The Story of Wood Gundy and CIBC Partnership

Wood Gundy and CIBC Partnership was a significant milestone in the company's history. CIBC acquired Wood Gundy in 1976.

The acquisition brought a wealth of experience and expertise to the table, expanding CIBC's capabilities in the investment industry. Wood Gundy's strong reputation and client base were a valuable asset to the bank.

The partnership allowed Wood Gundy to continue operating independently, while benefiting from CIBC's resources and network. This arrangement enabled the company to maintain its unique culture and client relationships.

As a result of the partnership, Wood Gundy was able to provide its clients with a wider range of financial products and services.

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Wood Gundy was founded in 1905 by George Herbert Wood and James Henry Gundy in Toronto, Ontario. The firm started as a partnership and specialized in distributing and underwriting government and municipal bonds.

Initially, Wood Gundy operated in Toronto, but in 1919, the firm opened an office in New York City. This marked the beginning of the company's expansion beyond its Canadian roots.

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Following World War II, Wood Gundy's operations expanded to include underwriting and distributing securities of Canadian corporations. This transformation turned Wood Gundy into a full-service investment house.

Wood Gundy was a pioneer in the industry, being the first Canadian dealer to open an office in Tokyo and the first firm to employ a female trader on the floor of the Toronto Stock Exchange.

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Wood Gundy's acquisition journey began in the mid-1980s as the firm looked for a merger partner. It had a significant stake in its employees, with approximately 600 of them owning the company.

In 1986, Wood Gundy nearly merged with Gordon Capital Corporation, but the deal fell apart at the last minute. High price expectations led to the collapse of deals with First National Bank of Chicago, the Union Bank of Switzerland, and the Royal Bank of Canada in 1987.

The 1987 stock market crash in October 1987 further intensified Wood Gundy's efforts to find a buyer. CIBC purchased a 60 percent stake in Wood Gundy in June 1988 for C$110 million, representing a total value of the firm of C$183 million.

CIBC formed CIBC Wood Gundy, which offered primarily asset management services for corporate and institutional clients. This marked a significant expansion for the company, which was then the leading Canadian investment dealer.

In 1990, CIBC acquired much of Merrill Lynch & Company's Canadian securities business, adding 20 offices and between 700 and 800 employees to its roster.

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Wood Gundy was founded in 1905 by George Herbert Wood and James Henry Gundy in Toronto, Ontario. The firm initially specialized in the distribution and underwriting of government and municipal bonds.

George Herbert Wood was the first Chairman of Wood Gundy, serving from 1925 to 1932. He was also a Manager with Dominion Securities Corp from 1900 to 1905.

The firm expanded its operations after World War II, starting to underwrite and distribute securities of Canadian corporations. This growth was driven by Canada's increasing industrialization and population, leading to greater demand for capital and investment securities.

James Henry Gundy, the co-founder of Wood Gundy, was the firm's President from 1948 to 1967. He also served as Governor of the Investment Bankers' Association of America and Director of several prominent companies.

In 1962, the operations of Wood Gundy were split into two newly incorporated companies: Wood Gundy Securities Limited and Wood Gundy Holdings Limited. These two firms existed until the early 1970s, when they reunited as a single firm under the name "Wood Gundy Limited".

Here is a list of key executives at Wood Gundy:

CIBC acquired a majority stake in Wood Gundy in June 1988 for C$203 million. This acquisition led to the formation of CIBC Wood Gundy, which offered primarily asset management services for corporate and institutional clients.