Bloomberg News

Incapital-Canada-Correct

August 22, 2012

(Corrects the type of securities that Incapital distributes in headline, third, fourth paragraphs of story published Aug. 21.)

Incapital LLC, the largest U.S. structured-note underwriter that doesn’t issue the securities, plans to expand to Canada, opening a Toronto office.

Incapital Canada may distribute as much as C$500 million ($506 million) of products over the next year, Jason Wilson, president of the new division, said in a telephone interview from Incapital’s headquarters in Boca Raton, Florida. As many as eight people will be hired over the next six months for sales and trading, he said.

The firm will focus on distributing corporate securities and notes from U.S. investment-grade issuers to Canadian investment advisers and individual investors, Wilson said. There are no plans to expand Incapital’s structured products business to Canada, he said.

“We’re starting very vanilla, very simple,” such as five- to 10-year notes that pay off the principal in a lump sum at maturity, said Wilson, who joined Incapital in 2010 as executive director of structured products. The Toronto native will work from both the office in the Canadian city and the Florida headquarters.

Incapital has distributed more than $70 billion of financial products over the last 12 months, according to the dealer. It has underwritten $786.9 million of U.S. structured notes in 2012, an increase of 77 percent from the same period a year earlier, according to data compiled by Bloomberg.

The firm has distributed $1.87 billion of notes issued by Goldman Sachs Group Inc. (GS:US) and $350 million from General Electric Co. (GE:US) since the beginning of 2010, Bloomberg data show.

To contact the reporter on this story: Kevin Dugan in New York at kdugan4@bloomberg.net

To contact the editor responsible for this story: Alan Goldstein at agoldstein5@bloomberg.net


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