Canaccord Financial Inc. reports second quarter fiscal 2013
results
Generates net income of $5.9
million during the quarter, excluding significant
items(1)
(All dollar amounts are stated in Canadian dollars unless
otherwise indicated)
TORONTO, Nov. 7, 2012 /CNW/ - In the second quarter of
fiscal 2013, the quarter ended September 30,
2012, Canaccord Financial Inc. (Canaccord, the Company, TSX:
CF, LSE: CF.) generated $186.6
million in revenue. During the quarter, the Company
implemented several cost-reduction initiatives aimed at improving
the performance of certain business units. Excluding restructuring
and other significant items(1) (a non-IFRS measure), the Company
recorded net income of $5.9 million,
or $0.03 per diluted common share.
Including these expenses, the Company recorded a net loss of
$14.8 million, or $0.19 per common share.
"We are pleased with the momentum we're building in the UK, the
US and Asia, where the impacts of
our acquisition of Collins Stewart Hawkpoint are beginning to
demonstrate the power of our expanded platform," stated
Paul Reynolds, President and CEO of
Canaccord Financial Inc. "We're continuing with our efforts to
foster further cross-border collaboration across our platform to
ensure our clients and shareholders receive the full value of our
global offering."
Mr. Reynolds continued: "Our fiscal second quarter was
highlighted by key leadership appointments and activities aimed at
strengthening the performance of certain divisions. In particular,
we expect these activities will allow our wealth management
businesses to operate more competitively within this dynamic
economic environment."
Second quarter of fiscal 2013 vs. first quarter of fiscal
2013
· Revenue of $186.6 million, up
15% or $24.1 million from
$162.5 million
· Excluding significant items, expenses of $179.7 million, down 1% from $181.7 million(1)
· Expenses of $204.9 million, up
10% or $17.9 million from
$187.0 million
· Excluding significant items, net income of $5.9 million compared to a net loss of
$16.3 million (1)
· Net loss of $14.8 million
compared to a net loss of $20.6
million
· Excluding significant items, diluted earnings per common share
(EPS) of $0.03 compared to a loss per
common share of $0.20 in the first
quarter of fiscal 2013(1)
· Loss per common share of $0.19
compared to a loss per common share of $0.24 in the first quarter of fiscal 2013
Second quarter of fiscal 2013 vs. second quarter of fiscal
2012
· Revenue of $186.6 million, up
56% or $67.1 million from
$119.5 million
· Excluding significant items, expenses of $179.7 million, up 47% from $122.5 million(1)
· Expenses of $204.9 million, up
62% or $78.5 million from
$126.4 million
· Excluding significant items, net income of $5.9 million compared to a net loss of
$1.7 million (1)
· Net loss of $14.8 million
compared to a net loss of $5.3
million
· Excluding significant items, diluted EPS of $0.03 compared to a loss per common share of
$0.05 (1)
· Loss per common share of $0.19
compared to a loss per common share of $0.09
First half of fiscal 2013 vs. first half of fiscal 2012 (Six
months ended September 30, 2012 vs.
