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Deals Of The Day: The Latest In Wealth Management M&A – Canaccord Genuity

Editorial Staff 10 November 2023

Deals Of The Day: The Latest In Wealth Management M&A – Canaccord Genuity

The latest mergers, acquisitions and other corporate actions in the wealth management sector.

Canaccord Genuity
Canadian financial services firm Canaccord Genuity Group this week said that through its wealth management business in the UK and Crown Dependencies (CGWM UK), it has agreed on a share purchase agreement to acquire Glasgow-based Intelligent Capital, a financial planning business.

The transaction, which is subject to regulatory approval, supports CGWM’s strategy to increase its wealth management business and the scale of its financial planning capacity, the firm said in a statement. The acquisition is expected to be completed by 31 March 2024. The financial details of the acquisition were not disclosed.

On completion of the deal, the professionals and clients of Intelligent Capital will operate under the Adam & Company brand, which represents the Scottish operating business of CGWM UK, the firm continued. Intelligent Capital’s core client proposition will remain unchanged, and their financial planners will be fully supported in continuing to directly manage their client relationships.

“We have had an excellent experience since entering the important Scottish market in 2021, and the addition of a new office in Glasgow gives us more expertise in the region to meet the growing demand for our outstanding integrated wealth management offering,” David Esfandi, chief executive officer of CGWM UK, said.

David Bremner, Intelligent Capital’s largest shareholder and current managing director will join the executive leadership team of Adam & Company as head of wealth management – Glasgow. He will continue to manage the business with a focus on supporting a successful integration for employees and clients, while working with Matt Phillips, director of wealth planning for CGWM and Graham Storrie, head of Adam & Company wealth management.

“We have always had a strong vision for the future of Intelligent Capital and from our earliest conversations, we found that Canaccord Genuity and Adam & Company were completely aligned with our values and our commitment to high ethics and client service standards,” Bremner added.

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