MARK BLINCH/Reuters
Casimir Capital, which has spent the past few years trying to establish a business in Canada, has notified the country's market self-regulator that it is giving up the business.
According to the Investment Industry Regulatory Organization of Canada (IIROC), Casimir has applied to give up its membership. And former employees are putting out the word that the company, which has an affiliate in New York, is winding down its Canadian operations.
The brokerage landscape in Canada has been shifting amid a paucity of deals. Firms like Stifel Nicolaus and Fraser Mackenzie have given up on Canada. At the same time, other firms such as Edgecrest Capital are starting up, betting they can build a business even in a down market and make good money when business rebounds.
Representatives of Casimir did not return messages seeking details.
Casimir started in Canada as an energy and mining boutique. Last year, there was a management buyout of much of the operation and a shift in strategy to just energy.
In related news, the Wall Street Journal reported Thursday that Edgecrest is in talks to buy Stonecap Securities, the wholesale arm of the former Blackmont Capital. Stonecap has been struggling and downsizing, but still has a significant roster of client contacts.
Edgecrest is a venture led by some of the team that built Westwind Partners, which was sold in 2008 for about $150-million. Westwind eventually became part of Stifel, which then shut the operations down last summer.