Canada’s Canaccord Genuity Group has agreed to buy Punter Southall Wealth (PSW) from Punter Southall Group (PSG) to expand its footprint in the UK and to further bolster its financial planning capability.
The deal, whose financial terms were not disclosed, also covers PSW’s intermediary-facing brand Psigma.
Canaccord Genuity is executing the deal through Canaccord Genuity Wealth Management (CGWM UK), its UK wealth management division.
Said to be a vertically integrated wealth manager, PSW provides a spectrum of advice and wealth management solutions to high-net-worth (HNW) individuals through its intermediary distribution channel.
Its offerings include bespoke portfolios, managed portfolio services, and a multi-asset fund range among other things.
PSW will add around £5.0bn (C$8.5bn) in client assets to CGWM UK.
CGWM UK CEO David Esfandi said: “Our acquisition of PSW represents an exciting strategic opportunity to further develop our integrated wealth management business, adding national scale and exceptional capability to our advice-led offering.
“We see a strong cultural fit between CGWM UK and PSW and we look forward to supporting this talented team, as we work together to build upon the strong foundations that both of our businesses have established to date.”
The deal will not have any effect on PWS’s existing direct relationships between portfolio managers, financial planners and their clients will not be affected.
As agreed, its core client proposition will remain mostly unchanged while PSW’s investment professionals, financial planners, and clients will have access to a range of resources offered by CGWM UK and Canaccord Genuity’s global platform.
Commenting on the deal, Punter Southall Wealth CEO John Smith said: “There is a strong cultural fit between Punter Southall Wealth and Canaccord Genuity and we share a commitment to provide the highest standard of financial advice and investment management, while fostering enduring client partnerships.
“Being part of a well-capitalised, international group provides good opportunities to grow our existing operations while providing continuity for our valued clients and the exceptional team we have.”
A number of PSW’s staff will become active members of CGWM UK’s existing investment committees to help facilitate a smooth transition.
In April this year, Canaccord Genuity agreed to buy Adam & Company’s private client investment management business in an all-cash deal worth $74.4m.