Macquarie to cut some of its Canadian operations

Industry headwinds are being blamed for a decision by investment bank and financial services firm Macquarie to close part of its Canadian business.

The Australian firm will end its institutional equity sales, trading and research units according to a report in the Globe and Mail. It will mean the loss of between 50 and 80 jobs in Canada, the paper reports.

The firm’s strategist David Doyle recently said that the Canadian economy has a lack of growth drivers and warned of challenges.

However, Macquarie’s asset management unit and others including commodities trading, hedging, corporate finance, and advisory units are not believed to be affected. These units employ around 100 people in Canada.

“Macquarie remains committed to Canada, with more than 100 staff working across commodities trading and hedging, corporate finance and advisory, cash equities execution, futures, asset management and equipment leasing in a range of sectors that include energy, mining, diversified industrials and infrastructure,” a Macquarie spokesperson told BNN Bloomberg in a statement.

Family office focus
Meanwhile, Macquarie Capital, the corporate advisory, capital markets and principal investment arm of Macquarie Group has announced a new business unit to focus on family offices in North America.

It has appointed Mark Buchanan as Managing Director and Head of North American Family Office Coverage.

Based in Chicago, Buchanan previously built a leading family office franchise at BMO Financial Group, where he was previously a Managing Director focused on private enterprises.

He is joined by Mark Padjen as Senior Vice President who also joins from BMO Financial Group, where he was a Director focused on privately held businesses and family offices.

“Family offices have diversified their investment strategies, including whole company acquisitions and other investments historically made by institutional investors,” said Michael Silverton, Head of Macquarie Capital Americas, Europe and Asia (AEA). “These appointments bring us the specialized knowledge and experience needed to deliver differentiated services and advice to family offices and complement our capabilities across financial sponsors, private and public capital as well as principal investing.”