Turning down bids, Richardson GMP opts to expand from within
One of Canada's wealthiest families and a leading investment bank showed their faith in the wealth management industry Thursday, as the owners of Richardson GMP Ltd. opted to turn down a $600-million payday and aggressively build up the country's largest independent brokerage firm.
Winnipeg's Richardson clan and GMP Capital Inc. co-own Richardson GMP with the firm's 900 employees and have been debating the firm's future for several months. Years ago, the owners struck a deal that allows each to sell their stakes after Nov. 15, 2016. Ahead of that deadline, the owners reviewed all options, including talks with potential buyers, spinning off the business through an initial public offering or sticking with the status quo. Story
Canaccord hires former bulge bracket banker
Canaccord Genuity Group Inc. has hired a veteran bulge bracket banker.
Brad Cameron, who has worked in finance since the mid-1980s, has joined the Vancouver-based dealer as a senior adviser in the Canadian investment banking unit.
"Brad will work closely with our investment banking and advisory teams to originate new business and provide execution support across the platform," Pat Burke, president, capital markets, Canada wrote in a memo to staff. Story
DV Trading partners acquire Independent Trading Group
An old-school Toronto trading firm is getting a new-school owner.
This week, the Investment Industry Regulatory Organization of Canada approved a change in control of Independent Trading Group (ITG) Inc. to a numbered company owned by Dino Verbrugge, 42, and Jared Vegosen, 35. The pair also run DV Trading LLC, a proprietary trading shop based in Chicago that uses its own money and cutting-edge technology to trade derivatives and other asset classes around the world. Story
Credit Suisse narrows scope of Canadian operations
Global investment bank Credit Suisse Group AG narrowed the scope of its operations in Canada on Thursday, a move that resulted in a modest reduction in head count, as part of a larger strategic move to focus on key sectors and cut costs.
Credit Suisse told approximately 110 Canadian employees that its core sectors in the domestic market are energy, mining and diversified industries, and it is shifting equity research and sales coverage of industries such as banking, telecom and retailing from Toronto to New York. The decision resulted in the departure of eight employees, including Canadian analysts who follow financial services, consumer products and telecom stocks. Story
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