Royal Bank of Canada (RY) said Myles Zyblock, the chief institutional strategist of its investment- banking unit, left the firm after 10 years of working for the bank.
He departed in March, said Gillian McArdle, a spokeswoman for Canada’s largest lender by assets. He joined the Toronto- based bank after four years as head of U.S. portfolio strategy and sector research at Brown Brothers Harriman & Co. in New York, according to his profile on LinkedIn Corp.’s website. He previously worked as head of global sector strategy for BCA Research in Montreal. Telephone and e-mail messages left with Zyblock weren’t returned.
The strategist estimated in January last year that per- share earnings for the Standard & Poor’s 500 Index would reach $101 for 2012. His projection was within $1 of what companies reported, according to data compiled by Bloomberg. At the time, estimates from the 11 Wall Street strategists ranged from $99 to $106.
Zyblock predicted returns for the Standard & Poor’s/TSX Composite Index would exceed the S&P 500 in 2013 after the Canadian gauge underperformed earlier in the year, according to a March 13 report.
When the Institute for Supply Management’s manufacturing index indicates expansion, as it has in 2013, commodity prices have risen 3.5 percent on average since 1974, he said in the report. That compares with an 0.9 percent advance in all years for the same period.
“Fading fears of a Chinese hard landing and financial collapse in Europe joined with a general upturn in global leading data remain strategic supports for commodity demand, prices and hence the TSX,” Zyblock wrote in the research note.
The S&P/TSX has slumped 5.9 percent since March 13, led by a 20 percent plunge in raw-materials stocks, after economic growth in China unexpectedly slowed and U.S. data from jobs to retail sales missed economists’ estimates. The S&P GSCI Index, which tracks prices for 24 commodities, has fallen 6.4 percent in the same period.
Zyblock’s most recent estimate for year-end earnings in the S&P 500 was $108 a share, compared with the average forecast of $108.37, according to an April 8 Bloomberg survey of 17 strategists.