In 1968, the partners of Canaccord Capital acquired Hemsworth Turton & Co., a Western Canadian venture capital firm that opened its doors in 1950. Reborn as Canarim Investment Corporation, the small firm quickly became the principle financier of early stage ventures and the largest trader on the burgeoning Vancouver Stock Exchange. At that time, the core business was the early support and recognition of significant resource plays.
In 1992, Canaccord Capital was incorporated and, by 1993, had 400 employees including 290 Investment Advisors located in six branches. That year, Canaccord implemented an aggressive growth strategy to evolve from a transaction-based business to an integrated financial services firm, meeting clients' diverse needs with a renewed commitment to quality.
A Growth Culture
Over the next several years, Canaccord completed a series of significant mergers and acquisitions, including six independent brokerage firms in Canada, as well as one in London, England and one in Paris, France. In addition to these successful integrations, the Research and Investment Banking groups were strengthened, not only in terms of budget and staffing, but also in breadth of competencies to include coverage of more sectors. Institutional Sales and Trading services were supported by Fixed Income and Financial Services groups, and considerable investments were made in information management and technology to facilitate the recruitment and training of experienced and knowledgeable Investment Advisors.
By 2003, Canaccord had more than tripled in size from the previous decade, when measured by number of employees, sales staff, branches, clients and transactions. A strong strategic focus and long term investment in our core businesses have resulted in (as of March 31, 2005) annual gross revenues of C$433 million and assets under administration of C$10 billion.
Initial Public Offering
On June 30, 2004 Canaccord became a public company by completing an initial public offering on the Toronto Stock Exchange, trading under the symbol CCI, which raised $70 million. One year later, in June, 2005 Canaccord completed a listing on the Alternative Investment Market (AIM) of the London Stock Exchange and is now dual listed as CCI: TSX & AIM.
Acquisition of Adams Harkness
On January 3, 2006 Canaccord completed the acquisition of Adams Harkness Financial Group Inc. This acquisition resulted in a re-branding of our international capital markets divisions and Adams Harkness as Canaccord Adams. Visit www.canaccordadams.com for more information.
Moving Forward
As Canaccord enters its sixth decade, it will continue to grow - both through selective acquisition of other firms and through hiring and training outstanding recruits and attracting seasoned professionals.
Canaccord will succeed as Canada's largest independent wealth management firm with expertise in venture capital and capital markets. We will continually strive to provide the best in client service and be the most efficient firm in our industry.