Canaccord Genuity Group, the Canadian-headquartered firm, has announced that David Esfandi has joined as chief executive for its UK wealth arm, coming across from UK wealth manager Ashcourt Rowan.

Canaccord Genuity Group, the Canadian-headquartered firm, has announced that David Esfandi has joined as chief executive for its UK wealth arm, coming across from UK wealth manager Ashcourt Rowan.

Esfandi’s appointment as CEO of Canaccord Genuity Wealth in the UK is subject to required regulatory approvals, Canaccord said in a statement late yesterday.

Stephen Massey will also take on the role of chairman of the Canaccord Genuity Wealth Board in the UK. In addition, Neil Darke, who had headed the UK wealth business at Canaccord, has left the firm, effective immediately.

“We are pleased to welcome someone of David’s high caliber to lead our growth efforts. Under his leadership, we will continue our focus on enhancing our position to be a prominent wealth management firm in both the UK and the Channel Islands,” Paul Reynolds, president and CEO of Canaccord Genuity Group, said in the statement.

At Ashcourt Rowan, Esfandi was a senior leader in the asset management business. Prior to that, he was with Deutsche Bank for nine years in a variety of roles and began his career at Goldman Sachs on the equities side. He is a graduate of Oxford and Wharton School of Business and is currently an executive with Dwyer Asset Management, which operates in the UK real estate market.

Massey, formerly principal and founder of Eden Financial, joined Canaccord Genuity following the acquisition of Eden Financial’s wealth management business in October 2012.  He sits on the boards of the UK Wealth entities.

The statement gave no further details about Darke, or his future intentions; this publication will update the matter in due course.