Brokers quit in bonus bust-up

CANACCORD Capital is braced for more defections after seven key staff quit the specialist mining stockbroker.

The departures, which included top oil and gas analysts Mark Redway and Charlie Sharp, are believed to have been triggered by bumper bonuses paid to Tim Hoare and Paul Reynolds, Canaccord's top two executives in London.

The company's annual report, due this week, is expected to show that they each received a £4m bonus, up by about 10% on the previous year. The payouts have angered

An insider said: 'It hurts to be part of a team that generates good commissions only for these guys to suck out so much money. People have come to the end of their tether.'

The exodus comes at a delicate time for Canaccord, which is due to list on the junior Alternative-some staff.

Investment Market this week. Its primary listing will remain on the Toronto Stock Exchange.

However, the company dismissed fears that the departures were affecting its business. It added that three of those leaving were going to

Canaccord clients, not competitors, and they included Redway, who is joining fund manager RAB Capital.

Canaccord's net income grew by eight per cent to £21.6m in the year to March on revenues of £192m, which were up by 31%.