LONDON, March 24, 2017 /PRNewswire/ --
Canaccord Genuity Wealth Management UK & Europe has entered into an agreement with C. Hoare & Co., the London-based private bank, to acquire its investment dealing and custody business.
The transaction serves to support Canaccord Genuity Wealth Management's growth strategy and its new clients will benefit from access to award-winning expertise, supported by a sophisticated operational and technology platform.
The sale by C. Hoare & Co. is in line with the bank's strategy of improving and refocusing on its private banking business following the recent sale of its wealth management business in February, 2017.
C. Hoare & Co. is pleased to have reached the agreement based on the strength of Canaccord Genuity Wealth Management's offering, including its range of solutions to meet the dealing needs and service standards for C. Hoare & Co.'s valued customers.
David Esfandi, Chief Executive Officer of Canaccord Genuity Wealth Management in the UK & Europe, said, "We are delighted to announce the acquisition of C. Hoare & Co.'s investment dealing and custody business, which wholly supports our growth strategy. Alongside our relationship-led approach and strong expertise, our investment in a state-of-the-art and highly scalable trading platform means that we are well-placed to welcome our new clients and provide the excellent service and stockbroking expertise they are looking for."
Alexander Hoare, Partner and Director at C. Hoare & Co., said, "C. Hoare & Co. has a strong heritage as a private bank, and we are focusing all our efforts on providing this to the highest standards. We believe that Canaccord Genuity Wealth Management will be able to provide an excellent investment dealing and custody service for our customers."
It is expected that the transaction will close in the second quarter of the 2017 calendar year.
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 and 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.
About C. Hoare & Co.:
C. Hoare & Co. is the UK's oldest family-owned private bank with no allegiance to any other financial institution. The bank has been in continuous family ownership since 1672. The partners seek to ensure there is a strong cultural affinity between the bank and customers: knowing and understanding customers is key to the business. The day-to-day involvement of all of the partners underpins lasting customer relationships and the unlimited liability of the shareholders.
Further information: www.hoaresbank.co.uk
For investor and media relations inquiries:
Investor Relations & Communications
C. Hoare & Co.
Head of Marketing
SOURCE Canaccord Genuity Group Inc.