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Canaccord cuts 60 jobs, books lossDEBORAH BAIC/The Globe and Mail

Canaccord Financial Inc. continues its expansion outside Canada, adding four fixed-income specialists including a head of U.S. sales.

Canaccord now gets more than half its revenue outside Canada, and even with markets at home in a funk the company has been steadily building elsewhere. Mark Whaling, who runs the firm's U.S. securities operations for the Canaccord Genuity investment banking unit, announced the hires in an internal memo.

Steve Lobb is joining as head of U.S. sales with a mandate to keep building fixed income south of the border, with a focus on high yield sales. Mr. Lobb is a Canadian with an extensive CV of overseas jobs, including as global head of credit sales for Société Générale in London and global head of structured credit for ABN Amro.

To build a structured products team, the firm hired Barry Dennis, William Ludington and Dean Larson. Mr. Dennis will be head of U.S. structured product and will look to build a team, Mr. Whaling said in the internal note. Mr. Ludington will run U.S. structured product sales and Mr. Larson will head up origination, structuring and sales.

Mr. Dennis was most recently running structured products for Sterne Agee. He also has had stops at Merrill Lynch and TD Securities. He was a founder of Chapdelaine Credit Partners, a bond broker that hit rough times when it couldn't raise enough capital. (Bloomberg reported that here.) Mr. Larson worked with Mr. Dennis at Chapdelain, and before that was at Merrill Lynch Canada, UBS, Deutsche Bank and Goldman Sachs. Mr. Ludington has worked at CapRok Capital, UBS Securities, and JP Morgan.

(Boyd Erman is a Globe and Mail Capital Markets Reporter & Streetwise Columnist.)

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