Canaccord has been focused on adding assets in its wealth management arm because the division earns more stable fees than capital markets revenues
is adding $1.5-billion in client assets to its Canadian wealth management division with the purchase of Mercer Global Investments Canada Ltd.’s private wealth business.
Similar to Canada’s large banks, Canaccord has been focused on adding assets in its wealth management arm because the division earns fees that tend to be much more stable than capital markets revenues. Canaccord’s capital markets fees tend to be particularly volatile because the investment bank often advises growth companies that need to raise cash during hot markets, but then go quiet when markets fall.
Part of that growth has come from the company’s aggressive recruitment efforts in Canada. It has hired 45 adviser teams in the country since 2016, and added more than $20-billion in Canadian assets.
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