GMP Capital Inc. Reports Fourth Quarter and Year-End 2015 Results

For further information about GMP Capital Inc., our results for fourth quarter and year-end 2015 and the meaning of certain references, this earnings release should be read in conjunction with our annual financial statements as at and for the year ended December 31, 2015 (2015 Annual Financial Statements), our management's discussion and analysis for the year ended December 31, 2015 (2015 Annual MD&A) and our annual information form, which can be accessed on our website at gmpcapital.com and on SEDAR at sedar.com. Unless otherwise indicated, all dollar amounts are expressed in Canadian dollars and have been taken from our 2015 Annual Financial Statements prepared in accordance with generally accepted accounting principles (GAAP) under International Financial Reporting Standards (IFRS).

TORONTO, March 11, 2016 /CNW/ - GMP Capital Inc. (GMP or the Corporation) (TSX: GMP) today reported revenue of $35.3 million in fourth quarter 2015 representing a 33% decrease relative to the same period a year ago. GMP recorded a net loss of $15.6 million and a diluted loss per share of $0.26 in fourth quarter 2015 compared with a net loss of $6.9 million and diluted loss per share of $0.12 in fourth quarter 2014. "Uncertain market conditions produced a sharp contraction in client activity in the second half of 2015 that was particularly pronounced in the fourth quarter.  This and the impact of the costs we recognized in connection with our previously announced restructuring of the Capital Markets segment resulted in disappointing financial performance for GMP"  said Harris Fricker, President and Chief Executive Officer, GMP. "Our revenues decreased 33% in fourth quarter 2015 primarily reflecting a 60% drop in investment banking fees compared with fourth quarter 2014." Fourth quarter 2015 results include pre-tax expenses of $21.5 million ($18.5 million after tax) recorded in connection with the restructuring of the Capital Markets segment.

Full year revenue was $221.8 million in 2015, down 16% compared with 2014.  GMP recorded a net loss of $30.1 million and a diluted loss per share of $0.52 in 2015 compared with net income of $14.3 million and a diluted earnings per share (EPS) of  $0.12 in 2014.  Adjusted net loss1 was $20.4 million in 2015, generating an adjusted return on equity (ROE)1 of negative 10.0% compared with positive 4.3% in 2014. Commenting further, Mr. Fricker said, "This has clearly been the most difficult operating environment in our 20-year history and we have responded aggressively to the realities of the new normal for our industry. These efforts included a material restructuring of our Capital Markets business and will provide a meaningful boost to our operating leverage. Our actions are geared to ensure our viability through the bottom of the cycle and enhancing our competitive position for the eventual return of better market conditions."

FINANCIAL HIGHLIGHTS

Fourth Quarter 2015 versus Fourth Quarter 2014

  • Revenue of $35.3 million compared with $52.8 million.
  • Net loss of $15.6 million compared with net loss of $6.9 million.
  • On an adjusted basis1, net loss of $12.4 million and net loss attributable to common shareholders of $13.9 million compared with net loss of $6.2 million and net loss attributable to common shareholders of $7.6 million.
  • Diluted loss per share of $0.26 compared with diluted loss per share of $0.12; adjusted diluted loss1 per share of $0.21 compared with adjusted diluted loss per share of $0.11.
  • ROE was negative 29.4% compared with negative 12.6%; adjusted ROE was negative 23.4% compared with negative 11.4%.

2015 versus 2014

  • Revenue of $221.8 million compared with $264.6 million.
  • Net loss of $30.1 million compared with net income of $14.3 million.
  • On an adjusted basis1, net loss of $20.4 million and net loss attributable to common shareholders of $24.7 million compared with net income of $17.3 million and net income attributable to common shareholders of $11.7 million.
  • Diluted loss per share of $0.52 compared with a diluted EPS of $0.12; adjusted diluted loss per share of $0.37 compared with adjusted diluted EPS1 of $0.16.
  • ROE of negative 14.0% compared with positive 3.2%; adjusted ROE of negative 10.0% compared with positive 4.3%.
   
1. Considered to be a non-GAAP financial measure. This measure does not have any standardized meaning prescribed by GAAP under IFRS and is therefore unlikely to be comparable to similar measures presented by other issuers.  This data should be read in conjunction with the "Non-GAAP Measures" section at the end of this press release and the "Presentation of Financial Information and Non-GAAP Measures" section in the 2015 Annual MD&A.
   

