Canaccord Genuity looks to expand business in Middle East, India

Tue Mar 7, 2017 10:37am EST
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By Tom Arnold

DUBAI (Reuters) - Canadian financial services group Canaccord Genuity's CF.TO aims to double the contributions to its investment banking business from the Middle East and India in the next five years, its regional head told Reuters.

It recently helped broker a C$5 billion ($3.7 billion)investment partnership between Dubai ports operator DP World DPW.DI and Caisse de depot et placement du Quebec, Canada's second-largest public pension fund.

"We think this could be the first of many," said Sachin Mahajan, Canaccord Genuity's managing director and head of Middle East, North Africa and South Asia.

"There are crown jewels in this region where the funds can find strategic alliances and partnerships."

Canaccord Genuity is also in discussions with large European and North American private equity funds, pension funds and hedge funds about potential investments in Saudi, United Arab Emirates and India, Mahajan said.

The discussions include current transactions within logistics, infrastructure and healthcare, he said, declining to name the companies.

Canaccord Genuity is competing with boutique advisory firms such as Rothschild & Co, Moelis & Co (MC.N: Quote) and Lazard (LAZ.N: Quote) at a time when investment opportunities in the oil-rich states of the Middle East are taking off as low oil prices hasten asset sales and debt restructuring.

Another investment bank, Evercore Partners (EVR.N: Quote), is planning to open an office Dubai, two industry sources said.   Continued...

Sachin Mahajan, managing director and head of Middle East, North Africa, South Asia at Canaccord Genuity, poses for a photograph during an interview with Reuters in Dubai, UAE, February 26, 2017. REUTERS/Tom Arnold