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Continuing down its path of diversification, Canaccord Genuity is adding more people in the United States – and also building out a non-resource team at the same time.
The independent investment bank hired five real estate investment trust specialists Tuesday from mid-market dealer MLV & Co., bringing on a mix of research analysts, investment bankers and sales and trading types. The new U.S. team will be spread between New York and San Francisco.
Ryan Meliker and Paul Morgan join as research analysts, and combined they cover everything from lodging to health care to prison properties (how American). Peter Dippolito joins as an investment banker who specializes in REITs, while Brian Dorst and Roger Weiss are joining to focus on the sales and trading functions for REITs. (They also covered energy names at their previous shop.)
Adding five people in one shot will offer Canaccord some immediate scale in U.S. real estate. However, getting traction as a serious investment bank south of the border is hard work and takes years, something even Royal Bank of Canada had to learn.
The real estate sector comprised 7 per cent of Canaccord Genuity's global revenue from fiscal 2011 to fiscal 2014.
Tim Kiladze