just wondering if Vancouver had a market at all for IB or PE.

There are a few banks out there. Not sure about PE though but check out BCIMC. Small market but a great place to live from what I've heard.

Apr 28, 2010

All of the big 5 Canadian banks have offices there, but they specialize mostly in international trade financings, not IB. Their IB desks are 3 maybe 4 people and are mostly for client coverage. BB banks typically have one or two MDs out there as well to cover the mining sector (which is booming in Vancouver). Hope that helps, not too sure about PE shops.

Apr 28, 2010
youngmonkey:

All of the big 5 Canadian banks have offices there, but they specialize mostly in international trade financings, not IB. Their IB desks are 3 maybe 4 people and are mostly for client coverage. BB banks typically have one or two MDs out there as well to cover the mining sector (which is booming in Vancouver). Hope that helps, not too sure about PE shops.

I'm quite familiar with the Vancouver market (I'm from Western Canada).

All the Big 5 + National Bank have IB offices in Vancouver. Contrary to what was quoted above, they do traditional IB (eg. equity raise, M&A, etc.), and the Big 5 do execute out of Vancouver (as do probably National Bank). Now of course, depending on the type of deal you would certainly have folks out of Toronto helping out.

Vancouver offices are quite small, so it's certainly not as easy to get in -- especially at the Associate level. You'll have to firmly state your interest in the Vancouver office when you go through recruiting, etc.

There are some MM PE shops in Vancouver, but there's a lot more in Toronto (relatively speaking), and some energy focused ones in Calgary.

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Apr 28, 2010

^Actually I am from Vancouver and summered in the equivalent of freshman year in a big 5 office as an analyst in IBD... but you're right, I wouldn't know what I'm talking about.

Apr 29, 2010

^ good for you. I never said you didn't know what you're talking about, I'm merely adding my own observations and knowledge to the OP's question. Not too sure if you did your stint in Vancouver, but just adding my 2 cents..

Apr 29, 2010

Thanks, guys. It does sound like a much better place to live than Toronto to me, so I just thought I'd get an idea here before looking into it. Any insight on comp?

Aug 5, 2011

Can anyone provide some insights to how bcIMC compares with the big banks in terms of compensation and lifestyle?

Thanks

Jun 8, 2016

Would be interested in knowing about this as well.

Jun 8, 2016

They pay less to way less depending on seniority, but lifestyle is as good as it gets. They are a bit beyond the curve vs other canadian pension funds in terms of doing direct investments which gets reflected in lower comp and quality of people. They are also not in Vancouver, but in Victoria.

Jun 8, 2016

Did you mean "behind" the curve? I get the impression they are trying to build up their direct investments platform to Caisse or CPPIB levels.

Do you have any info on comp for juniors at bcIMC?

Jun 9, 2016

Yes, sorry... They don't really have a team to do direct investments at the moment. I quickly looked through LinkedIn to confirm and their people don't have PE experience let alone IBD experience with quality firms. Whether they are building or not, I am close enough to be able to tell, but if you want to compare to CPPIB (the Caisse is a shit show that no pension fund should try to emulate), they are at least 10 years behind. I got a ping from a headhunter a few years back, but don't remember what comp was exactly, but it was definitely sub 100K all-in which is really poor. The comp of the senior executives at all canadian pension funds is public and at bcIMC, it's far lower than at other funds so I am pretty comfortable to say that it's not competitive across all levels.

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Jun 6, 2016

Big 5 + National Bank all have offices. Pretty much every shop has both a metals & mining coverage group and diversified group (forestry, consumer retail, TMT) but overall the main focus is definitely more geared towards mining given Vancouver is home to a lot of big mining & streaming companies (Goldcorp, Teck, Silver Standard, Silver Wheaton, Franco Nevada, etc.). Execution is done in-house similar to Calgary with O&G. Offices are small but not quite as small as described above (on average more like 8-15 people across all levels depending on the shop). Also, culture is definitely more laid back than the East Coast; however, as always, is highly dependent upon the office that you work in speaking from experience and based on colleagues that have worked at the different banks in Vancouver (can PM you about each shop if you're interested). Also, buyside opps exist but mostly smaller local based groups although there are still some decent places to work...CAI PE, Leith Wheeler, CC&L, PH&N are a few of the better ones that come to mind. Total comp for IB is the same as working in TO.

