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Canaccord Genuity Group Inc. Announces That HPS Will Invest in its UK Wealth Management Business
Canaccord Genuity Group Inc. Announces That HPS Will Invest in its UK Wealth Management B...
About this update from Canaccord Genuity Group Inc.
[{"type":"text","content":"\n \n \n \n Canaccord Genuity Group Inc. Announces That HPS Will Invest in its UK Wealth Management Business\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n.prnsblb0{\nBORDER-LEFT:black 0pt\n}\n.prnvab{\nVERTICAL-ALIGN: BOTTOM\n}\n.prnpl6{\nPADDING-LEFT:0.50em\n}\n.prnrbrb0{\nBORDER-RIGHT:black 0pt\n}\n.prnbcc{\nBORDER-TOP:0pt solid; BORDER-RIGHT:0pt solid; BORDER-COLLAPSE: COLLAPSE; BORDER-BOTTOM:0pt solid; BORDER-LEFT:0pt solid\n}\n.prnpr6{\nPADDING-RIGHT:0.50em\n}\n.prnsbtb0{\nBORDER-TOP:black 0pt\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n Proceeds to be used to fund a return of capital from the UK Wealth Management division to Canaccord Genuity Group Inc.\n \n \n \n \n TORONTO\n \n ,\n \n Feb. 3, 2021\n \n /CNW/ - Canaccord Genuity Group Inc. (TSX:CF), (the \"Company\") announces that HPS Investment Partners, LLC (\"HPS\"), on behalf of investment accounts and funds it manages has agreed to invest in the Company's UK wealth management division.  Subject to regulatory approval and other customary closing conditions, HPS will acquire Convertible Preferred Shares (the \"Convertible Preferred Shares\") in the amount of £125 million (\n \n C$219 million\n \n \n 1\n \n ) to be issued by Canaccord Genuity Wealth Group Holdings (Jersey) Limited (\"CGWM UK\"), the parent company of the Company's wealth management operating subsidiaries in the UK, the Channel Islands and in the Isle of Man (the \"Transaction\").\n \n \n HPS is a leading global investment firm that seeks to provide creative capital solutions and generate attractive risk-adjusted returns for its clients.  HPS has over\n \n US$68 billion\n \n of assets under management invested in both large and small companies across a variety of industries and sectors.\n \n \n The net cash proceeds from the sale of the Convertible Preferred Shares of approximately £120 million (\n \n C$210 million\n \n ) will be distributed by CGWM UK to the Company and used by the Company for corporate purposes to optimize shareholder value.\n \n \n There will be no changes to th...