TORONTO, September 18, 2017 /PRNewswire/ --
Canaccord Genuity Group Inc. (the
"Company", TSX: CF) is pleased to announce that through its UK
& Europe based wealth
management business, Canaccord Genuity Wealth Management ("CGWM
(UK)"), it has completed its previously announced acquisition of
Hargreave Hale Limited ("Hargreave Hale").
The transaction advances CGWM (UK) to a top 10 UK wealth
management business by assets, with strong growth potential from a
base of over £23 billion (C$38
billion) in assets under management and administration. The
Company expects the transaction to be immediately accretive to its
adjusted earnings.[1]
Hargreave Hale is one of the UK's leading independent investment
and wealth management businesses, with more than £8.0 billion
(C$13.5 billion) in assets under
administration, management and management contract.
"Today marks an exciting chapter of growth for Canaccord Genuity
Wealth Management and we are delighted to welcome the employees and
clients of Hargreave Hale," said David
Esfandi, CEO of Canaccord Genuity Wealth Management in the
UK & Europe. "I continue to be
impressed by the exceptional quality and commitment of our new
colleagues and the strong complement between our businesses. As we
embark on a carefully orchestrated transition plan, we look forward
to unlocking greater opportunities for our businesses and our
clients, as we bring together the vast resources, capabilities and
talented professionals of our two organisations"
Giles Hargreave, Chairman of
Hargreave Hale said: "On behalf of the Hargreave Hale team, we are
very pleased to be joining Canaccord Genuity Wealth Management. We
entered this transaction with a strong commitment to the philosophy
that has been the cornerstone of our business since its founding in
1897 - that the financial wellbeing of the client is paramount. By
combining our businesses, we look forward to growing a leading
wealth and investment management business across the UK, while
introducing an enhanced suite of resources, products and services
to our clients."
An orderly integration process with the Company's wealth
management operations in the UK will commence immediately. Until
that process is completed, Hargreave Hale will continue to be
authorized to provide regulated products and services by the
Financial Conduct Authority (FCA) in the UK. Through this
integration period, the clients and employees of Hargreave Hale and
CGWM (UK) will have access to the extensive resources and expertise
of both operations. It is expected that the integration process
will continue through calendar 2019.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS:
This press release may contain "forward-looking information" as
defined under applicable securities laws ("forward-looking
statements"). These statements relate to future events or future
performance and reflect management's expectations, beliefs, plans,
estimates, intentions and similar statements concerning anticipated
future events, results, circumstances, performance or expectations
that are not historical facts, including business and economic
conditions and Canaccord Genuity Group's growth, results of
operations, performance and business prospects and opportunities.
Such forward-looking statements reflect management's current
beliefs and are based on information currently available to
management. In some cases, forward-looking statements can be
identified by terminology such as "may", "will", "should",
"expect", "plan", "anticipate", "believe", "estimate", "predict",
"potential", "continue", "target", "intend", "could" or the
negative of these terms or other comparable terminology. By their
very nature, forward-looking statements involve inherent risks and
uncertainties, both general and specific, and a number of factors
could cause actual events or results to differ materially from the
results discussed in the forward-looking statements. In evaluating
these statements, readers should specifically consider various
factors that may cause actual results to differ materially from any
forward-looking statement. These factors include, but are not
limited to, market and general economic conditions, the nature of
the financial services industry and the risks and uncertainties
discussed from time to time in the Company's interim condensed and
annual consolidated financial statements, its annual report and its
annual information form ("AIF") filed on http://www.sedar.com as
well as the factors discussed in the sections entitled "Risk
Management" and "Risk Factors" in the AIF, which include market,
liquidity, credit, operational, legal and regulatory risks.
Material factors or assumptions that were used by the Company to
develop the forward-looking statements contained in this press
release include, but are not limited to, those set out in the
Fiscal 2018 Outlook section in the annual MD&A and those
discussed from time to time in the Company's interim condensed and
annual consolidated financial statements, its annual report and the
AIF filed on http://www.sedar.com. The preceding list is not
exhaustive of all possible risk factors that may influence actual
results. Readers are cautioned that the preceding list of material
factors or assumptions is not exhaustive.
Although the forward-looking statements contained in this press
release are based upon what management believes are reasonable
assumptions, there can be no assurance that actual results will be
consistent with these forward-looking statements. The
forward-looking statements contained in this press release are made
as of the date of this press release and should not be relied upon
as representing the Company's views as of any date subsequent to
the date of this press release. Except as may be required by
applicable law, the Company does not undertake, and specifically
disclaims, any obligation to update or revise any forward-looking
statements, whether as a result of new information, further
developments or otherwise.
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. ™
Canaccord Genuity Group Inc. is publicly traded under the symbol
CF on the TSX.
http://www.canaccordgenuitygroup.com
[1] Adjusted earnings is a
non-IFRS measure generally referred to by the Company as net income
excluding significant items. Significant items include
restructuring costs, amortization of intangible assets acquired in
connection with a business combination, acquisition-related expense
items and other items related to business combinations and
disposals, as well as certain other expense items as more
particularly described in the Company's Management Discussion and
Analysis for the quarter ended June 30,
2017 and available on http://www.sedar.com. It is not
expected that the acquisition will be accretive to net income as
determined in accordance with IFRS for fiscal 2018.
Christina Marinoff
Vice President
Investor Relations & Communications
Phone: +1-416-687-5507
email: christina.marinoff@canaccord.com