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One of Canada’s largest independent investment banks reportedly announced Sunday that Jeffrey Barlow—who led its New York-based investment banking unit for more than a decade—is retiring and will transition to an advisory role. CEO Daniel Daviau will temporarily oversee the business while the firm searches for a successor. (The Globe and Mail)
Talking point: The SEC, FINRA and FinCEN imposed the penalty earlier this month after a three-year investigation. It penalized Canaccord for compliance issues, including failures in its anti-money-laundering systems, and is among the largest ever imposed on a broker-dealer under the U.S. Bank Secrecy Act. Analysts viewed the settlement as positive, with TD Cowen analyst Graham Ryding saying in a note to clients that this new “clarity” will let the company “move forward.” Canaccord said it has been strengthening its compliance in response to the investigation. Separately, the company is reportedly planning a sale of its U.K. wealth management business, which oversees $74.6 billion in assets.
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