LONDON, March 24, 2017 /PRNewswire/ --
Canaccord Genuity Wealth Management UK & Europe has entered into an agreement with C.
Hoare & Co., the London-based
private bank, to acquire its investment dealing and custody
business.
The transaction serves to support Canaccord Genuity Wealth
Management's growth strategy and its new clients will benefit from
access to award-winning expertise, supported by a sophisticated
operational and technology platform.
The sale by C. Hoare & Co. is in line with the bank's
strategy of improving and refocusing on its private banking
business following the recent sale of its wealth management
business in February, 2017.
C. Hoare & Co. is pleased to have reached the agreement
based on the strength of Canaccord Genuity Wealth Management's
offering, including its range of solutions to meet the dealing
needs and service standards for C. Hoare & Co.'s valued
customers.
David Esfandi, Chief Executive
Officer of Canaccord Genuity Wealth Management in the UK &
Europe, said, "We are
delighted to announce the acquisition of C. Hoare & Co.'s
investment dealing and custody business, which wholly supports our
growth strategy. Alongside our relationship-led approach and strong
expertise, our investment in a state-of-the-art and highly scalable
trading platform means that we are well-placed to welcome our new
clients and provide the excellent service and stockbroking
expertise they are looking for."
Alexander Hoare, Partner and
Director at C. Hoare & Co., said, "C. Hoare & Co. has a
strong heritage as a private bank, and we are focusing all our
efforts on providing this to the highest standards. We believe that
Canaccord Genuity Wealth Management will be able to provide an
excellent investment dealing and custody service for our
customers."
It is expected that the transaction will close in the
second quarter of the 2017 calendar year.
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 and 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.
About C. Hoare & Co.:
C. Hoare & Co. is the UK's oldest family-owned private bank
with no allegiance to any other financial institution. The bank has
been in continuous family ownership since 1672. The partners seek
to ensure there is a strong cultural affinity between the bank and
customers: knowing and understanding customers is key to the
business. The day-to-day involvement of all of the partners
underpins lasting customer relationships and the unlimited
liability of the shareholders.
Further information: www.hoaresbank.co.uk
For investor and media relations inquiries:
Christina Marinoff
Vice President
Investor Relations & Communications
Phone: +1-416-687-5507
Email: christina.marinoff@canaccord.com
www.canaccordgenuitygroup.com
C. Hoare & Co.
Caitlin Thomas
Head of Marketing
Phone: +44-20-7353-4522
Email: caitlin.thomas@hoaresbank.co.uk