FOURTH QUARTER 2015 BUSINESS SEGMENT FINANCIAL RESULTS

CAPITAL MARKETS

($000, except as otherwise noted)     %
increase/
(decrease)
    %
increase/
(decrease)
Fourth
Quarter
2015
Fourth
Quarter
2014
2015 2014
Revenue 32,882 48,775 (33) 211,153 245,673 (14)
  Investment banking 11,571 29,118 (60) 118,220 152,963 (23)
  Commissions 9,154 13,409 (32) 46,375 58,290 (20)
  Principal transactions 8,266 4,309 92 32,468 23,495 38
  Interest 1,895 2,235 (15) 8,234 7,568 9
  Other 1,996 (296) 774 5,856 3,357 74
Expenses 64,757 52,321 24 239,556 215,321 11
  Employee compensation and benefits 47,158 37,441 26 177,327 161,356 10
  Selling, general and administrative 15,072 13,688 10 55,082 49,392 12
  Interest 987 414 138 3,345 1,845 81
  Depreciation and amortization 1,540 778 98 3,802 2,728 39
(Loss) income before income taxes - reported (31,875) (3,546) (799) (28,403) 30,352 (194)
Pre-tax impact of adjusting items            
  Restructuring charge 16,687 n.m. 16,687 n.m.
  Onerous contracts and asset impairments 4,834 n.m. 4,834 n.m.
  Retention Shares 168 (100) 435 1,659 (74)
(Loss) income before income taxes - adjusted1 (10,354) (3,378) (207) (6,447) 32,011 (120)
 
n.m. = not meaningful
 

Fourth Quarter 2015 vs Fourth Quarter 2014

Revenue
Revenue of $32.9 million decreased 33% compared with fourth quarter 2014 largely due to lower investment banking revenue.

  • Investment banking revenue of $11.6 million decreased 60% primarily driven by lower underwriting fees.
  • Commission revenue of $9.2 million decreased 32% on lower client trading activity.
  • Principal transactions generated a net gain of $8.3 million compared with $4.3 million on higher revenues from the U.S. fixed income unit.

Expenses
Expenses of $64.8 million increased 24% compared with fourth quarter 2014 primarily due to the impact of the restructuring charge, partly offset by lower variable compensation.

  • Employee compensation and benefits included a $16.7 million pre-tax restructuring charge in connection with organizational changes announced January 2016. Variable compensation decreased commensurate with lower revenues.
  • Non-compensation expenses increased 18% primarily reflecting $4.8 million of expenses recognized in connection with U.K. and Australia office closures.

Loss before income taxes
On an adjusted basis1, loss before income taxes was $10.4 million in fourth quarter 2015 compared with loss before income taxes of $3.4 million in fourth quarter 2014.

2015 Highlights

  • On January 13, 2016, GMP announced a series of organizational changes: the orderly exit of our U.K. and Australian operations; streamlining sales, trading and research franchises in Canada in response to permanent structural and regulatory changes across the industry; and rationalizing U.S. Energy businesses in Houston and New York.
  • GMP Securities L.P. was ranked #1 among independent investment dealers in dollar value of completed common equity underwriting transactions in Canada (Source: FPinformart).
  • Investment banking fees from the technology and healthcare sectors was an area of strength - fees from these sectors increased 46% in 2015 compared with 2014 after recording a 123% rise in 2014 compared with 2013.

WEALTH MANAGEMENT

($000, except as otherwise noted)     %
increase/
(decrease)
    %
increase/
(decrease)
Fourth
Quarter
2015
Fourth
Quarter
2014
2015 2014
Revenue 26 161 (84) 1,888 3,076 (39)
  Investment management and fee income 4 229 (98) 439 939 (53)
  Other 22 (68) 132 1,449 2,137 (32)
Expenses 86 895 (90) 3,078 2,912 6
  Employee compensation and benefits 512 (100) 1,871 1,687 11
  Non-compensation expenses 86 383 (78) 1,207 1,225 (1)
Share of net income (loss) of associate 14,170 (225) n.m. 13,424 (53) n.m.
Income (loss) before income taxes - reported 14,110 (959) n.m. 12,234 111 n.m.
  Richardson GMP deferred tax asset (15,747) n.m. (15,747) n.m.
  Wind-down of CQI fund operations 898 n.m.
  Share of associate's MPW Canada integration costs 645 (100) 4,134 (100)
  Dilution gain (1,978) 100
(Loss) income before income taxes - adjusted1 (1,637) (314) (421) (2,615) 2,267 (215)
 
  n.m. = not meaningful
 

Fourth Quarter 2015 vs Fourth Quarter 2014

  • Wealth Management reported income before income taxes of $14.1 million compared with a loss before income taxes of $1.0 million.
  • Improved financial performance was due to Richardson GMP's recognition of a deferred tax asset and the resulting impact on share of net income of associate.
  • Accordingly, fourth quarter 2015 share of net income of associate reflects $15.7 million related to our share of Richardson GMP's deferred tax asset recognition.

