Canadian wealth management firm, Canaccord Genuity Group, is set to continue its acquisition streak, entering into a share purchase agreement with UK-based Thomas Miller Wealth Management Limited (TMWML).

Under the terms of the acquisition, £18.5m (C$31.8m) will be payable on closing, with the possibility of an additional £9.5m contingent on achievement of revenue and asset targets.

The deal is subject to regulatory approval and is set to include an asset purchase agreement to acquire Thomas Miller Investment (Isle of Man) Limited.

Headquartered in London, TMWML provides financial planning and investment management services to private and institutional clients, including charities and trusts, with assets under management totalling approximately £1bn.

TMWML’s revenue totalled £8.4m for the year ended December 2018.

Of the acquisition, David Esfandi, CEO of Canaccord’s UK wealth management business, said: “The addition of Thomas Miller Investment’s private client business supports our long-term strategic ambition of expanding our footprint, whilst enhancing our financial planning business to ensure a truly client-centric offering that is essential for the future generational planning needs of our growing client base.

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“With a modern and scalable platform, we have a proven track record of integrating businesses and client assets and we are deeply committed to ensuring that the business and clients of Thomas Miller Investment will have a successful future with CGWM (UK).”

Hugh Titcomb, Thomas Miller Investment CEO, said, “We are very proud of how our private client activities have developed over the past few years. We believe the transfer of the business to Canaccord provides an exciting opportunity to continue this development, supported by their significant resources and commitment.”

The deal follows various recent acquisitions by Canaccord, such as its purchase of Worcester-based financial advisory business McCarthy Taylor at the end of January.