Canaccord announces Asia expansion

Canaccord Financial Inc. announced today that it is expanding its operations into Asia with the acquisition of The Balloch Group, a boutique Chinese investment bank, and an agreement with the Export-Import Bank of China.

Canaccord’s operations in China are expected to begin in early January and from that time forward, The Balloch Group will be known as Canaccord Genuity Asia.

The newly rebranded company will focus primarily on providing advisory services to businesses in the region, as well as advising Chinese companies on their outbound investment and international mergers and acquisitions, and advising international companies on entering Asian markets.

“I look forward to working with my new partners at Canaccord Genuity,” said Howard Balloch, president of The Balloch Group and incoming chairman of Canaccord Genuity Asia. “By combining the strength of Canaccord’s global platform with our existing relationships in China, we will be able to identify even more opportunities for our clients and expand our service offering.”

Ruogu Li, chairman and president of the Export-Import Bank of China, is also looking forward to the opportunities that will arise as a result of the cooperative agreement between the two companies. “By partnering with Canaccord we can identify new opportunities to work with companies in sectors of strategic importance and help finance their growth initiatives. We look forward to collaborating on new projects and investments.”

Together, these initiatives represent an important entry into Asia for Canaccord Financial Inc. Paul Reynolds, president and CEO, noted that, “Canaccord Genuity Asia will combine the strength of our global platform and expertise in advising and raising capital for growth companies. We are committed to better serving our clients in this key growth market and growing Canaccord’s platform in Asia.”

(11/23/10)

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.