Vancouver Stock Exchange -
VSE's Canaccord merges with Whalen, Beliveau
Vancouver Stock Exchange VSE
Shares issued 0 1899-12-30 close $0
Wednesday Jun 16 1999
Mr. Michael Greenwood and Mr. Julien Beliveau report
Canaccord Capital Corporation and Whalen, Beliveau & Associates Inc., of Montreal, have reached an agreement under which Whalen, Beliveau's investment brokerage business will be merged with Vancouver-based investment dealer, Canaccord Capital.
Whalen, Beliveau is one of the largest independent firms in Quebec, currently employing some 140 people. In addition to its retail activities, the firm is well-known for its small cap financing, fixed income trading and immigrant investor program. The merged firm will operate as Canaccord Capital.
The announcement further solidifies Canaccord's position as the largest independent investment firm in Canada and will greatly enhance the depth and scope of its services in Quebec. Whalen, Beliveau management and staff will continue to operate out of its existing offices.
The two investment firms have operated successfully in Canada for many years - Canaccord Capital since 1950; Whalen Beliveau since 1986.
In announcing the move, Mr. Greenwood said: "This is a very positive and timely announcement for Canaccord Capital. Not only does it represent a continuation of our development as Canada's leading independent investment firm, but Whalen, Beliveau also adds significantly to our growing presence in Quebec. We will continue to seek out additional growth opportunities in the province of Quebec."
Mr. Beliveau stated: "In seeking a strategic alliance, this association is clearly what we needed. With the depth of Canaccord research now available to our investment advisers, access to their order processing capacity and participation in new issues, we will be better equipped to service our retail clientele. For our corporate clients, being part of Canaccord's network of 600 investment advisers makes us a real force in small to mid-cap financing. The relationship also works well for our employees in that new national administrative responsibilities will likely be assigned to this office. This alliance is truly a win-win situation."
Subject to regulatory approval, Mr. Beliveau will assume the position of vice-chairman of Canaccord Capital. William Whalen will assume the position of executive vice-president, fixed income, with responsibilities for all Canaccord's fixed income operations. Canaccord partner Richard Hamelin, manager of the firm's existing Montreal office, will assume responsibilities for all retail operations in Quebec.
Canaccord has recently experienced considerable growth through a series of mergers with Merit Investments, CM Oliver, Brink Hudson & Lefever, T. Hoare (London, England) and Whalen, Beliveau. The firm now operates 20 offices in major Canadian centres and maintains international offices and affiliations in the United States, Britain, France and Bermuda.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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