15:18:10 EDT Thu 28 Mar 2024
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or Name
USA
CA



Canaccord Genuity Group Inc
Symbol CF
Shares Issued 102,011,831
Close 2015-05-05 C$ 6.87
Market Cap C$ 700,821,279
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Globe says GMP under pressure to boost sinking shares

2015-05-06 07:43 ET - In the News

See In the News (C-GMP) GMP Capital Inc

The Globe and Mail reports in its Wednesday, May 6, edition that GMP Capital ($5.01) is likely to commence fielding questions about the future of Richardson GMP, its wealth management arm. The Globe's Tim Kiladze writes that the asset manager, a third of which is owned by the independent dealer, is one of the last remaining vestiges of the era before banks came to dominate wealth management. Canada's Big Six lenders have all but scooped up all of Canada's independent money managers over the past decade. However, Richardson GMP and a few others, such as Gluskin, Sheff + Associates and the wealth arms of Canaccord Genuity and Raymond James, have stayed true to their non-bank roots. With GMP now struggling again there are questions brewing about its wealth arm. The last time Richardson GMP garnered so much attention was in the summer of 2013, when it acquired Macquarie Private Wealth, boosting its total assets under management to $28-billion. These assets amount to about the same value today, which means GMP Capital could arguably fetch $150-million to $200-million for its 33-per-cent interest in Richardson GMP. The Globe pegs the value at $600-million for all of Richardson GMP.

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