Canada’s Canaccord have bought the UK-based
wealth manager Collins Stewart Hawkpoint for £253.3m ($391.1m).
The Canadian bank, which has been looking to
expand Canaccord Wealth Management abroad, launched an unsuccessful
takeover bid of another UK-based wealth manager earlier this
year.
Investec beat Canaccord to takeover Evolution
Group, the owner of UK private client investment manager Williams
de Broë, PBI reported in September.
Strategic fit
Collins Stewart Hawkpoint has about 850
employees and provides wealth management, securities, corporate
broking and corporate advisory services. Assets under management at
Collins Stewart were £8.1bn at 30 June 2011.
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By GlobalDataCollins Stewart Hawkpoint chairman, Tim
Ingram, said that the acquisition made “strong strategic
sense.”
He added that the move will allow the
Cannaccord to strengthen its capital markets, advisory and wealth
management presence in North America, Europe and Asia.