Richard Tory, president of Morgan Stanley’s Canada investment-banking business , is leaving the firm to join Bank of Nova Scotia .
He’s set to lead Scotiabank’s global mining group and will also serve as chair of investment banking when he joins the firm at the end of October, the bank said in a statement Wednesday.
Tory, a long-time mining banker who’s also worked in London and Hong Kong, took over as president of Morgan Stanley’s Canadian investment-banking operations after Dougal Macdonald retired in late 2023. Tory, a cousin of former Toronto Mayor John Tory and grandson of the founder of prominent Canadian law firm Torys LLP, oversaw Morgan Stanley’s global metals and mining practices.
A representative for Morgan Stanley declined to comment.
At Scotiabank, he’ll replace Matthew Hind as head of global mining, with Hind transitioning out of the company in the coming months, according to people with knowledge of the matter who asked not to be identified discussing confidential matters. Tory and Hind didn’t respond to requests for comment.
Tory will report to Dany Beauchemin and Matt Eilers, global co-heads of corporate and investment banking, who said in the statement that his “leadership experience and longstanding industry relationships” will be assets to the mining franchise.
Hind joined the Toronto-based firm in 2021, after close to a decade at Credit Suisse Group AG, and Scotiabank’s mining practice has seen momentum under his tenure, climbing both the Canadian and North American league-table ranks for advising on mining mergers and acquisitions. Last year, Scotiabank was fourth in the Canadian mining league table, up from 12th in 2021, working on announced deals valued at about US$28 billion, according to data compiled by Bloomberg.
Recent significant transactions included advising on the creation of Hemlo Mining Corp., in connection with the sale of Barrick Gold Corp.’s last Canadian gold mine; serving as lead adviser to Royal Gold Inc. in its all-stock deal to buy Sandstorm Gold Ltd. for about US$3.5 billion; and advising Allied Gold Corp.’s special committee on the Canadian precious metals producer’s now-scrapped deal to sell to China’s Zijin Gold International Co. for $5.5 billion.
Tory’s appointment comes amid a broader effort at Scotiabank’s capital-markets business to recruit senior leaders in key coverage areas. Since the beginning of this fiscal year in November, the firm has hired more than 30 managing directors across capital markets.
In recent months, the bank has reentered precious-metals trading and recruited externally for roles in leveraged finance, infrastructure and power and utilities. Scotiabank also announced Tuesday it hired Houston-based Jay Sartain as managing director for corporate-banking energy.
The division’s chief executive and group head, Travis Machen, was also a former managing director at Morgan Stanley. Since joining Scotiabank in 2024, Machen has recruited several leaders from outside the firm for high-profile roles.