iA Capital Markets

What iA Capital Markets does

iA Capital Markets is the capital markets and investment banking division of iA Private Wealth Inc., itself a subsidiary of iA Financial Group (founded 1892, publicly traded since 2000, $341B AUM, 11.9M clients). Headquartered in Montreal with offices in Toronto and Calgary, the division operates as a Canadian-focused boutique investment bank combined with the distribution reach of a large institution, serving corporate issuers, institutional investors, and wealth management clients.

The platform delivers four core service lines: Corporate Finance (equity and debt underwriting, with 2025 volumes of $1.7B equity across 32 deals and $12.4B debt across 17 deals), Trading (fixed-income market-making supported by a $350M bond inventory and ~$20B annual secondary market bond trading), Portfolio Management, and Advisory (including M&A). It also distributes structured products in partnership with major Canadian banks and leverages the 700+ iA Private Wealth Investment Advisors network as an embedded retail and high-net-worth placement channel.

The business model is primarily fee- and spread-based: transaction fees on equity and debt underwriting, bid-ask spreads and inventory gains on fixed-income market-making, advisory fees on M&A mandates, and structured product economics. Capital deployment is anchored by the bond inventory and supported by parent-company balance sheet. Senior leadership includes Yanick Brochu (Senior Managing Director, Head of Capital Markets, joined 2021), Adam Elliott (President, iA Private Wealth, joined April 2023), and Richard Williams (Head of Trading, since 2013), reflecting a blend of long-tenured operators and recent senior institutional hires.

Name

iA Capital Markets

Legal name

iA Private Wealth Inc.

Website

https://iacapitalmarkets.ca

Company type

Private

Founded year

1892

Operating status

Operating

Headcount range

1–10 employees

Short description

iA Capital Markets is the Canadian boutique investment banking division of iA Private Wealth (iA Financial Group), providing equity and debt underwriting, fixed-income trading, M&A advisory, and structured products to corporate issuers and institutional clients across Canada.

Ownership category

akta.pro rank

Product category

Investment Banking & Capital Markets

NAICS

Portfolio Management and Investment Advice (523940), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Other Financial Investment Activities (5239)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Investment Advice (6282)

akta.pro primary industry

Capital Raising Advisory (Debt/Equity/Private Capital) (BPAHADAG)

akta.pro secondary industries

Capital Markets Advisory (IPO Readiness, SPAC, ECM/DCM Advisory) (BPAHAOAL), Capital Raising Advisory (Equity & Equity-Linked) (FSAEAGAC), Corporate Finance & Capital Advisory (BPAHADAB)

Keywords

• Investment banking services
• Equity capital markets
• Debt capital markets
• M&A advisory
• Fixed income trading

Headquarters

HQ city

Montréal

HQ country

Canada

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Others

Revenue model

1. Underwriting Fees: Equity and debt underwriting fees from capital markets transactions including IPOs, secondary offerings, MTNs, and preferred shares.
2. Trading Commissions: Commissions from equity, bond, and FX trading desks serving institutional and retail clients.
3. Advisory Fees: M&A advisory, transaction advice, and fairness opinion fees for corporate clients.
4. Portfolio Management Solutions: Fixed-income portfolio management and customized bond ladder solutions for wealth management clients.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

iA Capital Markets is the capital markets division of iA Private Wealth Inc., operating as a boutique investment bank within iA Financial Group. It provides equity and debt underwriting, structured products, fixed income and equity trading, FX hedging, M&A advisory, fairness opinions, and customized fixed-income portfolio management for corporate issuers, institutional clients, and wealth advisors across Canada.

Product overview

iA Capital Markets operates as a division of iA Private Wealth Inc. within iA Financial Group, offering a unified platform of financial services. The core offering spans four main areas: Corporate Finance (comprising Equity Capital Markets, Debt Capital Markets, and Structured Products for capital raising); Trading (encompassing Equity Trading, Bond Desk, and FX Desk for market access and liquidity); Portfolio Management (providing customized fixed-income solutions including bond portfolios and ladders); and Advisory (covering divestitures, acquisitions, strategic/valuation work, and fairness opinions). These services are distributed through a network of over 700 iA Private Wealth Investment Advisors and complemented by a Client Portal for account access.

