05:11 PM EDT, 10/03/2024 (MT Newswires) -- Canaccord Genuity Group Inc., the Vancouver-based investment bank, is dismantling its fixed-income emerging markets business, according to people familiar with the matter, Bloomberg News is reporting.

The bank is dismissing a six-member team based in the US, one of the people said, asking not to be identified discussing nonpublic information.

Thursday's report noted Canaccord closed its Brazil office in April, and cut about 10 people including some based in the US that served Latin American customers in equity sales and trading, people familiar with the matter said at the time.

In 2017, Canaccord started a unit dedicated to institutional customers from Latin America, including hedge funds and pension funds. The Brazil office was opened in 2023.

Canaccord didn't reply to an email seeking comment.

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