The logo of Shopify hangs behind the Canadian flag after the company's IPO at the New York Stock Exchange May 21, 2015.Lucas Jackson/Reuters
Senior Canaccord Genuity executive leaving the dealer
One of Canaccord Genuity Group Inc.'s few remaining executives with deep ties to the dealer's roots as a Vancouver powerhouse is leaving.
Scott Davidson, executive vice-president and global head of corporate development and strategy, is moving on, marking another major change at the independent dealer. In 2015, Canaccord Genuity's former head, Paul Reynolds, died suddenly of a heart attack, and during the same year the dealer's capital markets arm also endured numerous departures, including its Canadian leader. Story
Canaccord Genuity shuffles Canadian capital markets leaders
Canaccord Genuity's new head of Canadian capital markets is kicking off the new year by lining up the team he wants in place.
In October, the dealer hired Pat Burke, a former Scotia Capital executive, to run its Canadian capital markets arm. On Tuesday, Mr. Burke announced a number of changes to the team under him to help run the business.
Until now, Canaccord had co-heads for its institutional equity sale teams, but one of them, Graham Saunders, is moving into an equity capital markets role, which is a hybrid between investment banking and sales and trading. Mr. Saunders is now head of capital markets origination, and will work closely with Ron Sedran, who oversees syndication. Jason Melbourne becomes sole head of Canadian institutional equity sales.
On the sales desk, Canaccord has hired two people from Scotia Capital (Mr. Burke's old shop) – additions that were announced internally right before Christmas. Jason Sleeth and Greg Huffman have joined as managing directors. Story
VENTURE CAPITAL
Diablo Tech raises $19-million in VC financing
Ottawa-based technology company Diablo Technologies announced that it has raised $19-million (U.S.) in venture capital financing.
Investors include Israel Cleantech Ventures, Battery Ventures, BDC Capital, Celtic House and Hasso Plattner Ventures. Press release
ON THE MOVE
Shopify's new COO
One of the best-known tech startup executives in Canada has a new job.
Harley Finkelstein, chief platform officer with Ottawa-based retail software firm Shopify Inc., has been promoted to chief operating officer. In his new job (which encompasses his old responsibilities), Mr. Finkelstein is in charge of all interactions and communications with the 200,000-plus merchants who use Shopify's software platform for online and in-store operations, as well as external initiatives by the company. The change takes effect Tuesday.
"What this changes is that this is a really clear declaration that I am going to focus on my strengths, like product and technology and people systems, and Harley has the full confidence of me and the rest of the company" to handle other top-level responsibilities, CEO and co-founder Tobi Lutke said in an interview. Story
INSIGHT
Have the Bay Street blues? Remember that this, too, shall pass
The sentiment on Bay Street these days is something akin to shell shock. Just one week into the new year, it seems obvious that the market rout everyone wanted to leave locked away in 2015 found a way to resurface.
After a dismal end to the year, in which morale plummeted as deal flow dried up and investors took piles of money off the table, it took just one day for China's new stock market circuit breakers to wreak havoc in 2016. Now, few people seem capable of thinking straight. Too many conversations centre on how these are the end times.
A gentle reminder for anyone struck with a case of these Bay Street blues: This, too, shall pass. Too many people in capital markets grow terrified when they can't see the next deal, forgetting there will always be ebbs and flows. Something new will come along. It always does. Story
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