City stockbroker Northland Capital Partners has been thrown into turmoil by the departure of its UK chairman and managing director.
Stuart Lane and Tim Metcalfe left after a disagreement with the group’s Canadian owner. Northland, a Toronto-based brokerage, acquired London stockbroker Astaire for £2.45 million in 2010.
The City-based unit now employs about 30 people and is an adviser to 40-50 UK clients, including AIM-listed Churchill Mining, Touchstone Gold and James Latham. It is understood that Canadian management will arrive in London this week to explore options for the unit.
Northland declined to comment. However, the news is likely to be seen as the latest sign of upheaval in the broking industry.
On Friday, US broker Cantor Fitzgerald agreed to buy parts of Seymour Pierce, the 168-year-old stockbroker that fell into administration.
Pierce, part-owned by football financier Keith Harris, had been hit by falling revenue and fees and was understood to have debts of between £3 million and £4 million.