Canaccord Genuity Group’s wealth management subsidiary has reached a definitive deal to purchase Mercer Global Investments Canada’s Canadian private wealth operations.    

The deal will add nearly C$1.5bn ($1.13bn) to Canaccord Genuity Wealth Management‘s total client assets.

Financial details of the deal, which is anticipated to be completed in the next three months, have not been divulged.

The deal is subject to approval of various closing conditions, such as regulatory clearance.

Once completed, the acquisition will help Mercer Private Wealth clients to receive personalised private wealth management services from Canaccord.

Canaccord Genuity Group CAO and president of wealth management in Canada Stuart Raftus said: “Canaccord Genuity Wealth Management and Mercer’s Canadian Private Wealth business are committed to providing clients with optimal outcomes and experiences.”   

Raftus added: “We look forward to making a positive impact for our new clients, partners, and employees in the coming months and years.”

Currently, Canaccord Genuity Wealth Management offers a range of customised wealth management tools and brokerage solutions to individual investors, private clients, charities, among others.

The firm has operations in Canada, the UK, Australia and other places.

Last month, Canaccord Genuity’s management revealed a plan to launch a C$1.13bn ($845m) takeover bid for the firm.

Last year, the firm lost 44% of its market capitalisation, reported Reuters.