Canaccord Genuity Group has confirmed that its UK- & Europe-based wealth business has completed a previously announced acquisition.
Canaccord Genuity Wealth Management
(CGWM) has finalized its purchase of Hargreave Hale, a top independent investment and wealth business in the UK with more than $13.5 billion in assets under administration, management, and management contract.
With the transaction completed, CGWM has become a top-10 UK wealth-management business in terms of assets. With over $38 billion in assets under management and administration, CGWM has strong growth potential.
“[W]e look forward to unlocking greater opportunities for our businesses and our clients, as we bring together the vast resources, capabilities and talented professionals of our two organisations,” said CGWM CEO David Esfandi.
The two firms have started integrating their operations in the UK. While the process is ongoing, Hargreave Hale will retain its authorization to provide products and services regulated by the country’s Financial Conduct Authority.
CGWM expects that the integration will continue until 2019.
For more of Wealth Professional's latest industry news, click here.
Canadian financial group buys UK wealth management firm
Regulatory upheaval adds to managers’ merger pressures
More market talk: