A former small-caps analysts with Investors Mutual Limited (IML), Tony Waters, has joined a competing boutique.

Waters will start at Ausbil Dexia in October and will focus on researching small cap stocks in sectors such as consumer durables, resources, telecoms, hotels & leisure, and IT sectors, Paul Xiradis, chief executive of the boutique, said. “He has solid experience and has covered different sectors, and is one of the best hotels and gaming analysts in the country,” Xiradis said. Waters would not focus on a specific small-cap product but contribute to a number of Ausbil funds, Xiraids said. “We allocate responsibility across sectors. He will specialise in small caps but contribute to all portfolios.” Waters worked for a number of years with institutional stockbroking firm CCZ Equities before a shorter tenure at IML. At Ausbil Dexia, he will report directly to head of research John Honan and ultimately to Xiradis. The Ausbil equities team, including two dealers, numbers 13 members.