Boutique investment dealer Salman Partners Inc. is giving up the brokerage business, citing tough industry conditions.
The Vancouver-based firm announced on Tuesday that it is giving up its registration and resigning from the Investment Industry Regulatory Organization Of Canada (IIROC). It plans to cease carrying on operations as a registered investment dealer on Feb. 15, 2016.
“Industry conditions have made it extremely difficult for independent dealers to remain profitable. In this environment, Salman Partners has made the decision to voluntarily resign from IIROC,” the company says in a statement.
The firm, which has branches in Calgary and Toronto in addition to its head office in Vancouver, says that it has made arrangements to transfer its clients’ accounts to other dealers, and that clients will soon be informed about these planned transfers.