Canaccord Genuity Wealth Management UK & Europe has agreed to acquire the investment dealing and custody business of British private bank C. Hoare & Co for an undisclosed sum.
C. Hoare & Co said that the disposal aligns with its strategy of improving and refocusing on its private banking operations.
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The deal is expected to be completed in the second quarter of 2017.
Canaccord Genuity Wealth Management UK & Europe CEO David Esfandi said: “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."
C. Hoare & Co partner and director Alexander Hoare said: “We believe that Canaccord Genuity Wealth Management will be able to provide an excellent investment dealing and custody service for our customers."
The latest deal comes after C. Hoare & Co offloaded its wealth management business to Cazenove Capital Management, the UK wealth manager of Schroders. The agreement with Cazenove was announced in October 2016.
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