LONDON, March 3, 2017 /PRNewswire/ --
Canaccord Genuity Wealth Management UK & Europe is pleased to announce the acquisition
of client portfolios currently managed by Duncan Lawrie Private
Banking in the Isle of Man.
This transaction serves to bolster Canaccord Genuity Wealth
Management's presence in the Isle of
Man, and supports the firm's strategy of growing assets
under management. At the end of its most recent fiscal quarter,
Canaccord Genuity Wealth Management in the UK & Europe reported total assets under management
of over £14 billion. The acquisition is expected to include more
than 100 client portfolios, including those using discretionary
investment management and execution-only stock broking services. No
Duncan Lawrie staff will be moving to Canaccord Genuity Wealth
Management as part of the deal.
The acquisition has been welcomed by Duncan Lawrie Private
Banking, given the similarities in investment process and the
dedication to client service shared by the two businesses.
Dermot Hamill, Head of Wealth
Management for Canaccord Genuity Wealth Management, Isle of Man commented: "We are
delighted to be announcing our acquisition of Duncan Lawrie's
Isle of Man client portfolios. We
look forward to welcoming our new clients on board and providing
them with the exceptional quality of service and investment
offerings that we are known for."
David Esfandi, Chief Executive
of Canaccord Genuity Wealth Management in the UK & Europe concurred: "The acquisition of
the Duncan Lawrie client portfolios on the Isle of Man is a great fit for our business,
given our similar investment ethos and our synergies in client
service. It is further proof of our wholehearted commitment to all
the jurisdictions in which we operate. We have ambitious plans to
grow our business and with a strong track record of meeting client
needs and with our recent investment in technology and systems, we
are well-placed to grow our client base and achieve our business
objectives."
Deal Summary:
- Canaccord Genuity Wealth Management is expected to acquire more
than 100 client portfolios in its Isle of
Man business, of which 62% will be discretionary and 38%
execution only.
- This supports the firm's strategy to grow assets under
management, which currently stand at over £14 billion in its UK
& Europe wealth management
operations.
- No Duncan Lawrie staff will transfer to Canaccord Genuity
Wealth Management as part of the deal.
The acquisition is subject to approval from the Isle of Man
Financial Services Authority.
About Canaccord Genuity Wealth
Management:
Canaccord Genuity Wealth Management provides comprehensive
wealth management solutions and brokerage services to individual
investors, private clients, charities and intermediaries through a
full suite of services tailored to the needs of clients in each of
its markets. Canaccord Genuity Wealth Management has Investment
Advisors (IAs) and professionals in Canada, the UK, Guernsey, Jersey, the Isle of Man and Australia. Canaccord Genuity Wealth Management
is a division of Canaccord Genuity Group and operates in the UK
& Europe as Canaccord Genuity
Wealth Limited and Canaccord Genuity Wealth International
Limited.
About Canaccord Genuity Group Inc.:
Through its principal subsidiaries, Canaccord Genuity Group Inc.
(the 'Company') is a leading independent, full-service financial
services firm, with operations in two principal segments of the
securities industry: wealth management and capital markets. Since
its establishment in 1950, the Company has been driven by an
unwavering commitment to building lasting client relationships. We
achieve this by generating value for our individual, institutional
and corporate clients through comprehensive investment solutions,
brokerage services and investment banking services. The Company has
offices in 10 countries worldwide, including Wealth Management
offices located in Canada, the UK,
Guernsey, Jersey, the Isle of Man and Australia. Canaccord Genuity, the
international capital markets division, operates in Canada, the US, the UK, France, Ireland, Hong Kong,
China, Australia and
Dubai. To us there are no foreign
markets.[TM]
Canaccord Genuity Group Inc. is publicly traded under the symbol
CF on the TSX.
For investor and media relations inquiries:
Christina Marinoff
Vice President, Investor Relations & Communications
Phone: +1-416-687-5507
Email: christina.marinoff@canaccord.com
http://www.canaccordgenuitygroup.com