The portfolio manager’s move to Canaccord comes at a delicate point in the relationship between the two companies. Last month, Dan Daviau, CEO of Canaccord said his company was ready to “significantly” improve on its original offer of $ 2.30 per share, valued by RF Capital at $ 367 million, in order to close a deal. For the second time, however, RF Capital immediately turned it down, saying the proposal was “not in the best interests” of its company.
Guidote told WP he left Richardson with a heavy heart, leaving behind some tremendous, talented people after 17 great years. However, after considering his customers’ needs, he said the technology offered at Canaccord was compelling.
He said, “Technology is moving so fast and one of the things that was so important to us as the world got more complex was a unified managed account system and a technology interface that helps us do our job as portfolio managers to do.
“Canaccord has that and they really got to grasp where the industry was going and invest in it. That was an important part, because above all, the customer comes first and is at the center of everything we do. I needed the right tools to use it. “
In addition to the platform, Guidote was also guided by the culture and business model of Canaccord, as well as the “reboot” of the boardroom at Richardson after it went public in November. The departure of CFO Elliot Muchnik and then CEO Andrew Marsh, two long-time executives, meant that Guidote felt the company was pressing a “reset”. And while he believes the current board of directors at RF Capital, led by my CEO Kish Kapoor, is of the highest quality and has a strategic plan, Guidote said it was the right time for his practice to move.