The Toronto-based firm handled 56 per cent of the total amount raised in Canadian IPOs, representing $1.6 billion across 20 financings. It handled 67 equity sales. (Bloomberg)

Talking point: This is the first year Canaccord has taken the top IPO spot, and the third time it has led in equity financing. The firm has more than doubled its assets under administration since fiscal 2016, and is now looking to buy domestic wealth managers. Cannacord’s success partially comes from its willingness to arrange riskier IPOs that tended to include smaller sums. For example, Canadian IPOs raised about $3 billion in 2019, but secondary share sales brought in $29.6 billion. Morgan Stanley took first place in that market this year, the first time a foreign firm has taken the top spot. Foreign firms also took the top three spots in advisory work for the $331.1 billion across 3,682 announced takeovers this year.