Richardson GMP Highlights:
The following information sets forth an overview of the consolidated financial results of Richardson GMP, on a 100% basis; noting, however, that GMP owns an approximate 31% non-controlling interest of Richardson GMP as at December 31, 2015.

Fourth Quarter 2015 vs Fourth Quarter 2014

  • Revenue decreased 6% to $66.2 million primarily driven by lower client trading commissions.
  • Adjusted EBITDA2 decreased 58% to $4.5 million.
  • Ended 2015 with $26.3 billion of AUA administered by 192 advisor teams, average AUA per team of nearly $140 million.
   
2. Considered to be a non-GAAP financial measure. This data should be read in conjunction with the "Supplemental Information" section at the end of this press release and in the 2015 Annual MD&A.
   

2015 FINANCIAL HIGHLIGHTS

Selected Financial Information

($000, except as otherwise noted)            
2015   2014   %
increase/
(decrease)
Revenue 221,753   264,623   (16)
  Investment banking 118,220   152,963   (23)
  Commissions 46,375   58,290   (20)
  Investment management and fee income 439   939   (53)
  Principal transactions 29,437   23,557   25
  Interest 8,930   8,362   7
  Other 18,352   20,512   (11)
Expenses 261,846   240,953   9
  Employee compensation and benefits 185,100   172,094   8
  Non-compensation expenses 76,746   68,859   11
Share of net income (loss) of associate 13,424   (53)   n.m.
(Loss) income before income taxes (26,669)   23,617   (213)
Net (loss) income (30,115)   14,255   (311)
Net (loss) income attributable to common shareholders: (34,388)   8,570   (501)
Net (loss) income per Common Share (dollars)          
        Basic (0.52)   0.12   (533)
       Diluted (0.52)   0.12   (533)
Cash dividends declared per Common Share (dollars) 0.20   0.20  
ROE1 (14.0) % 3.2 % (538)
Total assets 1,801,575   1,902,230   (5)
Adjusted measures1          
  (Loss) income before income taxes (15,954)   27,432   (158)
  Net (loss) income (20,424)   17,337   (218)
  Net (loss) income per Common Share (dollars):          
        Basic (0.37)   0.17   (318)
       Diluted (0.37)   0.16   (331)
ROE (10.0) % 4.3 % (333)

2015 vs. 2014

GMP reported a net loss of $30.1 million in 2015 compared with net income of $14.3 million in 2014.  The decline in financial performance was primarily driven by lower revenues and the impact of the restructuring charge recorded in fourth quarter 2015.

Total revenues decreased 16% in 2015 compared with 2014 primarily due to lower investment banking fees and trading commissions. Investment banking fees declined 23% and commissions dropped 20% as our clients' capital markets activity slowed considerably in the second half of the year.  Investment banking fees from underwriting transactions decreased 43% primarily due to a broad slow-down in the energy and mining sectors. Investment banking fees related to advisory mandates increased 38% compared with the prior year due to robust client acquisition activity during the first half of 2015. Commissions  declined on lower client trading activity. The decline in the Canadian dollar relative to the U.S. dollar had a favourable impact on overall revenues.

Total expenses increased 9% in 2015 compared with 2014, primarily reflecting the restructuring charge as well as higher costs associated with the U.S. energy business. Employee compensation and benefits in 2015 included $21.5 million associated with the U.S. energy initiative compared with $11.3 million in 2014.  Selling, general and administrative expenses increased in 2015 primarily due to costs associated with the U.S. energy business and expenses recognized in connection with our decision to close offices in the U.K. and Australia. The decline in the Canadian dollar relative to the U.S. dollar had an adverse impact on overall expenses.

