GMP CEO Fricker sees 24% pay increase
GMP Capital Inc.'s chief executive officer saw a sizeable bump in compensation, in a year the independent brokerage pared its losses, and laid off a significant portion of its work force.
Harris Fricker earned $3.9-million in 2016, compared with $3.1-million in 2015 – a 24 per cent increase, according to a regulatory filing released last week.
For the first time since becoming CEO in 2010, Mr. Fricker earned a portion of his compensation from the investment banking bonus pool, which reflected his own contributions to bringing in revenue. GMP said the change in the structure of Mr. Fricker's compensation to include payments from the pool "reflects current practice among several CEOs" in its peer group. Story
Concert Real Estate moves to contend with commercial property crescendo
A new division of Concert Real Estate Corp. has made its first acquisition as the company hunts for growth in a frenetic commercial real estate market.
After nearly 30 years of developing properties – with roots building rental housing in British Columbia – Vancouver-based Concert recently opened its doors to new investors, looking beyond its 19 pension-plan owners for capital. The company's resulting commercial real estate fund is now making its first investment: a warehouse and distribution facility in Brampton, Ont., purchased for $158.3-million at auction. Story
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Why Canadian bank CEOs shouldn't lecture Trump on free trade
Former Conservative prime minister Brian Mulroney was in Ottawa last week briefing Liberal Prime Minister Justin Trudeau and his cabinet on how to deal with the U.S. President. Saskatchewan Premier Brad Wall – no fan of Mr. Trudeau – spent most of the week in Washington pressing Canada's case with several senior Trump administration officials, including Commerce Secretary Wilbur Ross and White House budget chief Mick Mulvaney. At least a dozen federal cabinet ministers are fanning out across the United States this spring delivering the message that Canada is a big part of U.S. economic success – and not the other way around.
But it is just a tad awkward watching power brokers in protected Canadian sectors extolling the virtues of open borders. Story
Money manager Sprott Inc. is going back to its roots as an investor in gold, silver and mining plays by selling its $3-billion mutual-fund arm to its executives for $46-million. Story
The company behind the Mont Tremblant and Blue Mountain ski resorts has signed an agreement to be acquired in a friendly deal valued at $1.5-billion (U.S.), including debt. Story
A fund founded by Adam Waterous, the former Bank of Nova Scotia investment banker, has acquired two-thirds of Northern Blizzard Resources Inc. for $244-million, putting more Canadian oil assets back in domestic hands. Story
Taiwan's Foxconn has indicated that it may pay as much as 3 trillion yen ($26.99-billion) for Toshiba Corp's chip business, Bloomberg reported on Monday, citing people familiar with the matter. Story