Analyst Profiles

Providing research and insight to individual and institutional investors, the Raymond James Canadian Research Team consists of 14 equity analysts who cover approximately 250 companies in nine key sectors.


Daryl Swetlishoff, CFA
Senior Managing Director, Head of Raymond James Ltd. Equity Research

Daryl Swetlishoff joined Raymond James in 2001 and was named Head of Equity Research of Raymond James Ltd. in May 2007. Based in Vancouver, he is responsible for a group of 40 research and operations professionals, providing research coverage on over 230 companies across seven sectors. Swetlishoff is also a ranked Analyst covering Forest Products equities. He holds the Chartered Financial Analyst designation, and earned an MA (economics) from the University of Victoria.


Frederic Bastien, CFA
Managing Director, Head of Industrials Research
Infrastructure & Construction

Frederic Bastien joined Raymond James Ltd. in 2003. Frederic primarily focuses on the infrastructure and construction sector, but recently expanded his coverage universe to include power and utility stocks. He is a well-respected analyst, achieving Brendan Wood International’s annual TopGun status on a consistent basis. Frederic holds an MBA from the Sauder School of Business at the University of British Columbia, a bachelor's degree in mechanical engineering from McGill University, and the Chartered Financial Analyst designation.


Michael Barth, CFA
Equity Research Analyst
Diversified Energy

Michael Barth originally joined Raymond James in 2014 as a Research Associate covering the Energy sector. From 2017 to 2022 he worked with a bank-owned investment manager, a pension fund, and a family office in both energy-specialist and generalist capacities. Michael rejoined Raymond James in 2023 as a Research Analyst covering Diversified Energy. He holds the CFA designation and a Bachelor of Commerce degree from the University of Alberta.


Stephen Boland, CFA
Managing Director, Equity Research Analyst
Diversified Financials

Stephen Boland joined Raymond James in April 2020, and covers the Diversified Financials sector. Stephen has covered the sector for 20 years at a large independent broker and at a bank owned dealer. He has covered a wide range of financials including banks, non-bank lenders, insurers and asset managers. Prior to his career in research he worked at Manulife Financial in the Treasury department focusing on rating agency relationships and was part of the demutualization/IPO process. Boland is a CFA charterholder and has a B.Comm from Ryerson University.


Michael Glen, CFA
Managing Director, Equity Research Analyst
Consumer & Diversified Industrials

Michael joined Raymond James Ltd. In 2019 as an Equity Analyst covering Canadian consumer and diversified industrial stocks. He has 15 years of Capital Markets experience, working most recently with a large global investment bank (Macquarie Group) covering Canadian equities. Glen is a CFA charterholder, and holds an MBA from McGill University and a Bachelor of Science from the University of Toronto.


Farooq Hamed, CA
Director, Equity Research Analyst
Mining, Base & Precious Metals

Farooq Hamed joined Raymond James Ltd. in 2017 as an Equity Analyst covering the Mining sector. Prior to joining Raymond James, Hamed spent 11 years in equity research covering gold, base metals, diamond, fertilizer and agricultural companies at both global and Canadian banks. Before becoming an analyst, he worked in consulting with Deloitte & Touche. Hamed is a CA and holds a Bachelor of Science degree from the University of Toronto and a Master of Management and professional accounting degree from the Rotman School of Management at the University of Toronto.


Steve Hansen, CFA, CMA, CPA
Managing Director, Equity Research Analyst
Transportation, Chemicals & Agribusiness

Steve Hansen is a Managing Director and equity Analyst with Raymond James Ltd. covering the transportation, chemicals, and agribusiness industries. Prior to joining the firm, Hansen was employed as a stock analyst with Morningstar covering the paper & forest products sector. Hansen holds an MBA from the Richard Ivey School of Business and a bachelor of science in forestry from the University of British Columbia. Hansen also holds his CMA designation and has the Chartered Financial Analyst designation.


Steven Li, CFA
Managing Director, Equity Research Analyst
Technology & Communications

Steven Li has been covering technology for more than 20 years, concentrating his research efforts on the technology sector in Canada (hardware, services, and software). Li joined the firm in July 2001 as an equity Analyst. He holds the Chartered Financial Analyst designation and earned a B.A. and M.A. from the University of Cambridge (England) and an MBA from Schulich School of Business, York University.


