Canaccord Financial Inc. is seeking more consistent returns from its U.S. investment banking operations, and the new head of the U.S. business is pledging to be more focused on gaining market share and controlling expenses to make it happen.
The firm on Thursday named Dan Daviau, one of the company's most productive bankers in Canada, to take over the U.S. business. He succeeds Jamie Brown, the long-time head of the U.S. operations and the son of Canaccord founder Peter Brown. Jamie Brown is staying on as an investment banker.
Paul Reynolds, Canaccord's chief executive officer, said in an internal email Mr. Daviau will be expected to deliver "through highly targeted growth initiatives and broad-based expense management programs."
Mr. Daviau outlined his goals in an email sent to employees in the U.S., saying the firm needs to "refocus our efforts to our highest-value activities" and do a better job of chasing business, as well as take a closer look at how money gets spent in the U.S.
"We have the scale we need to more consistently provide meaningful returns to our global business and Canaccord shareholders," Mr. Daviau said in the email.
"We need to take a focused look at our market environment, the allocation of our resources, and how we're distributing capital to further enhance our expense management programs," he said.