Canada-based Canaccord Genuity Group is planning to make small acquisitions to ramp its wealth-management business in the UK even as it shuns larger purchase.
Bloomberg News quoted Canaccord Genuity CEO, Paul Reynolds, saying that: "We’re not looking to make any more large purchases. You will see us make small bolt-on acquisitions in our UK wealth-management business."
In the past four years, Canaccord Genuity has expanded through acquisitions in North America, Asia and Britain.
In March last year, Toronto-based firm acquired London-based Collins Stewart Hawkpoint.
"We’ll continue to do acquisitions like that," Reynolds said at a conference hosted by Keefe, Bruyette & Woods in New York.
Canaccord Genuity may need another two years before its North American wealth-management business produces consistent profits, Bloomberg News further quoted Reynolds as saying.
"If the market doesn’t change, I think it’s going to take us another probably upwards of eight quarters to get that business toward break-even," he said. "The worst is behind us."