Canaccord Financial Inc. (TSX: CF) has completed the its acquisition of The Balloch Group, a boutique investment bank in China, the Canadian investment dealer said Monday.

The business will begin operating as Canaccord Genuity Asia effective immediately, with Howard Balloch serving as chairman.

Balloch also joins the Canaccord Financial board of directors.

“I am very pleased to welcome our new China-based colleagues to Canaccord,” said Paul Reynolds, president and CEO of Canaccord Financial, in a release. “Our expansion into Asia represents a significant milestone for Canaccord, as we further grow our global platform and build on our existing strength in many key sectors of the global economy.”

As previously disclosed, Canaccord agreed to purchase Balloch for $4.0 million, and has established an equity incentive plan for its principal employees that will provide for an additional payout of up to 1,187,847 Canaccord common shares ($13.5 million based on an issue price of $11.3651). These shares will be earned over five years in proportion to meeting revenue targets totaling $100 million for Canaccord’s operations in Asia.

IE