Jacob Securities to shut down
Jacob Securities Inc. is shutting down, making it the second small Canadian broker dealer to announce plans to get out of the business this week alone.
In an interview, founder Sasha Jacob cited the “regulatory burden” and “extraordinary cost structure” of being an Investment Industry Regulatory Organization of Canada (IIROC) member as a major reason for the firm’s struggles.
“Quite frankly the costs of maintaining retail and a trading desk ... have been a bit of a distraction and a drain on the firm” he said.
On Friday, IIROC announced it had suspended Jacob Securities’ IIROC membership which effectively puts the dealer out of business.
Mr. Jacobs, an ex-Dundee Securities banker, is planning another kick with Jacob Capital Management Inc., a non-IIROC-regulated mergers and acquisitions (M&A) advisory shop. It will focus on landing advisory work in the renewable energy and marijuana sectors, which was one area of strength for...
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