GMP Capital Corp. expects to have 15 or 20 retail brokers under its roof by the end of the year, CEO Kevin Sullivan said Wednesday.

In a conference call with analysts and institutional investors, Sullivan said the firm continues to focus on getting the right cultural fit with the advisors it’s recruiting to its fledgling private client division, rather than concentrating on headcount targets.

That said, Sullivan noted that based on the current recruiting pipeline, it should have 15 to 20 advisors on board by yearend. That should work out to between $1.5 billion and $2 billion under management, based on the quality of advisor it’s pursuing, he said.

The only significant capital expenditures GMP anticipates in the year ahead will come from recruiting brokers, Sullivan noted. It is targeting four cities for its retail division – three where it already has offices, Toronto, Montreal and Calgary – and, Vancouver.

As for the other business lines that GMP is considering, Sullivan said that it is looking seriously at overseas opportunities in London. But, he said, GMP hasn’t decided yet that it needs a physical presence in Britain. The company also continues to investigate the private equity business, but hasn’t come to a conclusion on whether to buy something or build its own capability from the ground up.

On the financial front, Sullivan said the firm is moving to a monthly, rather than quarterly dividend to try to attract more attention from retail investors currently preoccupied with income trusts and monthly distributions. He added the move will help focus management’s attention on delivering consistent returns. Most of GMP’s public float is held by institutional investors, with about 60% controlled by employees.

GMP said Wednesday morning that fourth-quarter revenue hit a record $58.9 million, up 48.7% from a year ago. The company said net income for the three months ended Jan. 31 jumped 46.4% to $16.4 million, with basic earnings per share at $0.58 vs $0.40.