Investment firm shifts gears

Toronto-based Canaccord Financial announced Monday it’s closing 16 branches across the country, including the one in Vernon

A Vernon investment office is moving in a new direction.

Options are being pursued after Toronto-based Canaccord Financial announced Monday it’s closing 16 branches across the country, including the one in Vernon.

“We’ve anticipated this change for many months,” said Trevor Perepolkin, Vernon branch assistant manager.

“They are moving to a more global institutional business model.”

Perepolkin points out that the 30th Avenue office was an independent operator through Canaccord and is locally owned.

“We’ve been working proactively on other options that allow us to continue to do business as usual,” he said.

Perepolkin would not comment on possible options, but says plans will be announced soon.

The Vernon branch has eight staff.

“We have a long-standing relationship with the community through the sponsorship of organizations and events and that will continue,” said Perepolkin.

In a statement, Canaccord says the decision to close 16 branches allows it to concentrate resources in major centres.

 

“This initiative will allow us to make additional investments in markets where we see the most opportunity for future growth,” said John Rothwell, Canaccord Wealth Management president.