Canaccord Genuity Group, the Canadian-owned wealth supervisor increasing within the UK, is to amass £900m AUM London and Cambridge Chartered Monetary Planner Cantab Asset Administration.
Canaccord Genuity will use its UK wealth administration enterprise to purchase the shares of Cantab.
The price of the deal has not been disclosed.
Cannaccord has been on the acquisition path lately. In November it acquired Chartered Monetary Planning-focused, Glasgow-based £220m AUM Monetary Planner Clever Capital.
Canaccord says the most recent deal would assist consolidate Canaccord Group Wealth Administration’s (CGWM) place as a prime 10 UK wealth supervisor by property and “strengthens its Monetary Planning capability and attain.”
Based mostly in Cambridge, however with workplaces additionally in London, Cantab has 38-year observe report of serving high-net-worth personal purchasers and charities.
As soon as the deal is accomplished Cantab employees will proceed of their current jobs and shall be supported in managing their shopper relationships, CGWM says.
David Saunderson will stay CEO and member of the Cantab board.
David Esfandi, CEO of CGWM UK, mentioned: “We’re delighted to determine a presence in Cambridge with a extremely revered workforce of execs that has achieved a unprecedented observe report of offering fine quality Monetary Planning recommendation and providers to high-net-worth purchasers.”
Cantab founder and CEO David Saunderson mentioned: “Becoming a member of Canaccord Genuity marks an thrilling new chapter within the improvement and development of Cantab Asset Administration as a number one supplier of Monetary Planning and funding recommendation for purchasers in London and Cambridge, while persevering with the impartial regulatory standing of the agency.
“The elevated sources of the mixed enterprise, spanning funding administration and Monetary Planning, will serve our purchasers into the long run with confidence.”
The acquisition, topic to regulatory approval, is anticipated to be accomplished by September.
