Stuart Raftus, well-known for running CG Wealth Managment, has been named CEO of Cannacord Genuity Corp.Richard Roth
Canaccord Genuity Corp. CF-T is shuffling its senior executives, naming Stuart Raftus as the chief executive of its Canadian division and appointing a new Canadian capital markets head as the current president steps down.
Mr. Raftus, who is well-known on Bay Street for running CG Wealth Management, is now CEO of Canaccord Genuity Corp., the formal name of the entire Canadian business, according to an internal memo obtained by The Globe and Mail.
Pat Burke, meanwhile, is stepping down from his role as president of Canadian capital markets. Mr. Burke joined Canaccord Genuity in 2015, when he was one of the key hires made by newly appointed chief executive officer Dan Daviau.
Before joining, Mr. Burke had been global head of equity and co-head of global investment banking at Bank of Nova Scotia, but left the dealer in 2014 in a move that surprised Bay Street. He will now be a special adviser to Canaccord Genuity.
“We are grateful to Pat for his partnership and contributions over the past eight years and wish him all the best in this next chapter,” the memo says.
In his place, Canaccord has promoted Jason Melbourne to head of Canadian capital markets. Mr. Melbourne has been global head of distribution since October, 2020.
The changes come at a pivotal moment for Canaccord, whose leaders are in the midst of a management buyout for the company. The proposed takeover, led by Mr. Daviau, was proposed in January but has stalled of late. The divisive bid has forced the resignation of multiple board directors who did not support the takeover, but has the potential to be withdrawn this week after the buyout team said they encountered an unnamed regulatory issue.
Canaccord Genuity, like many investment banks, has also been affected by a dramatic slowdown in deal flow over the past nine months.