Wekerle retires from GMP Securities

GMP Capital announced late Wednesday that Michael Wekerle, vice-chairman, GMP Securities, will be retiring effective immediately. He won’t become a stranger, however, as he has signed a two-year consulting agreement with the firm.

“Mike has been a valued colleague and partner and was instrumental in shaping GMP’s reputation for exceptional client service and superior execution,” said Harris Fricker, CEO. “We fully understand and support Mike’s decision and want to express our deep appreciation for his leadership and guidance to GMP’s trading operations over the past 15 years.”

GMP expects to record a pre-tax charge of $5 million in the third quarter of 2011 as a result of Wekerle’s retirement and in recognition of his long standing contributions to the firm.

Wekerle joined GMP in 1995 and co-founded the firm’s sales and trading operations. He had transitioned out of his day-to-day role on the trading desk earlier this year.

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