Bank of Montreal (BMO) hired Sohrab Movahedi from Canada Pension Plan Investment Board as a financial-services analyst to replace John Reucassel, who is leaving the lender’s investment-banking unit to join his family’s firm.
Reucassel, 44, who has been with Bank of Montreal for 16 years, said today that he plans to leave in March to work at a specialty chemicals company run by his father and brother.
“It has nothing to do with financial services,” Reucassel said in a telephone interview. “It’ll probably be a year or two of learning, and hopefully I can help in the leadership thereafter.”
Bank of Montreal is Canada’s fourth-largest lender by assets. Pav Jordan, a spokesman for Toronto-based BMO Capital Markets, and Canada Pension’s Linda Sims confirmed the moves.
Movahedi has been a portfolio manager at Canada Pension, the country’s largest retirement-fund manager, since December 2009 and previously worked at Canadian Imperial Bank of Commerce, according to his LinkedIn Corp. profile.
“Covering banks in a research department is probably one of the best jobs you could hope for,” Reucassel said. “It tends to be a great job and a great perch to have.”
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