Brian MacArthur, CFA
Managing Director, Head of Mining Research
Base Metals & Minerals

Brian MacArthur joined Raymond James Ltd. in 2017 as an equity Analyst covering the Mining sector. Prior to joining Raymond James MacArthur spent 26 years as an analyst covering base metals, gold, uranium, coal, fertilizer, aluminum, diamond, and chemical companies at a global bank. Before becoming an analyst, MacArthur worked in corporate banking at the Bank of Nova Scotia and as geophysicist in the mining and oil and gas industries. Brian is a CFA charterholder and holds a Bachelor of Applied Science degree and an MBA from Queen’s University in Kingston, Ontario.


Javed Mirza, CFA, CMT, MBA A
Quantitative/Technical Strategist

Javed Mirza has over 16 years experience working as a Quantitative/Technical Analyst at both boutique investment firms and large Canadian banks. Previously, he worked in finance at a Canadian bank and on the derivatives pricing desk at State Street Canada. He holds the CMT and CFA designations and is a member of both the Canadian Society of Technical Analysts and the Toronto CFA society. Javed has a Bachelor of Commerce from the University of Toronto and received his MBA from the Queen’s School of Business. Javed has been quoted in Financial media such CNBC, the Globe and Mail, and the Financial Post and makes regular televised appearances on BNN Bloomberg. Javed has made numerous presentations at CMT events in both Canada and the U.S.


David Quezada, CFA
Managing Director, Equity Research Analyst
Power & Energy Infrastructure

David Quezada joined Raymond James in 2009 as a Research Associate covering the Forest Products sector. In 2016, he was promoted to Research Analyst, covering the Power & Utilities sector. Prior to joining the firm, Quezada spent time working at Vancouver‐based investment manager Connor, Clark, & Lunn as well as at HSBC in commercial banking. Quezada holds the CFA designation as well as a bachelor's of business administration from Simon Fraser University.


Rahul Sarugaser, PhD, MASc
Managing Director, Equity Research Analyst
Healthcare, Biotechnology & Cannabis

Rahul Sarugaser holds a Ph.D. and MASc in biomedical engineering from the University of Toronto, and an MBA from the University of Oxford. Before joining Raymond James, Sarugaser was a healthcare/biotechnology equities analyst with Paradigm Capital, a boutique investment bank in Toronto. Prior to Paradigm, his roles included director of business development at the Centre for Commercialization of Regenerative Medicine, investment manager with the Toronto-based MaRS Investment Accelerator Fund, and strategic marketing analyst with GE Healthcare’s headquarters in the UK.


Craig Stanley, M.Sc., Geo
Director, Equity Research Analyst
Mining & Precious Metals

Craig Stanley joined Raymond James in June 2020 and has over 15 years of corporate, buy- and sell-side experience. Previously he worked as a sell-side Analyst at a Toronto-based boutique where he covered companies involved in the production, development, and exploration of precious metals. His corporate experience includes Vice President, Corporate Development of a TSX and NYSE-listed gold and silver producer. His buy-side experience includes Vice President, Research at a publicly traded fund focused on small cap mining companies and as an analyst at a firm with over $1 billion in mining investments in actively managed mutual funds, exchange-traded closed-end funds and flow-through limited partnerships. Stanley has a master of science in geology from The University of Western Ontario.


Brad Sturges, CFA
Managing Director, Equity Research Analyst
Real Estate & REITs

Brad Sturges is Managing Director and a publishing equity research Analyst covering the Canadian real estate and REITs sector at Raymond James Ltd. Brad joined the firm in August 2020. He has more than 15 years of sell-side equity research experience, most recently at IA Securities where he established and developed its real estate and REITs franchise over a five-year period starting in 2015. Sturges also spent close to nine years from 2006 to 2015 as part of the Canadian real estate and REITs equity research team at CIBC World Markets. He holds a bachelor’s degree in honours business administration from Wilfrid Laurier University in Waterloo, Ontario, and is a CFA charter holder.


US Analysts

Our clients have access to the equity research produced by our US colleagues who combine to provide coverage on over 600 companies.

Visit the Raymond James US Equity Capital Markets website