six months ended September 30,
2011)
· Revenue of $349.1 million, up
25% or $69.8 million from
$279.3 million
· Excluding significant items, expenses of $361.4 million, up 36% from $265.6 million(1)
· Expenses of $392.0 million, up
45% or $121.6 million from
$270.4 million
· Excluding significant items, net loss of $10.4 million compared to net income of
$12.5 million (1)
· Net loss of $35.5 million
compared to net income of $7.9
million
· Excluding significant items, loss per common share of
$0.17 compared to diluted EPS of
$0.13(1)
· Loss per common share of $0.43
compared to diluted EPS of $0.07
Financial condition at end of second quarter 2013 vs. second
quarter 2012
· Cash and cash equivalents balance of $575.4 million, down $115.7 million from $691.1
million
· Working capital of $386.0
million, down $115.4 million
from $501.4 million
· Total shareholders' equity of $1.0
billion, up $170.3 million
from $863.5 million
· Book value per diluted common share for the period end was
$7.61, down 13% or $1.14 from $8.75(1)
· On November 7, 2012, the Board
of Directors approved a quarterly dividend of $0.05 per common share payable on December 10, 2012 with a record date of
November 30, 2012
· On November 7, 2012, the Board
of Directors also approved a cash dividend of $0.34375 per Series A Preferred Share payable on
December 31, 2012 with a record date
of December 14, 2012, and a cash
dividend of $0.359375 per Series C
Preferred Share payable on December 31,
2012 to Series C Preferred shareholders of record as at
December 14, 2012
SUMMARY OF OPERATIONS
Corporate
· On July 12, 2012, Canaccord
Financial Inc. held its 2012 Annual General Meeting of
shareholders, where all motions were duly passed
· On July 13, 2012, Canaccord
Financial Inc. graduated its UK public listing from AIM to the LSE
main market
· On August 13, 2012, Canaccord
Financial Inc. renewed its Normal Course Issuer Bid (NCIB)/share
buyback programme, which provides the Company with the ability to
purchase, at its discretion, up to 3,000,000 of its common shares
through the facilities of the TSX for cancellation
· On September 4, 2012, the
Company announced that Alexis de
Rosnay joined the firm as CEO of Canaccord's UK and European
operations
· On September 16, 2012, Canaccord
appointed Peter O'Malley as CEO of
Canaccord Genuity Asia
· On September 24, 2012, the
Company announced the expansion of its UK wealth management
business through the acquisition of Eden Financial Ltd.'s wealth
management business
· On September 24, 2012, Canaccord
announced a new strategy to streamline and refocus its Canadian
wealth management operations in larger Canadian centres
Capital Markets
· Canaccord Genuity led or co-led 28 transactions globally,
raising total proceeds of $1.1
billion(2) during fiscal Q2/13
· Canaccord Genuity participated in 74transactions globally,
raising total proceeds of $7.2
billion(2) during fiscal Q2/13
· During fiscal Q2/13, Canaccord Genuity led or co-led the
following transactions:
· £118.0 million for Eland Oil & Gas plc on AIM
· £100.0 million for Raglan Finance plc through a privately
placed wholesale bond issue
· £80.0 million for Intermediate Capital Group plc through a new
retail corporate bond issue
· US$75.0 million for Emerald Oil,
Inc. on the NYSE
· £65.0 million for CLS Holdings plc through a new retail
corporate bond issue
· C$57.5 million for Pure Multi-Family REIT LP on the TSX Venture
· £38.4 million for Kenmare Resources plc on the LSE
· C$34.7 million for Pure Industrial Real Estate Trust on the TSX
Venture
· C$34.5 million for Sprott Power Corp. on the TSX
· C$34.5 million for Partners Real Estate Investment Trust on the TSX
· US$38.0 million for Anthera Pharmaceuticals, Inc. on the NASDAQ
· AUS$30.0 million for Neon Energy Limited on the ASX
· S$30.0 million for JB Foods Limited on the SGX
· £23.0 million placing for Monitise plc (private placement)
· US$20.1 million for Sunshine Heart, Inc. on the NASDAQ
· US$17.4 million for Solta Medical, Inc. on the NASDAQ
· In addition to the transactions above, Canaccord Genuity was
lead manager in the $850 million
equity underwriting facility for Heritage Oil plc
· In Canada, Canaccord Genuity
raised $147.0 million for provincial
bond issuances and $13.9 million for
corporate bond issuances during fiscal Q2/ 13
· Canaccord Genuity generated advisory revenues of $28.6 million during fiscal Q2/13, an increase of
32% compared to the same quarter last year
· During fiscal Q2/13, Canaccord advised on the following
M&A and advisory transactions:
· Extorre Gold Mines Limited on its acquisition by Yamana Gold Inc.
· SkyPower Limited. on its sale of certain assets to Canadian Solar
Inc.
· Pamplona Capital Management LLP on the restructuring process of WEPA
SE
· Azulis Capital on the disposal of Cleor to 21 Centrale Partners
· Florac on its acquisition of a minority stake in TCR
· Irish Life Limited on its investment in GloHealth Financial Services
Ltd.
