Bank-owned dealers appear to be pulling even further ahead of smaller brokers in the race for lucrative underwriting business. At least when viewed through a multiyear lens.
The Investment Industry Association of Canada (IIAC), an industry advocacy group for the independent dealers, noted the inexorable rise of the integrated (bank-owned) dealers, in a letter released Thursday. The share of new equity issuance in 2015 by bank-owned dealers was 73 per cent, according to IIAC. Five years ago, it was running at under 60 per cent. Independents saw their share fall to just under 27 per cent from 41 per cent in the same period.