Canaccord Genuity Wealth Management, the UK and Europe wealth management arm of Canada’s Canaccord Genuity Group, has closed the purchase of British wealth manager Hargreave Hale.
The deal, announced in July 2017, adds CAD13.5bn ($10.9bn) in assets under administration, management and management contract to Canaccord’s books.
The transaction included an initial consideration of £52m and another £27.5m based on certain performance targets. Canaccord said that the deal will be immediately accretive to its adjusted earnings.
Hargreave Hale chairman Giles Hargreave and the firm’s wider fund management team will continue to remain involved in the firm, while its senior management will retain key leadership positions in the merged group. The integration of the two firms is expected to continue through 2019.
Canaccord Genuity Wealth Management UK and Europe CEO David Esfandi said: “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.”