· Financial advisor to the shareholders of Windsor Limited on
the merger of Windsor with
Hyperion Insurance Group
· Financial advisor to Xaap Finances on the disposal of TATEX to
Fedex
· Financial advisor to Invista Real Estate Investment Management
Holdings plc on the £40 million recommended cash offer from Palmer
Capital Investors (India)
Limited
Canaccord Wealth Management (Global)
· Globally, Canaccord Wealth Management generated $57.6 million in revenue
· Assets under administration in Canada, and assets under management in the UK
and Europe, and Australia, were $26.8
billion at the end of Q2/13(1)
Canaccord Wealth Management (North
America and Australia)
· Canaccord Wealth Management generated $37.0 million in revenue and, after intersegment
allocations, recorded a net loss of $20.5
million before taxes in Q2/13. Restructuring charges
associated with the reduction of the Canadian wealth management
platform totalling $13.6 million were
recorded in the quarter. Excluding these significant items, the
division generated a net loss of $6.9
million.
· Assets under administration in Canada were $13.3
billion as at September 30,
2012, up 2% from $13.1 billion
at the end of the previous quarter and down 9% from $14.6 billion at the end of fiscal Q2/12(1)
· Assets under management in Australia were $354
million at the end of fiscal Q2/13(1)
· Assets under management in Canada (discretionary) were $784 million as at September 30, 2012, up 11% from $709 million at the end of the previous quarter
and up 37% from $574 million at the
end of fiscal Q2/12(1)
· As at September 30, 2012,
Canaccord Wealth Management had 242 Advisory Teams(3), a decrease
of 29 Advisory Teams from September 30,
2011 and a decrease of 37 from June
30, 2012
· During the second quarter of Canaccord's fiscal year,
Canaccord announced a reduction to its Canadian wealth management
platform. As of September 30, 2012,
32 wealth management offices were operating in Canada. 16 of these locations have now closed
or are scheduled to close:
· Four corporately owned branches: Victoria, Abbotsford, White
Rock, and London (ON)
· 12 locations operating on the Independent Wealth Management
(IWM) platform: Barrie,
Brampton, Campbell River, Cobourg, Nanaimo(4), one office in Ottawa(4), one office in Prince George, Quebec City, Saskatoon, Summerland, Thunder
Bay and Vernon(4)
Canaccord Wealth Management (UK and Europe)
· Collins Stewart Wealth Management generated $20.7 million in revenue and, after intersegment
allocations, recorded net income of $0.3
million before taxes in Q2/13
· This division recognized $0.9
million of acquisition costs related to the purchase of Eden
Financial Ltd.'s wealth management business and $1.6 million of amortization of intangible assets
acquired in connection with the acquisition of CSHP. Excluding
these significant items, Collins Stewart Wealth Management recorded
net income after intersegment allocations and before income taxes
of $2.8 million in Q2/13
· Assets under management (discretionary and non-discretionary)
were $13.1 billion (£8.3 billion)
Subsequent Events
· On October 1, 2012, Canaccord
completed its acquisition of Eden Financial's wealth management
business
· On October 1, 2012, Canaccord
appointed Philip Evershed as Global
Head of Investment Banking
· On October 25, 2012, Canaccord
Genuity Inc. (Canaccord's US capital markets division) held a
charity trading day, where designated commissions from equity,
electronic, and agency options trades on that day were donated to
Youth, I.N.C. In total, Canaccord's US team generated approximately
US$950,000 for at-risk children
through the seventh annual Trading Day for Kids.
· On November 6, 2012, Canaccord
appointed Steve Buell as Global Head
of Research
· On November 7, 2012, Canaccord
welcomed Dipesh Shah as a director
on the board of Canaccord Financial Inc.
Non-IFRS Measures
The non-International Financial Reporting Standards (IFRS)
measures presented include assets under administration, assets
under management, book value per diluted common share and figures
that exclude significant items. Significant items include
restructuring costs, amortization of intangible assets, and
acquisition-related expense items, which include costs recognized
in relation to both prospective and completed acquisitions.
Management believes that these non-IFRS measures will allow for a
better evaluation of the operating performance of Canaccord's
business and facilitate meaningful comparison of results in the
current period to those in prior periods and future periods.
Figures that exclude significant items provide useful information
by excluding certain items that may not be indicative of
Canaccord's core operating results. A limitation of utilizing these
figures that exclude significant items is that the IFRS accounting
effects of these items do in fact reflect the underlying financial
results of Canaccord's business; thus, these effects should not be
ignored in evaluating and analyzing Canaccord's financial results.
Therefore, management believes that Canaccord's IFRS measures of
financial performance and the respective non-IFRS measures should
be considered together.