Differentiator

Problem solved

Functional benefit

Products and services

• Corporate Finance Investment banking services providing advice to issuers across industries, including equity underwriting, debt financing, and structured products. Handles corporate growth initiatives and access to risk capital through experienced investment bankers with deep industry knowledge.
• Trading Trading services covering equity, bond, and FX trading desks providing in-depth market insight, electronic access to trading venues, algorithmic strategies, and facilitation trading for enhanced liquidity.
• Portfolio Management Fixed-income investment solutions for iA Private Wealth Investment Advisors, including customized bond portfolios, bespoke bond ladders, and retirement savings bonds.
• Advisory M&A advisory services including divestitures, acquisitions, strategic and valuation advisory, and fairness opinions for corporate finance professionals.

Quantifiable outcome

• $1.7B equity raised and $12.4B debt raised in 2025
• +2 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Two partnerships are on record, tiered core.

• Major Canadian Banks (Structured Products)coreStrategic or Co-development PartneriA Capital Markets works in partnership with major Canadian banks to provide exceptional expertise and unparalleled access in principal protected and principal-at-risk structured notes. This co-development relationship enables distribution of structured products through the firm's network.
• iA Private Wealth Inc.coreStrategic or Co-development PartneriA Capital Markets is a division of iA Private Wealth Inc., operating within the iA Financial Group ecosystem. The firm leverages the distribution network of 700+ iA Private Wealth Investment Advisors.

Scale indicators9 records

Recent moves5 records

Expansion highlights4 records

Broad incumbents

• BMO Capital Markets: Full-service capital markets franchise of Bank of Montreal offering ECM, DCM, M&A, and trading. Competes with iA Capital Markets on mid-market and larger mandates, with materially greater balance sheet and global footprint.
• TD Securities: Capital markets arm of TD Bank Group, providing ECM, DCM, M&A advisory, and trading. Larger incumbent that competes for Canadian mid-market and large-cap mandates; iA Capital Markets' head of trading previously held roles at TD Securities.
• National Bank Financial Markets: Capital markets arm of National Bank of Canada offering full-service ECM, DCM, M&A, equity research, and trading across Canada. Larger incumbent that competes directly with iA Capital Markets in mid-market mandates but offers a much broader product suite.
• CIBC Capital Markets: Institutional capital markets franchise of Canadian Imperial Bank of Commerce offering ECM, DCM, M&A, and trading. Comparable in offering but at significantly larger scale; iA Capital Markets' head of capital markets was previously at CIBC World Markets.

Direct peers

• Cormark Securities: Canadian boutique investment dealer focused on equity research, institutional sales and trading, and investment banking for mid-market issuers. Directly comparable in size, scope, and Canadian mid-market focus.
• Echelon Wealth Partners: Canadian independent wealth and capital markets firm offering institutional trading, research, and investment banking. Directly comparable to iA Capital Markets with overlapping Canadian mid-market coverage and former iA personnel on staff.
• Haywood Securities: Independent Canadian investment dealer offering institutional sales and trading, equity research, and investment banking across ECM and advisory—closely overlapping iA Capital Markets' mid-market banking proposition.
• Canaccord Genuity: Canadian-headquartered global capital markets group providing ECM, DCM, M&A advisory, and equity research—direct competitor in mid-market Canadian investment banking with greater international scale.
• PI Financial: Canadian independent investment dealer serving institutional and retail clients with equity research, sales, trading, and corporate finance—directly comparable boutique dealer with similar Canadian mid-market focus.

Others

• iA Private Wealth (sister division): Sister division of iA Private Wealth Inc. that owns iA Capital Markets. Provides the 700+ advisor distribution network that feeds capital markets deal flow. Strategic alignment and internal referral dynamics are central to iA Capital Markets' go-to-market.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/ia-capital-markets

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about iA Capital Markets