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CANACCORD GENUITY GROUP INC., THROUGH ITS WEALTH MANAGEMENT BUSINESS IN THE UK ANNOUNCES ACQUISITION OF PUNTER SOUTHALL WEALTH
CANACCORD GENUITY GROUP INC., THROUGH ITS WEALTH MANAGEMENT BUSINESS IN THE UK ANNOUNCES ...
About this update from Canaccord Genuity Group Inc.
[{"type":"text","content":"\n \n \n \n CANACCORD GENUITY GROUP INC., THROUGH ITS WEALTH MANAGEMENT BUSINESS IN THE UK ANNOUNCES ACQUISITION OF PUNTER SOUTHALL WEALTH\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 \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n Acquisition further expands Canaccord Genuity Wealth Management's footprint in the UK and increases scale of its financial planning capability\n \n \n \n \n \n \n TORONTO\n \n and\n \n LONDON\n \n \n ,\n \n \n Dec. 14, 2021\n \n \n /CNW/ - Canaccord Genuity Group Inc. (TSX: CF) the \"Company\") is pleased to announce that through its wealth management business in the UK and Crown Dependencies (\"CGWM UK\"), it has entered into a share purchase agreement to acquire Punter Southall Wealth Limited (\"PSW\") including the intermediary-facing brand Psigma, from Punter\n \n Southall Group\n \n (\"PSG\"). Closing is subject to customary closing conditions, including regulatory approval.\n \n \n PSW is a leading vertically integrated wealth manager, offering a broad range of advice and wealth management solutions to high net-worth individuals, including bespoke portfolios, managed portfolio services and a multi-asset fund range, complemented by a strong intermediary distribution channel. Currently operating as a subsidiary of PSG, PSW has approximately £5.0 billion (\n \n C$8.5 billion\n \n ) in client assets. PSW is forecast to generate annual revenue of approximately £33.7 million (\n \n C$57.0 million\n \n ) in the year ending\n \n December 31, 2021\n \n .\n \n \n This acquisition represents an opportunity for CGWM UK to build upon its exceptional growth to date and advance its priority of becoming an integrated wealth manager of scale. PSW's core client proposition will remain largely unchanged, and the existing direct relationships between portfolio managers, financial planners and their clients will not be affected. With a strong track record of successfully integrating businesses and clients, CGWM UK expects to achieve tangible revenue and cost synergies with a clear pathway to continued g...