Staff
In an aggressive move to tackle market slowdown, Canaccord Financial Inc. is closing sixteen underperforming branches and refocusing its operations in major centres across Canada.
Read: RBC Insurance axes most MGAs
As part of the branch consolidation, Canaccord has also reduced the number of advisors at its sixteen core locations by approximately 35 advisory teams.
“This initiative will allow us to make additional investments in markets where we see the most opportunity for future growth,” said John Rothwell, president of Canaccord Wealth Management (Canada).
Read: Prominent banker to head Canaccord Genuity
As of June 30, 2012, Canaccord’s Canadian wealth management division had $13.1 billion of assets under administration, of which only 16% was accounted for by the sixteen branches scheduled to close.