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Dain Rauscher Info:
9:26 AM CDT Tuesday
Dain Rauscher moving part of operations to New York
Benno Groeneveld
Web reporter

RBC Dain Rauscher continues to move parts of its financial operations out of its Twin Cities office to New York and other financial centers.




Spokesman Dan Callahan said the transfers are part of the firm's development. "We have been migrating for three years out to where the business is," he said.



Callahan noted that moving to larger financial centers than the Twin Cities is not just a Dain Rauscher phenomenon; there are similar moves under way at US Bancorp Piper Jaffray's operations, he said.



The latest relocation is scheduled to take place later this year, when Peter Grant, who heads RBC Financial's equity capital group, will move to Wall Street with his staff, according to a report in the Star Tribune.



Dain Rauscher Wessels, formerly the U.S. Equity Capital Markets division of Minneapolis-based Dain Rauscher Inc., was bought by the Royal Bank of Canada in 2001 for $1.5 billion. The company was renamed RBC Capital Markets.



Since it was bought, the firm has laid off about half of its 300 analysts and other investment personnel.


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