Selected financial information excluding significant items
Quarter YTD-
-over- over-
Three months ended quarter Six months ended YTD
September 30 change September 30 change
(C$ thousands, except 2012 2011 2012 2011
% amounts)
Total revenue per IFRS $ 186,599
$ 119,500 56.1% $ 349,148 $ 279,283
25.0%
Total expenses per 204,910 126,396 62.1% 391,958 270,430 44.9%
IFRS
Significant items
recorded in Canaccord
Genuity
Restructuring costs 4,395 - n.m. 4,395 - n.m.
Acquisition-related 388 1,443 (73.1)% 388 1,443 (73.1)%
costs
Amortization of 3,436 930 269.5% 7,809 1,860 n.m.
intangible assets
Significant items
recorded in Canaccord
Wealth Management
Restructuring costs 13,567 - n.m. 13,567 - n.m.
Acquisition-related 900 - n.m. 900 - n.m.
costs
Amortization of 1,614 - n.m. 2,612 - n.m.
intangible assets
Significant items
recorded in Corporate
and Other
Restructuring costs 900 - n.m. 900 - n.m.
Acquisition-related - 1,513 (100.0) - 1,513 (100.0)
costs % %
Total significant 25,200 3,886 n.m. 30,571 4,816 n.m.
items
Total expenses 179,710 122,510 46.7% 361,387 265,614 36.1%
excluding significant
items
Net income (loss) $ 6,889 $ (3,010) n.m. $ (12,239) $ 13,669 (189.5)
before tax - adjusted %
Income taxes 982 (1,345) (173.0) (1,851) 1,209 (253.1)
(recovery) - adjusted % %
Net income (loss) - 5,907 $ (1,665) n.m. (10,388) $12,460 (183.4)
adjusted %
Earnings (loss) per $ 0.03
$ (0.05) (160.0) $ (0.17) $ 0.14
(221.4) common share - basic,
% %
adjusted
Earnings (loss) per $ 0.03 $ (0.05) (160.0) $ (0.17) $ 0.13 (230.8)
common share - % %
diluted, adjusted
n.m.: not meaningful
Fellow shareholders:
Over the past three years, we have been focused on constructing
a strong, comprehensive platform to cater to the increasingly
global needs and perspectives of our corporate, institutional and
wealth management clients. Our fiscal second quarter saw us advance
this strategy with the announcement of a number of key leadership
appointments that drew from our deep bench strength, as well as
from world-class expertise outside our firm. In addition, we have
undertaken a number of cost containment initiatives that, while
difficult, should allow us to improve margins in a very challenging
macro operating environment.
In September, we were very pleased to welcome Alexis de Rosnay as CEO of our UK and European
operations and Peter O'Malley as CEO
of Canaccord Genuity Asia. These two well-regarded executives made
the decision to join Canaccord as a result of the momentum we're
building in these geographies, and we expect they will be able to
draw on their considerable global expertise on behalf of our
clients.
To lead the efforts in advancing the global integration of our
capital markets team, we recently appointed Phil Evershed as Global Head of Investment
Banking, and Steve Buell as Global
Head of Research. Their priorities will be focused on enhancing our
cross-border collaboration and standardizing global best practices
to enhance the value of the services we provide our clients.
The second quarter also saw Canaccord Wealth Management address
the losses related to a number of small, consistently unprofitable
corporate and independent branches in Canada. In conjunction with the decision to
reduce our branch complement, we also reduced our back-office
salary costs in Canada by
approximately 20% through staffing reductions. We expect to
continue to reduce our fixed costs in Canada during the balance of this fiscal year
as we seek to better align our cost structure with our market
opportunities.
In total, there were $25.2 million
of significant expense items5 that were not attributable to normal
operating activities during the quarter. We are taking these
charges now, so that our businesses are better positioned to
generate stronger future performance.
Financial Performance
During the second quarter of Canaccord's fiscal year, the
Company generated $186.6 million of
revenue, an increase of 15% from the previous quarter and 56% from
the same quarter last year. Much of this increase can be attributed
to the expanded Canaccord operating platform. On an operating
basis, excluding significant expense items related to activities
taken in the quarter, Canaccord generated net income of
$5.9 million, or $0.03 per diluted common share. Including all
significant expense items, the Company recorded a net loss of
$14.8 million, or $0.19 per share.
