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Canaccord Financial to close 16 wealth management branches in Canada

Canaccord Financial is planning to streamline its Canadian wealth management division, by closing down 16 of its 32 branches and refocusing its operations in major centers across the country.

Canaccord expects to improve its services to private clients by restructuring wealth management system and integration of branches.

As of 30 June 2012, Canaccord’s Canadian wealth management division was administrating $13.1bn assets, out of which only 16% was accounted for by the 16 branches scheduled to close, while the rest was being managed by the remaining 16.

The wealth management firm has also reduced advisory teams by 35 at 16 locations to bring down the total advisory teams across Canada to 180.

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

"We can better cater to the needs of our clients through an elite team of Investment Advisors who have demonstrated their abilities to generate meaningful value for our clients, foster long-term client relationships and an enhanced client experience."

Charges pertaining to the integration of Canadian wealth management business will cost Canaccord nearly $11.5m, and will reflect in its fiscal second quarter.