Share of net income (loss) of associate reflects our share of Richardson GMP's net income (loss) attributable to common shareholders. In 2015, Richardson GMP recognized a deferred tax asset that added $15.7 million to our share of Richardson GMP's net income. The prior year was adversely impacted by integration costs recorded by Richardson GMP in connection with its 2013 acquisition of MPW Canada, our share of which was $4.1 million. For more information on Richardson GMP's 2015 financial performance, refer to the "Supplemental Information" section within this MD&A.

DIVIDENDS

On March 10, 2016, the board of directors of GMP approved a quarterly cash dividend of $0.3438 per Cumulative 5-Year Rate Reset Preferred Share, Series B (the Series B Preferred Shares), payable on March 31, 2016, to Series B Preferred shareholders of record on March 15, 2016.

On February 23, 2016, GMP announced it does not intend to exercise its right to redeem all or any part of the currently outstanding Series B Preferred Shares and, as a result of which, subject to certain conditions, the holders of the Series B Preferred Shares have the right to convert all or any part of their Series B Preferred Shares into Cumulative Floating Rate Preferred Shares, Series C (Series C Preferred Shares) on a one-for-one basis. With respect to any Series B Preferred Shares that remain outstanding after March 31, 2016, holders thereof will be entitled to receive quarterly fixed, cumulative, preferential cash dividends, if, as and when declared by the board of directors of the Corporation, subject to the provisions of the Business Corporations Act (Ontario). The dividend rate for the five-year period commencing on April 1, 2016, and ending on and including March 31, 2021, will be 3.611% per annum, being equal to the sum of the Government of Canada bond yield determined as of March 2, 2016 plus 2.89%, in accordance with the terms of the Series B Preferred Shares.  With respect to any Series C Preferred Shares that may be issued on March 31, 2016, holders thereof will be entitled to receive quarterly floating rate, cumulative, preferential cash dividends, if, as and when declared by the board of directors of the Corporation, subject to the provisions of the Business Corporations Act (Ontario). The dividend rate for the three-month period commencing on April 1, 2016, and ending on and including June 30, 2016, will be 3.352% per annum, being equal to the sum of the three-month Government of Canada Treasury Bill yield determined as of March 2, 2016, plus 2.89% (calculated on the basis of the actual number of days elapsed during such quarterly period divided by 365), in accordance with the terms of the Series B Preferred Shares. The quarterly floating dividend rate will be reset every quarter.

Beneficial owners of Series B Preferred Shares who wish to exercise their conversion right should communicate as soon as possible with their broker or other nominee to ensure their instructions are followed for exercising such right on or prior to the deadline for exercise, which is 5:00 p.m. (Toronto time) on March 16, 2016.

As previously announced, on January 12, 2016, GMP's board of directors approved the suspension of GMP's quarterly cash dividend on its common shares.

CONFERENCE CALL

A conference call and live audio webcast to discuss GMP's fourth quarter and fiscal 2015 results will be held this morning at 10:00 a.m. (ET).  GMP executives will host the call followed by a question-and-answer session for analysts and institutional investors.  Interested parties are invited to access the quarterly conference call on a listen-only basis by dialing 416-340-2218 or 1-800-396-7098 (toll free) or via live audio webcast at http://www.gmpcapital.com/investor. A recording of the conference call will be available until Friday, March 18, 2016, by dialing 905-694-9451 or 1-800-408-3053 (toll free). The passcode is 1440458#. The webcast will be archived at http://www.gmpcapital.com/investor.

NON-GAAP MEASURES

We use certain measures to assess our financial performance that are not GAAP measures under IFRS. These measures do not have any standardized meaning prescribed by GAAP and are therefore unlikely to be comparable to similar measures presented by other issuers. Non-GAAP measures should not be considered as alternatives to net income or comparable metrics determined in accordance with IFRS as indicators of GMP's performance, liquidity, cash flows and profitability. For further information, refer to  the "Presentation of Financial Information and Non-GAAP Measures" section in the 2015 Annual MD&A.

The following table provides a reconciliation of GMP's reported results to its adjusted measures including the composition of the adjusted measures for the periods presented.

