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The only major Canadian stock brokerage firm with a head office in Winnipeg has decided to expand its operations in Toronto.
But George Wright, president of Richardson Greenshields of Canada, says the company's head office will remain firmly rooted in Winnipeg.
"Winnipeg is still our home, but at the same time we have decided to establish a greater presence in Toronto," Wright said in a recent interview. "In the stock and bond business you have to be in the main financial centre of the country -- with a lot of senior people who can develop personal contact and talk face-to-face with clients such as the presidents of large institutions.
Wright said Richardson Greenshields is in the process of implementing a reorganization plan that calls for the company to appoint a chief operating officer who will be based in Toronto.
In Winnipeg, meanwhile, the company will bolster its management team by appointing a new senior vice-president who will be in charge of human relations and personnel.
The reorganization plan -- developed during an internal study by 20 senior employees -- also calls for the company to bolster its Toronto research and sales staff in a bid to attract more business from institutions such as insurance companies and pension funds.
As well, Toronto is to become headquarters for Richardson Greenshields' international division which includes branches in London, Frankfurt, Geneva, Hong Kong, Tokyo and the Caribbean. "The study by our people weighed the company's strengths and weaknesses, then set corporate objectives for the next few years," said Wright who will remain at the Winnipeg head office and continue as president and chief executive officer.
He said Richardson Greenshields is turning a profit, but is revamping its operations because "we would like to make more...