Canaccord Genuity Group INC., through its wealth management business in the UK announces acquisition of Punter Southall Wealth

Acquisition further expands Canaccord Genuity Wealth Management’s footprint in the UK and increases the scale of its financial planning capability.

Canaccord Genuity Group Inc. (TSX:CF) (the “Company”) has announced that through its wealth management business in the UK and Crown Dependencies (“CGWM UK”), it has entered into a share purchase agreement to acquire Punter Southall Wealth Limited (”PSW”) including the intermediary-facing brand Psigma, from Punter Southall Group (“PSG”). Closing is subject to customary closing conditions, including regulatory approval.

PSW is a leading vertically integrated wealth manager, offering a broad range of advice and wealth management solutions to high net-worth individuals, including bespoke portfolios, managed portfolio services and a multi-asset fund range, complemented by a strong intermediary distribution channel. Currently operating as a subsidiary of PSG, PSW has approximately £5.0 billion (C$8.5 billion) in client assets. PSW is forecast to generate annual revenue of approximately £33.7 million (C$57.0 million) in the year ending December 31, 2021.

This acquisition represents an opportunity for CGWM UK to build upon its exceptional growth to date and advance its priority of becoming an integrated wealth manager of scale. PSW’s core client proposition will remain largely unchanged, and the existing direct relationships between portfolio managers, financial planners and their clients will not be affected. With a strong track record of successfully integrating businesses and clients, CGWM UK expects to achieve tangible revenue and cost synergies with a clear pathway to continued growth.

David Esfandi, Chief Executive Officer of CGWM UK said: “Our acquisition of Punter Southall Wealth represents an exciting strategic opportunity to further develop our integrated wealth management business, adding national scale and exceptional capability to our advice-led offering. We see a strong cultural fit between CGWM UK and PSW and we look forward to supporting this talented team, as we work together to build upon the strong foundations that both of our businesses have established to date.”

As part of CGWM UK, the investment professionals, financial planners, and clients of PSW will also have access to the broad range of resources provided by CGWM UK and the Company’s broader global platform. To help facilitate a seamless transition, several of PSW’s team will become active members of CGWM UK’s existing investment committees.

Jonathan Punter, Chief Executive Officer of Punter Southall Group, said: “The market for financial advice to high net worth individuals is consolidating and we felt that Punter Southall Wealth would benefit from a larger partner which can take it to the next level of its development. After long and careful consideration, we chose Canaccord Genuity as the best partner for our clients and our people.”

John Howard Smith, Chief Executive Officer of Punter Southall Wealth, added: “There is a strong cultural fit between Punter Southall Wealth and Canaccord Genuity and we share a commitment to provide the highest standard of financial advice and investment management, while fostering enduring client partnerships. Being part of a well-capitalised, international group provides good opportunities to grow our existing operations while providing continuity for our valued clients and the exceptional team we have.”

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