  2015   2014   Fourth
Quarter 2015
  Fourth
Quarter 2014
 
($000, except as otherwise noted)
Reported Results        
(Loss) income before income taxes (26,669)   23,617   (19,915)   (6,696)  
Income tax expense (benefit) 3,446   9,362   (4,300)   224  
Net (loss) income (30,115)   14,255   (15,615)   (6,920)  
Net (loss) income attributable to common shareholders (34,388)   8,570   (17,052)   (8,336)  
Reported Measures                
Net (loss) income per Common Share (dollars):                
  Basic (0.52)   0.12   (0.26)   (0.12)  
  Diluted (0.52)   0.12   (0.26)   (0.12)  
ROE 1 (14.0) 3.2 % (29.40) % (12.60) %
Pre-Tax Impact of Adjusting Items:                
  Restructuring charge 16,687     16,687    
  Richardson GMP deferred tax asset (15,747)     (15,747)    
  Bond forward unrealized losses 3,608     576    
  Onerous contracts and asset impairments 4,834     4,834    
  Share of associate's MPW Canada integration costs   4,134     645  
  Retention Shares 435   1,659     168  
  Dilution gain   (1,978)      
  Wind-down of CQI fund operations 898        
Impact of adjusting items on (loss) income before income taxes 10,715   3,815   6,350   813  
After-Tax Impact of Adjusting Items:                
  Restructuring charge 13,673     13,673    
  Richardson GMP deferred tax asset (15,747)     (15,747)    
  Bond forward unrealized losses 2,659     424    
  Onerous contracts and asset impairments 4,834     4,834    
  Share of associate's MPW Canada integration costs   4,134     645  
  Retention Shares 242   926     94  
  Dilution gain   (1,978)      
  Wind-down of CQI fund operations 662        
  Deferred tax asset write-down 3,368        
Impact of adjusting items on net (loss) income 9,691   3,082   3,184   739  
Adjusted Results 1                
(Loss) income before income taxes (15,954)   27,432   (3,565)   (5,883)  
Net (loss) income (20,424)   17,337   (12,431)   (6,181)  
Net (loss) income attributable to common shareholders (24,697)   11,652   (13,868)   (7,597)  
Adjusted Measures 1                
Net (loss) income per common share (dollars):                
  Basic (0.37)   0.17   (0.21)   (0.11)  
  Diluted (0.37)   0.16   (0.21)   (0.11)  
ROE (10.0) 4.3 % (23.40)   (11.40) %

SUPPLEMENTAL INFORMATION

The following supplemental information reflects how management of Richardson GMP assesses the financial performance of Richardson GMP.

Supplemental Financial Information - Richardson GMP

Richardson GMP's management assesses performance on both a reported and an adjusted basis and considers both bases to be useful in assessing underlying, ongoing business performance. Presenting results on both bases also permits readers to assess the impact of specified items on financial results. Richardson GMP's management uses certain measures to assess the financial performance of Richardson GMP that are not GAAP measures under IFRS. EBITDA and adjusted EBITDA do not have any standardized meaning prescribed by GAAP and are therefore unlikely to be comparable to similar measures presented by other issuers. These Non-GAAP measures should not be considered as alternatives to net income or comparable metrics determined in accordance with IFRS as indicators of Richardson GMP's performance, liquidity, cash flows and profitability. Richardson GMP's management believes adjusting results by excluding the impact of the specified items is more reflective of ongoing financial performance and cash generating capabilities and provides readers with an enhanced understanding of how management views Richardson GMP's core performance. For further information, refer to the "Supplemental Information" section in the  2015 Annual MD&A.

The following table sets forth an overview of the consolidated financial results of Richardson GMP for the periods indicated, on a 100% basis; noting, however, that GMP owns an approximate 31% non-controlling interest of Richardson GMP as at December 31, 2015.

($000, except as otherwise noted)         %
increase/
(decrease)
        %
increase/
(decrease)
 
Fourth
Quarter 2015
  Fourth
Quarter 2014
  2015   2014  
Revenue 66,224   70,421   (6)   271,057   309,229   (12)  
Expenses 69,571   69,282     271,457   301,672   (10)  
Employee compensation and benefits 47,002   44,584   5   188,001   205,005   (8)  
Non-compensation expenses 22,569   24,698   (9)   83,456   96,667   (14)  
Income tax recovery (51,468)         (51,468)     n.m.  
Net income - reported 48,121   1,139   n.m.   51,068   7,557   576  
Pre-tax impact of adjusting items:                
  Interest 731   2,090   (65)   5,364   7,859   (32)  
  Income tax benefit (51,468)     n.m.   (51,468)     n.m.  
  Depreciation and amortization 1,641   1,415   16   6,233   5,447   14  
  Transition assistance loan amortization 4,071   3,006   35   14,600   13,044   12  
EBITDA1 3,096   7,650   (60)   25,797   33,907   (24)  
  MPW Canada acquisition/integration costs   2,103   (100)     13,076   (100)  
  Share-based compensation 1,370   812   69   5,091   6,123   (17)  
Adjusted EBITDA1 4,466   10,565   (58)   30,888   53,106   (42)  
Number of advisory teams 192   192                
AUA at period-end ($ millions) 26,332   27,216   (3)              
 
 n.m. = not meaningful
1. Considered to be a non-GAAP financial measure. This data should be read in conjunction with the "Supplemental Information" section in the 2015 Annual MD&A.
   

