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View the article online at http://citywire.co.uk/wealth-manager/article/a753184

Canaccord Genuity founder resigns for private equity move

by Robert St George on May 27, 2014 at 13:08

Canaccord Genuity founder resigns for private equity move

Peter Brown has resigned as director and honorary chairman of Canaccord Genuity, which he founded in 1968.

The firm stated that Brown intended ‘together with some friends and partners to pursue a new career advising established private companies with a growth profile and in need of private debt and equity financing’.

Brown was one of Canaccord Genuity’s founding partners in Canada 46 years ago, leading it from its beginnings as a venture capital business to an international financial services group with revenues of £436 million in 2013.

‘On behalf of the board of directors, management and all employees, I would like to thank Peter for his many contributions to the success of Canaccord Genuity in nearly five decades of service,’ commented Paul Reynolds, Canaccord Genuity’s chief executive.

Brown added: ‘I am proud of the progress made by current senior management. Building on a solid base, they have embarked on a very dynamic global expansion that has never before been envisioned by a Canadian independent investment dealer.

‘As the founder, I am fortunate to have had a great corporate experience for 46 years and feel now is a good time for me to transition out of active service.’

The group’s UK arm has also undergone some senior management change recently: at the end of March it was revealed that chief executive Neil Darke (pictured) would be departing Canaccord Genuity Wealth Management with immediate effect, having headed the firm for seven years, to be replaced by former Ashcourt Rowan managing director and Wealth Manager cover star David Esfandi.

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