Canaccord Genuity Group, a Canadian wealth management firm, has bought New York-based M&A advisory firm Petsky Prunier.
Financial terms of the transaction were not disclosed.
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Petsky Prunier, established in 1999, specialises in the mid-market technology, media, marketing, information and services and healthcare sectors.
All staff of the acquired entity will be retained as part of the deal.
Petsky Prunier partner and managing director Sanjay Chadda will now sit on Canaccord Genuity’s management operating committee.
Canaccord Genuity expects the deal to be accretive to its adjusted earnings in the first year of operation.
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By GlobalDataCanaccord Genuity president and CEO Dan Daviau said: “Our US capital markets business has become an increasingly stronger regional competitor and this acquisition advances our priority of investing in areas of higher margin potential, as we continue to position our company for increased stability and long-term profitability.
“The addition of Petsky Prunier creates an exceptional opportunity for our North American capital markets business, while simultaneously enhancing long-term value for our partners and shareholders.”
A month ago, the UK and Europe wealth management unit of Canaccord Genuity acquired Worcester-based financial advisory firm McCarthy Taylor.
Canaccord Genuity’s acquisition activity was also at full steam in 2018.
In April 2018, Canaccord Genuity purchased direct access broker Jitneytrade and its related technology business Finlogik.
Last December, the Canadian wealth manager made a strategic investment in Family Office Networks.
