The Globe and Mail reports in its Friday, Sept. 23, edition that Canaccord Genuity Group is raising $60-million in convertible debt in an effort to build its wealth management business. The Globe's Niall McGee notes that several smaller dealers have been gobbled up recently. As well, he notes that Richardson GMP (RGMP) is on the auction block. Canaccord sold the debentures, which will pay out a 6.5-per-cent annual interest rate, through a private placement to an unnamed "large Canadian asset manager." Canaccord says the cash infusion creates an opportunity "to recruit investment advisers, increase assets under management and improve the profitability" of the domestic wealth business. In the quarter ended June 30, Canaccord's Canadian wealth management unit made a pretax profit of $400,000, its first profit in nearly five years. Canaccord has $9.8-billion in assets under administration in Canada, which makes it one of the biggest independent wealth managers in the country. Toronto-Dominion Bank is among the bidders for RGMP. The company could sell for north of $500-million, according to Scotia Capital analyst Sumit Malhotra. Canaccord is not believed to a bidder for RGMP.