The boss of one of the City’s biggest mid-market broking and advisory firms is to step down, weeks after it blamed political uncertainty for a sweeping series of cuts across its business.
Sky News understands that Alexis de Rosnay is to step down as chief executive of Canaccord Genuity’s European operations and global head of its investment bank after nearly a decade at the helm.
He was also senior executive vice-president of its Toronto-listed parent company, Canaccord Genuity Group Inc.
The Canadian financial services group, which acted as broker to Patisserie Valerie’s parent company in the period leading up to its collapse after the discovery of a wide-ranging fraud, is one of the biggest brokers to medium-sized listed companies.
Sources said that Mr de Rosnay, a well-known City figure, had decided to step down in recent weeks.
He will be replaced as interim chief executive by Nick Russell and Stephen Massey, the head of Canaccord Genuity’s successful wealth management business, as executive chairman, according to insiders.
An announcement about the changes is likely this week, they said.
Under Mr de Rosnay, Canaccord saw a significant scaling-up of its wealth management operations in the UK, and recruited a number of senior bankers from City rivals.
Its London-based capital markets business, which employs close to 200 people, is undergoing a substantial restructuring following an announcement last month.
According to Canaccord’s statement, “a prolonged period of political and market uncertainty in the UK has impacted capital-raising and related activities in the region, resulting in unacceptable returns”.
It said there would be an unspecified number of job cuts.
Levels of capital markets activity such as initial public offerings have been at their lowest for close to a decade as companies have opted to stay private rather than selling shares at depressed valuations.
Other market reforms have also had an impact on mid-market brokers, which have been forced to seek mergers in order to reduce costs.
A spokesman for Canaccord declined to comment on Mr de Rosnay’s departure.