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jerryking : brokerage_houses   14

GMP Capital’s sale to Stifel Financial marks the end of an era on Bay Street
December 6, 2019 | The Globe and Mail | ANDREW WILLIS.

On Friday, the GMP era effectively came to an end. U.S. investment bank Stifel Financial Corp. closed its purchase of the Toronto-based brokerage for about $65-million, and plans to rename it..........GMP started out as a partnership and later became a public company that was always far smaller than global dealers, and firms that Canadian banks started acquiring in the late 1980s.
For Canada’s financial community, saying goodbye to GMP means closing the door on a way of doing business, a lucrative and often colourful approach to deal-making. GMP brought together capital-starved entrepreneurs and deep-pocketed fund managers. The partners put up their own cash – mortgaging homes or draining savings – to fund the operation. GMP was the first to raise money for businesses that became some of Canada’s best known, such as Blackberry Ltd., Birchcliff Energy Ltd., Canopy Growth Corp. and Goldcorp Inc. It is also a major trader in their shares......In extremely simple terms, independent firms such as GMP run on relationships and ideas. Larger rivals are creatures of process and scale. The biggest players have now come to dominate capital markets........the four Day 1 GMP partners: the late Brad Griffiths, mining financier Gene McBurney, trader Mike Wekerle, now a venture capitalist and reality TV star, and salesman-turned-CEO Kevin Sullivan......The new model for independent dealers in Canada is to be small and nimble, or focus on wealth management. The model that worked so well at GMP – using commissions from stock trading to cover day-to-day costs, and taking the lucrative fees from advisory work as profits – doesn’t work when brokerage houses offer to trade stocks for free. GMP’s run is unlikely to be matched.
Andrew_Willis  Bay_Street  boutiques  brokerage_houses  compensation  deal-making  exits  farewells  GMP  investment_banking  nimbleness 
11 weeks ago by jerryking
Kevin Turner, Microsoft Executive, to Join Citadel Securities
JULY 7, 2016 |- The New York Times| by NICK WINGFIELD and ALEXANDRA STEVENSON.

A top Microsoft executive, Kevin Turner, is leaving the company to join Citadel Securities as its new chief executive, continuing a wave of executive departures of technology industry leaders to financial firms.

Mr. Turner, Microsoft’s chief operating officer, oversaw Microsoft’s large sales organization, but Microsoft said he would not be replaced. .....Several prominent Silicon Valley executives have been hired by hedge funds in recent years. Bridgewater Associates, the world’s biggest hedge fund, hired a former senior Apple executive, Jonathan J. Rubinstein, this year. Mr. Rubenstein, who earned the nickname “the Podfather” for his work leading Apple’s iPod team, joined Bridgewater as co-chief executive in May.

And Two Sigma Investments, a quantitative hedge fund based in New York, hired Alfred Spector, a senior executive at Google, to be chief technology officer last year.

Citadel Securities is owned by the billionaire Kenneth C. Griffin, who also founded a $25 billion hedge fund called Citadel. Mr. Griffin founded the hedge fund 25 years ago as a young graduate after successfully trading bonds out of his Harvard dorm.

In recent years, Mr. Griffin has made a big push into market, making and electronic trading with Citadel Securities, disrupting a business that was once the domain of banks. It also claims to have 35 percent share of daily retail stock trading in the United States.
Microsoft  Citadel  hedge_funds  CEOs  departures  resignations  appointments  brokerage_houses  Ken_Griffin  market_makers 
july 2016 by jerryking
Investment house on the Prairies - Business -
September 23, 2010 | Macleans.ca | by Chris Sorensen.

Launched in 2009 with an initial $27.5-million investment, One Earth now boasts some 93,000 acres under administration, already making it the second-largest farm operation in the country. The farms raise livestock and grow canola, wheat, field peas, oats and barley. There are plans to add flax, lentils and chickpeas....The goal is to eventually create a giant, one-million-acre operation, scattered over the three provinces, that would rank among the biggest farms in the world.
agriculture  farming  joint_ventures  One_Earth_Farms  brokerage_houses  Sprott_Inc.  scaling  aboriginals 
august 2012 by jerryking
Analyst Sees Securities Firms Cutting Jobs and Pay - NYTimes.com
September 7, 2010 | NYT via By BLOOMBERG NEWS | Anonymous.
“The key product drivers of Wall Street’s revenues and profits over the
past decade have been in a structural decline over the past three
years,” Ms. Whitney said in the report.

Barclays, the Credit Suisse Group and the Royal Bank of Scotland Group
may lead a slowdown in hiring in Europe as the fixed-income trading boom
fizzles out, recruiters said last month. Barclays Capital’s income from
trading bonds and commodities fell 40 percent in the first half amid
the sovereign debt crisis. Fixed-income, currencies and commodities
trading was the biggest revenue contributor at investment banks from
Deutsche Bank to Goldman Sachs.
Wall_Street  layoffs  brokerage_houses  securities_industry  ufsc  sovereign-risk  debt  structural_decline 
september 2010 by jerryking
Rara avis: A local Darwin collector in his natural habitat
November 21, 2009| globeandmail.com | by CRAIG OFFMAN. Profiles
Investment banker Garrett Herman, CEO of brokerage house, Loewen
Ondaatje McCutcheon, and a renown expert on, and collector of works by,
Charles Darwin. Mr. Herman said his own bibliophilia took hold after
his marriage dissolved in the early nineties. He compiled thousands of
rarities written by the great thinkers of the ages. "I used to collect a
lot of different books: Newton, Marx, Machiavelli, Pavlov, Freud. As
you collect, though, you learn." Following a pattern of buying books
that influenced other books, the number of tomes he owned grew
exponentially. He literally had a full house.
Charles_Darwin  collectors  personal_libraries  books  Niccolò_Machiavelli  brokerage_houses 
november 2009 by jerryking
Those were the days;
06-25-2004 G & M RoB Magazine article by Doug Steiner on
the behaviour changes occurring in Bay Street among the brokerages.

First Marathon--led by Lawrence Bloomberg--and Gordon Capital, Connacher's secretive institutional boutique, were the Street's two toughest and savviest firms. First Marathon helped pioneer the discount brokerage concept in the early 1980s with Marathon Brown (which TD Bank bought in 1993). Bloomberg also perfected the "eat what you kill" compensation plan of fat bonuses for partners and employees who put together lucrative deals. It changed the payouts of almost every trader and investment banker on Bay Street, Howe Street and Ren Lvesque Boulevard....By 1995, the internet was changing trading forever. Disnat, E*TRADE Canada and other on-line dealers pushed the banks into flat-fee trading. Within three years, commissions for small trades tumbled 70%.

Yet Canada still had five stock exchanges: Vancouver, Alberta, Winnipeg, Toronto and Montreal. TSE president Rowland Fleming urged the exchanges to modernize, and the TSE closed its trading floor in 1997. His pugnacious leadership style helped persuade the dealers to remove both him and their own duplication of costs by consolidating the exchanges.

The culture was changing as well. Watering holes in Toronto, Montreal and Vancouver lost customers. Alcohol was no longer greasing the wheels of fortune. It was being replaced by MBAs, CFAs and hard work.
'80s  Bay_Street  behavioral_change  bourses  brokerage_houses  cultural_change  culture  Doug_Steiner  eat_what_you_kill  Gordon_Capital  hard_work  reminiscing  stockmarkets 
january 2009 by jerryking

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