Wood Gundy Inc. is Canada's leading brokerage and investment banking company.
The company, founded in 1905 was acquired by Imperial Bank of Commerce Canada in 1988 while trying to establish an investment banking business. Wood Gundy's name was used extensively by the bank's investment banking business, known as CIBC Wood Gundy until 1997. Currently, CIBC's investment banking business is known as CIBC World Markets and CIBC Wood Gundy is used as a brand for retail bank business brokers.
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History
Initial and initial history
Wood, Gundy & amp; The company was founded in Toronto, Ontario in 1905 by George Herbert Wood and James Henry Gundy. The company first specializes in the distribution and guarantee of government and municipal bonds. In 1919, the company opened an office in New York City. Established as a partnership, the company was founded in 1925.
After World War II, Wood Gundy Inc. expanded its operations, began to bear and distribute the securities of Canadian companies. Sustainable growth is driven through Canada's increased industrialization and population growth, leading to greater demand for capital and investment investments. This expansion changed Wood Gundy Inc. into a full-service investment house. Wood Gundy was the first Canadian dealer to open an office in Tokyo and the first company to hire a female trader on the Toronto Stock Exchange floor.
The company's operation, later called "Wood, Gundy & Company Company" was divided into two new companies established in 1962. The first, responsible for the operation of an investment dealer, is called "Wood Gundy Securities Limited". The second, responsible for the investment holding business, is named "Wood Gundy Holdings Limited". Both companies existed until the early 1970s, when they reunited as a single company under the name "Wood Gundy Limited". At this time, Charles Gundy, the son of the founder, is the Chairman. Wood Gundy remained the largest brokerage and securities firm in Canada until the early 1980s when mergers from Dominion Securities and A.E. Ames created the largest company in the country.
Acquisition by CIBC
In the mid-1980s, Wood Gundy, owned by some 600 employees, was looking for a merger partner. In 1986, Wood Gundy almost joined the Gordon Capital Corporation but the deal was canceled at the last minute. In 1987, there were a number of banks that actively pursued an agreement with Wood Gundy, including First National Bank of Chicago, Union Bank of Switzerland and Royal Bank of Canada, but this deal failed in mid-year due to high price expectations. The company was hit by the 1987 stock market crash in October 1987 and intensified its efforts to find buyers.
CIBC purchased a 60 percent stake in Wood Gundy in June 1988 for C $ 110 million (US $ 86 million), representing a total value of C $ 183 (US $ 143 million). At the time of the acquisition, Wood Gundy is Canada's leading investment dealer. Following the acquisition, CIBC established CIBC Wood Gundy, which offers asset management services for corporate and institutional clients.
Two years later, in 1990, CIBC continued to grow in the Canadian securities business by acquiring many Merrill Lynch & amp; Canadian securities business company. Acquisitions include 20 offices and between 700 and 800 employees as well as access to CIBC for Merrill equity research. This transaction made Wood Gundy once again become the largest brokerage company in Canada. In 2001, CIBC will buy the rest of Canadian Merrill's business.
In 1997, CIBC Wood Gundy acquired the US brokerage house Oppenheimer & amp; After the acquisition, the US division took the name of CIBC Oppenheimer, eliminating the use of the Wood Gundy brand through most banks.
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Executive
Seats George Herbert Wood (1925-1932): investment dealer, Sec/Supt of Sales, Manager with Dominion Securities Corp (1900-1905), Chairman of the Victory Loan Special Committee 1911-1918, Acting President of Toronto YMCA
President
- James Henry Gundy (1925-1948)
- Charles Lake Gundy (1948-1978): World War II - Canadian Army 1939-1945, Vice President 1945-1948, President 1948-1967, Chairman 1967-1978, son of JH Gundy
- Charles Edward "Ted" Medland (1978-1988)
- John Hunkin (1988-1990)
References
Source of the article : Wikipedia
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