Move is the investment dealer’s second major raid on its banking rival in the past two months
Canaccord has hired the Ottawa-based Sutherland Investment Group, which is led by former CIBC portfolio manager Fraser Sutherland. The move gives Canaccord its first office in the country’s capital. Matt Cicci, head of its private client group, said in a news release Thursday: “Expanding into Ottawa marks a significant milestone that allows us to enhance our service to clients in the capital region.
“The recent addition of multiple leading advisory teams demonstrates our platform’s appeal to elite advisers,” said Stuart Raftus, the chief executive officer of Canaccord Genuity Corp., the investment bank’s Canadian business. Prior to joining Canaccord in 2014, Mr. Raftus ran CIBC’s U.S. wealth-management business.
In the past, experienced financial advisers have left banks for independent dealers such as Canaccord in search of greater independence and higher compensation. Bank-owned wealth managers tend to dictate what securities advisers should buy for their clients. The banks have also decreased what they pay advisers with smaller portfolios of client assets, a trend known in the business as lowering the commission grid.
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