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Canaccord Genuity WM Agrees To Acquire C Hoare & Co's Investment Dealing, Custody Business
C Hoare & Co, the venerable British private bank, continues to offload operations as part of a refocus of its activities, it said today.
Canaccord Genuity Wealth Management UK & Europe has agreed to
acquire the investment dealing and custody business of C Hoare & Co,
the private bank, a move that follows the latter bank's decision
to sell its wealth management arm last year to Cazenove Capital
Management.
The agreement will serve "Canaccord Genuity Wealth Management’s
growth strategy", the firm said in a statement today.
C Hoare & Co, meanwhile, said the agreement fits with its
goal of refocusing on private banking.
The transaction is expected to close in the second quarter
of the 2017 calendar year. Specific financial terms of the deal
were not disclosed.
Last year, Cazenove Capital Management bought the wealth
management business of C Hoare & Co for an undisclosed sum. The
wealth business had £2.2 billion ($2.8 billion) in discretionary
assets under management (as at end-June 2016). The unit had
around 1,800 clients. The deal came months after David Green
became the bank’s chief executive, taking over from Jeremy
Marshall.
