National Bank’s Dan Barnholden Departs to Join PI Financial

By Doug Alexander (Bloomberg)

2017-01-10 22:33:44.133 GMT -- National Bank of Canada investment banker Dan Barnholden and two other mining professionals left to join PI Financial Corp., a Vancouver-based firm betting on a recovery in the industry. Barnholden, 41, who was a managing director in global mining and metals at National Bank Financial, will be a managing director and co-head of investment banking, PI Financial Chief Executive Officer Max Meier said Tuesday in an interview.

The firm also hired mining analyst Adam Melnyk and David Goguen, 47, who’s in institutional sales, Meier said. The three will join the company’s Vancouver office in coming months. “We’re obviously making a big big bet that the junior and intermediate end of the mining market is going to come back in a meaningful way in 2017 and beyond,” Barnholden said in an interview. “We’re not just betting financially, but we’re betting with our careers."

PI Financial was founded in 1982 by Meier and John Eymann, according to its website. The firm, which focuses on small and mid-cap Canadian companies, has more than 300 employees. PI Financial is partly owned by National Bank. “We are quite confident that mining will once again be a great sector to be in," Meier said in a telephone interview, adding the firm will now have four bankers, three analysts and two salesmen dedicated to the business. Separately, National Bank is also losing financial services analyst Peter Routledge, who starts in February as a senior adviser in Canada’s Department of Finance.