Canadian billionaire Stephen Smith has hired former Toronto-Dominion Bank investment banker Jonathan Broer as president of Smith’s family holding company, Smith Financial Corp.
Broer spent over 16 years at Toronto-Dominion, including time leading the financial institutions group in Canada and the investment banking division in Europe and Asia-Pacific. He also previously worked at Genuity Capital Markets and Canadian Imperial Bank of Commerce.
“There’s a broad mandate to expand in financial services, not just in Canada but in North America,” states Smith in an interview, according to Bloomberg News. “Lots of opportunities are coming in, and I think I’m missing opportunities because I don’t have the infrastructure.”
The hire comes three months after Smith struck a C$1.7 billion ($1.3 billion) deal to buy Canadian alternative mortgage lender Home Capital Group Inc., which would add the firm to his C$5 billion ($3.7 billion) portfolio of personal holdings. Those assets include stakes in First National Financial Corp., Canada Guaranty Mortgage Insurance Co., a pair of banks, a proxy advisory firm and a private equity manager.