Our operating results showed significant improvement compared to
last quarter, as a result of both revenue growth and the ongoing
expense reduction initiatives we're undertaking. Excluding
incentive compensation, which is directly correlated to revenue,
operating expenses decreased this quarter on average by 12%. And we
were able to achieve this while growing revenue by nearly 15%, or
$24 million, in that same time
frame.
Canaccord Genuity
Canaccord Genuity, our global capital markets division, recorded
$119.0 million of revenue during the
second quarter, an increase of 18% compared to the previous quarter
and 71% compared to the same period last year. Our principal
trading and investment banking activities generated a marked
improvement, due largely to enhanced performance from our US and UK
operations. In fact, our US and UK businesses are beginning to
build the kind of momentum we expected from our acquisition of
Collins Stewart Hawkpoint plc.
We're particularly pleased that all of our geographies made
meaningful contributions to our capital raising activities this
quarter, with sizable transactions led on the Canadian, UK,
Singapore and Australian
exchanges. Globally, Canaccord Genuity's investment banking team
led or co-led 28 financing transactions during the quarter, raising
approximately $1.1 billion for our
clients. Our M&A and advisory practice also had another solid
contribution, generating $28.6
million in revenue during the quarter, and continues to have
an exceptionally strong pipeline.
Wealth Management
Our Canadian wealth management business continued to be affected
by slower market activity during the quarter, generating
$35.8 million in revenue with
expenses of $47.4 million including a
one time only charge of $13.6 million
related to a restructuring of that business unit. This led to a net
loss before tax of $20.8 million. To
strengthen the performance of this business, we are in the process
of implementing a new strategy to streamline and refocus our
operations in larger Canadian centres. On September 24, we announced the closing of four
corporate and 12 independent underperforming branches, located
mostly in smaller communities. This strategy will allow us to
invest further in core branches that have a strong market presence
and have demonstrated consistently profitable operations. By
removing loss-generating locations from our Canadian wealth
management platform, we're confident that we can meaningfully
improve the performance of this business. While market conditions
in Canada remain subdued, we
expect this business will operate at or near a break-even basis.
Given stronger market conditions, we believe this business can
generate meaningful returns to our shareholders. Most importantly,
we expect that these activities will allow our wealth management
businesses to operate more competitively within this dynamic
economic environment.
In the UK and Europe, Collins
Stewart Wealth Management continued to provide consistent returns
to our business, generating $20.7
million in revenue and, excluding acquisition-related
expenses, $2.8 million of net income
before tax. Importantly, fee-based activities contributed 62% of
revenue generated by this business in fiscal Q2/13, and assets
under management continued to grow to $13.1
billion.
During the second quarter we strengthened our UK wealth
management division through the addition of Eden Financial's wealth
management business. This complementary acquisition, which closed
just after our fiscal second quarter, added an additional
$1.3 billion to assets under
management and grew our UK client base. Eden continues to provide
clients with the same high quality, tailored services as before,
but under the Canaccord umbrella.
Looking Ahead
In the months ahead, we will continue to be focused on
cross-border collaboration, to ensure that our clients and
shareholders receive the full value of our global offering. While
we're already building momentum in many of the markets we operate
in, we're confident that we can find even more opportunities for
clients by further integrating our capital markets operations
around the world. We also believe that Canaccord Wealth Management
can be a positive contributor to the firm's profitability and we
expect to make further investments in that business as its
performance improves. We plan to continue to actively recruit,
launch new products and services, and build out our digital
strategy to better serve our existing clients and reduce our
costs.
In summary, we expect market conditions will continue to be
subdued over the near term but we're confident our company is
better positioned now to perform in this environment. While
macroeconomic factors will continue to play a significant role in
the operating environment for our industry, we are focused on
growth - for our firm and for our clients.
Kind regards,
Paul D. Reynolds, President & CEO
Canaccord Financial Inc.
ACCESS TO QUARTERLY RESULTS INFORMATION
Interested investors, the media and others may review this
quarterly earnings release and supplementary financial information
at http:// www.canaccordfinancial.com/EN/IR/Pages/default.aspx.
CONFERENCE CALL AND WEBCAST PRESENTATION
Interested parties are invited to listen to Canaccord's second
quarter fiscal 2013 results conference call with analysts and
institutional investors, via a live webcast or a toll free number.
