The Canadian bank Canaccord will today announce a replacement for Brown, whose early departure was not expected within investment banking circles. It was reported last night that former BAML and Lazard banker Alexis de Rosnay has been lined up to take over.
When the £253m deal with Collins Stewart was completed last December, Brown was given the top job in the UK, with the former Canaccord UK boss Tim Hoare being given the post of chairman of Canaccord Genuity.
At the time of the merger Brown said: “We were not looking to sell at all but the very strong strategic rationale of this deal persuaded me to give up our independence which we did not do lightly.”
Like all investment banks Canaccord Genuity has been struggling in London and in New Europe because of a downturn in corporate activity but it has acted on a number of deals such as the $6.1bn takeover of Viterra by Glencore and the Global Radio acquisition of GMG Radio.