Canaccord Genuity Group Inc. has signed a deal to sell its U.S. wholesale market making business to Cantor as part of a plan to sharpen the focus of its U.S. capital markets operations.
Financial terms of the deal were not immediately available.
Canaccord Genuity says the U.S. wholesale market making business operated adjacent to its equity-based institutional sales and trading, but outside its strategic core.
Chief executive Jeff Barlow says the deal streamlines the company’s U.S. business around its core strengths, anchored in advisory and capital raising capabilities across high-growth sectors.
The wholesale market making business will be led by John Gillespie and John Leitch, both of Canaccord’s U.S. business, reporting to Pascal Bandelier, Co-CEO of Cantor and global head of equities.
In 2023, Canaccord disclosed the business was facing a regulatory investigation that could lead to “significant penalties.” It hasn’t provided details, but it recently added to its legal provisions fund.
The deal is subject to customary closing conditions and is expected in the first half of Canaccord’s 2026 financial year.
The companies say they will work to ensure a seamless transition for both clients and employees.
With files from IE Staff.