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Canaccord restructure sees wealth chair given wider role

Canaccord restructure sees wealth chair given wider role

Stephen Massey, the chairman of Canaccord Genuity Wealth Management's (CGWM) European business, is to replace the group's current chief executive for the region.

Sky News reported that Alexis de Rosnay is stepping down as CEO of Canaccord‎ Genuity's European business as well as global head of investment banking.

Massey, along with Canaccord Genuity chief financial officer Nick Russell, will assume de Rosnay's responsibilities on an interim basis.

Canaccord had not responded to a request for comment at the time of publication.

The reshuffle follows a restructure of the firm's capital markets business announced last month, in which an unspecified number of the division's 200 current employees are would be let go.

At the time, it attributed the staff cuts to 'a prolonged period of political and market uncertainty in the UK', which had 'impacted capital-raising and related activities in the region, resulting in unacceptable returns.'

CGWM has continued to expand its operations in the UK, however, buying Thomas Miller's wealth arm for £28 million and hiring Neil Smith from 7IM as investment director at its Worcester office last month.

In Canaccord's results for 2018, the Canada-based multinational's wealth management operations – and the UK division in particular – were singled out as making substantial contributions to its financial growth.

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