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Canaccord counters discretionary march with advisory hires

Canaccord counters discretionary march with advisory hires

Canaccord Genuity Wealth Management has bolstered its equity research team after bringing in two senior figures to provide stock ideas for advisory clients.

The move is somewhat counter-trend, as other parts of the sector opt to scale back their advisory operations and move clients over to discretionary.

Simon McGarry joins the wealth management division in London as a research analyst from Canaccord’s institutional business, where he has been developing the firm’s proprietary equity analysis tool, Quest.

The tool is currently being revamped to broaden the number of global stocks it covers.

Marc Pullen, meanwhile, has transferred from Canaccord’s Geneva office to join the Jersey team.
He formerly also worked on the institutional side of the business, including a stint on the Quest team between 2000 and 2006.

He takes on an equivalent offshore role to McGarry, which will see the two tasked with generating stock ideas for advisory clients, based on research from the Quest tool.

‘We are looking for sensible stocks that have proved consistently they can reinvest returns at a rate that is higher than the cost of capital,’ McGarry said.

‘We don’t have a preference for companies that pay a dividend or not. The key thing is that they are serial value creators. Quest helps to speed up that process an awful lot.’

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