[TORONTO] Canaccord Genuity Group, Canada's largest non-bank brokerage, is exploring strategic options, including a sale of all or part of its business, according to people familiar with the matter.
The Toronto-based firm, working with advisers after appointing activist investor Eric Rosenfeld to its board this month, believes its shares are undervalued, said the people, who asked to not be identified because the matter isn't public. The company believes its UK wealth business alone could be worth roughly C$1 billion , one of the people said.
No final decision has been made and Canaccord Genuity could opt against a full or partial sale, the people said. Canaccord Genuity rose 6.5 per cent to C$7.91 at 2.54pm in Toronto, giving the company a market value of C$853 million.
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