Canaccord Financial has completed its acquisition of The Balloch Group and certain of its affiliates. The business will begin operating as Canaccord Genuity Asia effective immediately.
"I am very pleased to welcome our new China-based colleagues to Canaccord," noted Paul Reynolds, President and CEO of Canaccord Financial Inc. "Our expansion into Asia represents a significant milestone for Canaccord, as we further grow our global platform and build on our existing strength in many key sectors of the global economy."
As previously announced, Canaccord agreed to purchase TBG for $4.06 million, and has created an equity incentive plan for its principal employees that will offer for an additional payout of up to 1,187,847 Canaccord common shares, which will be earned over five years in proportion to meeting revenue targets totaling $101 million for Canaccord's operations in Asia.
Upon closing, Canaccord Financial Inc. welcomed Howard Balloch to its board of directors. Mr. Balloch will also serve as Chairman of Canaccord Genuity Asia.
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