    • 1
Jun 7, 2016

how would one approach analyst recruiting for small offices like those in Vancouver?

Best Response
Jun 7, 2016

Recruiting is mostly done out of UBC. If you are from Vancouver but go to school elsewhere, just mention that you have an interest in going back early during the recruiting process and network with professionals in Vancouver. There's obviously way more positions out of Toronto so it's perhaps better to start there and transfer later on.

    • 3
Jun 7, 2016

Okay got it. You have it pretty spot on. I'm originally from Vancouver but currently working outside of Canada and would like to move back eventually.

Jun 8, 2016

Throw in Parallel 49... a buyout shop on its 5th fund. Not sure how performance has been over its lifespan.

Aug 30, 2016

I am new to Vancouver and exploring opportunities here as well. What I have seen so far is mostly client-oriented positions (Financial Advisor, Sales, etc..) but haven't seen much of "office" jobs.

It would be great to build some connections here and get to know the market better.
Feel free to pm me and best of luck in your search!

Aug 30, 2016

Also, when sending out applications for internships, would it be advisable to attach a personal research report along with my cover letter and CV? Since I've already been out of college for 8 months now I feel like I should do something to stand out as most internships are looking for prospects that are still students.

Aug 30, 2016

There's also Odlum Brown and FRC. Outside of RJ, they are all independent research firms or buyside.

You're likely going to have to move to Toronto. Also, unless you have top-notch marks (90+), it's very unlikely that you'll be able to get a research associate position with any of the recognizable names unless you have an in with someone.

Some options to get in:
(1) Network
(2) Go work at a pharma/biotech company, do your CFA exams, get Bloomberg certified, and make sure you've got SQL/VBA/Macros mastered in Excel.

It's definitely a good idea to attach an original research report.

Aug 30, 2016

In reference to your second post...I would absolutely do that. I can guarantee you'd be one of the only applicants who do that - there are bound to be recipients who award you a first round just to tell you how rare that'd be.

Also, aside from RJ, I haven't heard of the other three. Really shows the plethora of niches built in regional markets.

Aug 30, 2016

Hi, let me know what sort of reports you need and my company should be able to help! Shaun, Bureau van Dijk

Aug 30, 2016

google.

Aug 30, 2016
aparkj:

google.

Yeah thx I did. Just hoping someone could add on

Aug 30, 2016

In Soviet Russia, assets manage you!

Aug 30, 2016

Wait, I live in Calgary....

/subs

Aug 30, 2016
woodywoodford:

Wait, I live in Calgary....

/subs

know a bottom-up boutique or two?

Aug 30, 2016

Nope, I work for big oil, gunning for ER. Not even sure how I ended up in this forum to be honest.

Aug 30, 2016

Do a search, there was a post a couple of month's back on a similar topic.

In Canada, your big markets are Toronto, Calgary, Montreal, and Vancouver -- in that general order. Vancouver is perhaps the smallest market, and most of the bankers are generalists. Mining, forestry, biotech are some of the major industries.

Cost of living is possibly the highest in Canada. Lifestyle is excellent, but if you're in banking, it'll be tough to enjoy, but relatively better than being in other cities .

Aug 30, 2016

I'm from Vancouver.... It's a very high, albeit not NYC level cost of living, the lifestyle is amazing, by day or night. Exciting city and tons of wealth around, but finance/banking is quite behind the scenes and as "bobbylou" said mostly for generalists. Real Estate and Hospitality run the town.

"Until and unless you discover that money is the root of all good, you ask for your own destruction. When money ceases to become the means by which men deal with one another, then men become the tools of other men. Blood, whips and guns or dollars."

Aug 30, 2016

I've seen research reports from RBC with Vancouver area codes. I guess they must have some research guys out there.

Aug 30, 2016
Aug 30, 2016