The job cuts will be shared by both firms with Canaccord’s 150 London employees, and about 200 people in Collins Stewart’s securities division, as reported by Financial Times.
Canaccord said the acquisition will create a leading independent investment bank, M&A adviser and wealth manager in the UK and Europe. The businesses are very complementary and are a strong cultural fit.
In December 2011, the Vancouver group decided to acquire Collins Stewart for £253.5m.
The merged securities entities will be renamed as Canaccord Genuity, the Canadian group’s global capital markets arm.
Tim Hoare, chief executive of Canaccord Genuity, will take charge of its chairman, while Mark Brown, Collins Stewart’s chief executive, will take Hoare’s previous position.
Canaccord will manage Collins Stewart’s wealth management business, which oversees £7bn in assets.
