Canada’s Canaccord Genuity has wrapped up its previously announced acquisition of Punter Southall Wealth (PSW). Financial terms of the transaction were not disclosed.

The deal, first announced in December last year, was carried out through Canaccord Genuity Group Wealth Management UK (CGWM UK), the company’s UK wealth management division.

PSW is a vertically integrated wealth manager offering a range of advice and wealth management solutions to high-net-worth (HNW) individuals through its intermediary distribution channel.

The firm currently manages approximately £4.8bn (C$7.9bn) in client assets.

CGWM UK CEO David Esfandi said: “We are so pleased to welcome the PSW team which brings a strong and complementary fit for our advice-led offering and builds on our footprint in the UK, including an expanded presence in Scotland.

“The addition of PSW will enhance our capabilities and will strengthen our model-based product and service offering to address the increasingly complex wealth management and financial planning needs of our clients.”

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As part of the deal, PSW’s investment professionals, financial planners, and clients will have access to a range of resources provided by CGWM UK and Canaccord’s global platform.

PSW CEO John Howard-Smith said: “On behalf of the Punter Southall Wealth team, we are very pleased to be joining our new colleagues at Canaccord Genuity Wealth Management.

“We look forward to working closely together to grow our integrated wealth management business and advance our product and service offering for our valued clients.”

Following the completion of the acquisition, CGWM UK will add £100m (C$169.2m) to its existing bank facility.

In addition, HPS Investment Partners made an additional investment in CGWM UK through the purchase of a new series of convertible preferred shares worth £65.3m (C$110.5m).

Canaccord currently holds about 66.9% equity equivalent interest in CGWM UK on an as converted basis.