Canaccord Genuity WM Agrees To Acquire C Hoare & Co's Investment Dealing, Custody Business

Tom Burroughes

24 March 2017

, 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.