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June 1, 2022

Canaccord Genuity closes acquisition of Punter Southall Wealth

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

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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.”

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.

Free Whitepaper
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Disruptive start-ups to watch out for

2021 was a record-breaking year, with more businesses breaking into the billion-dollar club. Many start-ups have achieved or retained the unicorn status by the end of the year to reflect nearly a fivefold growth from that in 2020. This boom can be linked to a financing frenzy spurred by the quick adoption of technology and innovative solutions by start-ups gaining traction in response to the pandemic. However, the start-up ecosystem is now facing turbulent times for fundraising as investors seek long-term business strategies, valuations, and a route to profitability amid uncertain market circumstances. Nevertheless, 2022 has the potential to carry forward the momentum with multiple entities having a fair chance of being in the right place when aided by the right technologies. GlobalData leverages the power of alternative data to examine the health of start-ups across multiple dimensions including the quality of their innovations, market presence, and the funding they can attract. This helps our clients to analyze the disruptive potential of start-ups for early alliances, investments, and acquisition prospects to develop future-proof strategic roadmaps for a competitive advantage. Read our report and gather insights on the following topics:
  • Recent Unicorn trends
  • Unicorns in 2022
  • Future Unicorns
  • Start-ups to watch out for
Start-up ecosystem outlook by top geographies
by GlobalData
Enter your details here to receive your free Whitepaper.

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