FORWARD-LOOKING INFORMATION
This press release contains "forward-looking information" as defined under applicable Canadian securities laws.   This information includes, but is not limited to, statements concerning our objectives, our strategies to achieve those objectives, as well as statements made with respect to management's beliefs, plans, estimates, projections and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Specifically, this press release contains forward-looking information concerning GMP's response to industry conditions, expectations regarding operating leverage, actions ensuring feasibility and enhanced competitive positioning. Forward-looking information generally can be identified by the use of forward-looking terminology such as "outlook", "objective", "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "should", "plans" or "continue", or similar expressions suggesting future outcomes or events. Such forward-looking information reflects management's current beliefs and is based on information currently available to management.

Forward-looking information is not a guarantee of future performance and is subject to numerous risks and uncertainties, including those described in this press release. GMP's primary business activities are both competitive and subject to various risks. These risks include market, credit, liquidity, operational and legal and regulatory risks and other risk factors including, without limitation: variation in the market value of securities, volatility and liquidity of equity and fixed income trading markets, volume of new financings and mergers and acquisitions,  dependence on key personnel and sustainability of fees. Other factors, such as general economic conditions, including interest rate and exchange rate fluctuations, may also have an effect on GMP's results of operations. Many of these risks and uncertainties can affect GMP's actual results and could cause its actual results to differ materially from those expressed or implied in any forward-looking information disclosed by management or on its behalf.  For a description of additional risks that could cause our actual results to materially differ from our current expectations, see "Risk Management"  and "Risk Factors" in the 2015 Annual MD&A and "Risk Factors" in GMP's annual information form. These risks and uncertainties are not the only ones facing GMP together with its consolidated operations controlled by it and its predecessors (GMP Group).  Additional risks and uncertainties not currently known to us or that we currently consider immaterial may also impair the operations of the GMP Group.  Material assumptions or factors underlying the forward-looking information contained in this press release include, but are not limited to, "Business Environment - 2015 Highlights - Outlook", "Segment Results - Capital Markets - Outlook", "Segment Results - Wealth Management - Outlook", "Liquidity and Capital Resources" sections of the 2015 Annual MD&A. Although forward-looking information contained in this press release is based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with this forward-looking information. Certain statements included in this press release may be considered a "financial outlook" for purposes of applicable Canadian securities laws, and as such the financial outlook may not be appropriate for purposes other than this press release. The forward-looking information contained in this press release is made as of the date of this press release, and should not be relied upon as representing GMP's views as of any date subsequent to the date of this press release. Except as required by applicable law, management and GMP's Board of Directors undertake no obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

ABOUT GMP CAPITAL INC.
GMP is a leading independent diversified financial services firm headquartered in Toronto, Canada, providing a wide range of financial products and services to a global client base that includes corporate clients, institutional investors and high-net-worth individuals in two integrated reporting segments. The Capital Markets segment provides investment banking, including advisory and underwriting services, institutional sales and trading and research through offices located in Toronto, Montreal, Calgary, New York, Houston, Miami, Dallas, Hong Kong and Beijing. Wealth Management consists of GMP's non-controlling ownership interest in Richardson GMP Limited. Richardson GMP Limited, Canada's largest independent wealth management firm, is focused on providing exclusive and comprehensive wealth management and investment services delivered by an experienced team of investment professionals. GMP is listed on the Toronto Stock Exchange under the symbol "GMP". For further information, please visit our corporate website at gmpcapital.com.

 

 

SOURCE GMP Capital Inc.

For further information:

GMP Capital Inc., Rocco Colella, Director, Investor Relations, 145 King Street West, Suite 300, Toronto, Ontario M5H 1J8, Tel: (416) 941-0894; Fax: (416) 943-6175, rcolella@gmpcapital.com or investorrelations@gmpcapital.com


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