Canaccord Genuity Wealth Management UK & Europe has agreed to acquire the investment dealing and custody business of British private bank C. Hoare & Co for an undisclosed sum.

C. Hoare & Co said that the disposal aligns with its strategy of improving and refocusing on its private banking operations.

The deal is expected to be completed in the second quarter of 2017.

Canaccord Genuity Wealth Management UK & Europe CEO David Esfandi said: “Alongside our relationship-led approach and strong expertise, our investment in a state-of-the-art and highly scalable trading platform means that we are well-placed to welcome our new clients and provide the excellent service and stockbroking expertise they are looking for."

C. Hoare & Co partner and director Alexander Hoare said: “We believe that Canaccord Genuity Wealth Management will be able to provide an excellent investment dealing and custody service for our customers."

The latest deal comes after C. Hoare & Co offloaded its wealth management business to Cazenove Capital Management, the UK wealth manager of Schroders. The agreement with Cazenove was announced in October 2016.