A new investment dealer — jointly owned by Scotiabank, a couple of Indigenous development companies, and a First Nations group — will launch later this month, with a view to advancing Indigenous participation in the capital markets.
The firm, Cedar Leaf Capital Inc., is 30% owned by Scotiabank, with the other 70% split equally between a trio of Indigenous groups — Nch’kay Development Limited Partnership, the economic development arm of the Squamish Nation; Des Nedhe Group, the economic development corporation for the Dene people of English River First Nation; and the Chippewas of Rama First Nation.
It received regulatory approval from the Canadian Investment Regulatory Organization (CIRO) in late September.
To start, the new firm will be the first investment dealer that’s majority-owned by Indigenous groups, with the intention that it will ultimately become wholly Indigenous-owned and operated.
“Until such time, the firm’s operations will leverage Scotiabank’s infrastructure and core enterprise frameworks as it develops its self-sustaining operations,” the bank said in a release.
Initially, the firm will serve as an underwriter, or placement agent, for corporate and government debt, with plans to potentially expand into advisory services and equity capital markets.
“Our goal is to not only support Indigenous economic participation, but to empower nations through meaningful relationships built on trust and respect,” said the firm’s CEO, Clint Davis, in a release.
“Our clients will be partners in building a stronger and more resilient financial system. We look forward to working with those who share our vision of promoting economic sovereignty and empowering Indigenous communities,” he added.