LONDON, March 3, 2017 /PRNewswire/ --
Canaccord Genuity Wealth Management UK & Europe is pleased to announce the acquisition of client portfolios currently managed by Duncan Lawrie Private Banking in the Isle of Man.
This transaction serves to bolster Canaccord Genuity Wealth Management's presence in the Isle of Man, and supports the firm's strategy of growing assets under management. At the end of its most recent fiscal quarter, Canaccord Genuity Wealth Management in the UK & Europe reported total assets under management of over £14 billion. The acquisition is expected to include more than 100 client portfolios, including those using discretionary investment management and execution-only stock broking services. No Duncan Lawrie staff will be moving to Canaccord Genuity Wealth Management as part of the deal.
The acquisition has been welcomed by Duncan Lawrie Private Banking, given the similarities in investment process and the dedication to client service shared by the two businesses.
Dermot Hamill, Head of Wealth Management for Canaccord Genuity Wealth Management, Isle of Man commented: "We are delighted to be announcing our acquisition of Duncan Lawrie's Isle of Man client portfolios. We look forward to welcoming our new clients on board and providing them with the exceptional quality of service and investment offerings that we are known for."
David Esfandi, Chief Executive of Canaccord Genuity Wealth Management in the UK & Europe concurred: "The acquisition of the Duncan Lawrie client portfolios on the Isle of Man is a great fit for our business, given our similar investment ethos and our synergies in client service. It is further proof of our wholehearted commitment to all the jurisdictions in which we operate. We have ambitious plans to grow our business and with a strong track record of meeting client needs and with our recent investment in technology and systems, we are well-placed to grow our client base and achieve our business objectives."
- Canaccord Genuity Wealth Management is expected to acquire more than 100 client portfolios in its Isle of Man business, of which 62% will be discretionary and 38% execution only.
- This supports the firm's strategy to grow assets under management, which currently stand at over £14 billion in its UK & Europe wealth management operations.
- No Duncan Lawrie staff will transfer to Canaccord Genuity Wealth Management as part of the deal.
The acquisition is subject to approval from the Isle of Man Financial Services Authority.
About Canaccord Genuity Wealth Management:
Canaccord Genuity Wealth Management provides comprehensive wealth management solutions and brokerage services to individual investors, private clients, charities and intermediaries through a full suite of services tailored to the needs of clients in each of its markets. Canaccord Genuity Wealth Management has Investment Advisors (IAs) and professionals in Canada, the UK, Guernsey, Jersey, the Isle of Man and Australia. Canaccord Genuity Wealth Management is a division of Canaccord Genuity Group and operates in the UK & Europe as Canaccord Genuity Wealth Limited and Canaccord Genuity Wealth International Limited.
About Canaccord Genuity Group Inc.:
Through its principal subsidiaries, Canaccord Genuity Group Inc. (the 'Company') is a leading independent, full-service financial services firm, with operations in two principal segments of the securities industry: wealth management and capital markets. Since its establishment in 1950, the Company has been driven by an unwavering commitment to building lasting client relationships. We achieve this by generating value for our individual, institutional and corporate clients through comprehensive investment solutions, brokerage services and investment banking services. The Company has offices in 10 countries worldwide, including Wealth Management offices located in Canada, the UK, Guernsey, Jersey, the Isle of Man and Australia. Canaccord Genuity, the international capital markets division, operates in Canada, the US, the UK, France, Ireland, Hong Kong, China, Australia and Dubai. To us there are no foreign markets.[TM]
Canaccord Genuity Group Inc. is publicly traded under the symbol CF on the TSX.
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SOURCE Canaccord Genuity Group Inc.