March 15 (Bloomberg) -- Clarus Securities Inc., a Toronto-based investment bank, hired former Canaccord Genuity analyst Eyal Ofir as the company bolsters technology coverage.
Ofir covered companies including Wi-Lan Inc., Open Text Corp., CGI Group Inc. and Sandvine Corp. at Canaccord until late last year. He begins at Clarus March 19, Mark Pavan, managing director of corporate finance said. Pavan did not identify which companies Ofir will cover.
Clarus, which has focused mostly on the mining sector, is expanding in non-resource industries including technology. Institutional investors have been looking for so-called diversified and growth stocks to counter slower growth in resource companies, Pavan said,
“I’ve had no less than half a dozen fund managers tell me ‘I don’t want to see another resource name in my office; we’re exiting the exploration, if not the production space’,” Pavan said today in a telephone interview. “They’re replacing it with diversified and growth products.”
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