Canaccord Genuity To Snap Up UK Wealth Manager

Josh O'Neill

5 July 2017

, amid a new wave of consolidation in the UK market.

Under the terms of the deal, Canaccord will initially pay Hargreave Hale shareholders £52 million and additional contingent consideration of up to £27.5 million.

Hargreave Hale has assets under management, administration and management contract totalling £8 billion ($10.3 billion). Based in the UK, the independent investment and wealth management house provides discretionary investment management stockbroking services to more than 14,000 private clients, intermediaries, corporations and charities.

Canaccord's acquisition will see its European private client assets swell to more than £18 billion, while its fund management assets will grow to more than £4.7 billion.

“The acquisition of Hargreave Hale is an important step in our strategy of building a leading independent global wealth management business,” said Dan Daviau, president and chief executive of Canaccord Genuity Group. “We view this transaction as a significant development in our long-term strategy of transforming our business mix to grow contributions from our global wealth management businesses, and one that will deliver enhanced value for our clients and our shareholders.”