The conference call is scheduled for Wednesday, November 7, 2012, at 2:30 p.m. (Pacific Time), 5:30 p.m. (Eastern Time), 10:30 p.m. (UK Time), and at 6:30 a.m. (China Standard Time), and 9:30 a.m. (Australia EDT Time) on Thursday, November 8, 2012. At that time, senior
executives will comment on the results for the second quarter of
the fiscal 2013 year and respond to questions from analysts and
institutional investors.
The conference call may be accessed live and archived on a
listen-only basis via the Internet at:
www.canaccordfinancial.com/EN/NewsEvents/Pages/Events.aspx
Analysts and institutional investors can call in via telephone
at:
· 647-427-7450 (within Toronto)
· 1-888-231-8191 (toll free North America)
· 0-800-051-7107 (toll free from the UK)
· 1-800-760-620 (toll free from Ireland)
· 0-800-917-449 (toll free from France)
· 0-800-183-0171 (toll free from Germany)
· 10-800-714-1191 (toll free from Northern China)
· 10-800-140-1195 (toll free from Southern China)
· 1-800-287-011 (toll free from Australia)
Please request to participate in Canaccord Financial's Q2/13
earnings call.
A replay of the conference call can be accessed after
5:30 p.m. (Pacific Time),
8:30 p.m. (Eastern Time) Wednesday, November
7, 2012, and after 1:30 a.m.
(UK Time), 9:30 a.m. (China Standard
Time) and 12:30 p.m. (Australia EDT
Time) on Thursday, November 8, 2012
until December 26,, 2012 at
416-849-0833 or 1-855-859-2056 by entering passcode 47119586
followed by the pound (#) sign.
ABOUT CANACCORD FINANCIAL INC.:
Through its principal subsidiaries, Canaccord Financial Inc. is
a leading independent, full-service financial services firm, with
operations in two principal segments of the securities industry:
wealth management and global capital markets. Since its
establishment in 1950, Canaccord has been driven by an unwavering
commitment to building lasting client relationships. We achieve
this by generating value for our individual, institutional and
corporate clients through comprehensive investment solutions,
brokerage services and investment banking services. Canaccord has
offices in 12 countries worldwide, including Wealth Management
offices located in Canada,
Australia, the UK and Europe. Canaccord Genuity, the international
capital markets division, operates in Canada, the US, the UK, France, Germany, Ireland, Italy, China,
Hong Kong, Singapore, Australia and Barbados.
Canaccord Financial Inc. is publicly traded under the symbol CF
on the TSX and the symbol CF. on the London Stock Exchange.
Canaccord Series A Preferred Shares are listed on the TSX under the
symbol CF.PR.A. Canaccord Series C Preferred Shares are listed on
the TSX under the symbol CF.PR.C.
None of the information on Canaccord's websites at
www.canaccordfinancial.com, www.canaccordgenuity.com, and
www.canaccord.com should be considered
incorporated herein by reference.
______________________________
1 See Non-IFRS measures.
2 Source: Transactions over $1.5
million. Internally sourced information.
3 Advisory Teams are normally comprised of one or more
Investment Advisors
(IAs) and their assistants and associates, who together manage a
shared set
of client accounts. Advisory Teams that are led by, or only
include, an IA
who has been licensed for less than three years are not included
in
our Advisory Team count, as it typically takes a new IA
approximately three
years to build an average-sized book of business.
4 These locations were closed prior to November 7, 2012.
5 Significant expense items include restructuring costs,
amortization of
intangible assets, and acquisition-related expense items.
SOURCE: Canaccord Financial Inc.
For further information:
North American media:
Scott Davidson
Executive Vice President, Global Head of Corporate Development & Strategy
Phone: 416-869-3875
Email: scott.davidson@canaccord.com
London media:
Bobby Morse or Ben Romney
Buchanan Communications (London)
Phone: +44 (0) 207 466 5000
Email: bobbym@buchanan.uk.com
Investor relations inquiries:
Jamie Kokoska
Vice President, Investor Relations & Communications
Phone: 416-869-3891
Email: jamie.kokoska@canaccord.com
Joint Broker:
Oliver Hearsey or James Kelly
RBC Europe Limited
Phone: +44 (0) 20 7653 4000
Email: oliver.hearsey@rbccm.com
Joint Broker:
Erick Diaz
Keefe, Bruyette & Woods Limited
Phone: +44 (0) 207 663 3162
Email: ediaz@kbw.com