GMP Capital Corp. is on target to hire 15-20 retail brokers this year, reported the firm’s chief executive officer Kevin Sullivan, in a conference call with analysts today.

So far, the firm has hired six brokers, who brought with them almost $1 billion in assets under management. Sullivan said that its retail expansion is off to a tremendous start, and it is generating “exceptional interest” from top brokers who are interested in joining the team.

One of the key attractions, he notes, is the opportunity to own equity in the firm. New recruits set a production target for the year and are entitled to a cash bonus equivalent to about 30% of that, Sullivan explained, with an equity stake on top of the cash component. And, he adds, new recruits may forgo some of their transfer bonus in favour of increased equity.

Including the 15-20 brokers it expects to hire this year, the firm aims to build a force of 100 high-quality brokers over the next four or five years. Sullivan revealed it expects the division to generate revenues of about 1% of its AUM. It will also begin breaking out the private client division’s results in its next quarter, the firm reported.

Sullivan explained that it’s not looking to build a specific type of retail sales force. Some of its hires will be fully transaction-driven brokers, some will likely exclusively use outside managers. Ultimately, it wants to be the “top of mind” firm for the country’s top entrepreneurs and to deepen relationships with existing clients, he says.

As for the possibility of entering the UK market, particularly to list companies on the lightly-regulated Alternative Investment Market in London, Sullivan says it continues to consider the opportunity, but has not yet made a decision. He adds it would welcome tougher rules for the AIM, amid talk that it may tighten requirements for resource sector firms. The prospect doesn’t scare GMP, Sullivan says, noting it would extensively scrutinize companies it floats on the AIM, if it decides to enter that fray.