TORONTO, September 18, 2017 /PRNewswire/ --
Canaccord Genuity Group Inc. (the "Company", TSX: CF) is pleased to announce that through its UK & Europe based wealth management business, Canaccord Genuity Wealth Management ("CGWM (UK)"), it has completed its previously announced acquisition of Hargreave Hale Limited ("Hargreave Hale").
The transaction advances CGWM (UK) to a top 10 UK wealth management business by assets, with strong growth potential from a base of over £23 billion (C$38 billion) in assets under management and administration. The Company expects the transaction to be immediately accretive to its adjusted earnings.
Hargreave Hale is one of the UK's leading independent investment and wealth management businesses, with more than £8.0 billion (C$13.5 billion) in assets under administration, management and management contract.
"Today marks an exciting chapter of growth for Canaccord Genuity Wealth Management and we are delighted to welcome the employees and clients of Hargreave Hale," said David Esfandi, CEO of Canaccord Genuity Wealth Management in the UK & Europe. "I continue to be impressed by the exceptional quality and commitment of our new colleagues and the strong complement between our businesses. As we embark on a carefully orchestrated transition plan, we look forward to unlocking greater opportunities for our businesses and our clients, as we bring together the vast resources, capabilities and talented professionals of our two organisations"
Giles Hargreave, Chairman of Hargreave Hale said: "On behalf of the Hargreave Hale team, we are very pleased to be joining Canaccord Genuity Wealth Management. We entered this transaction with a strong commitment to the philosophy that has been the cornerstone of our business since its founding in 1897 - that the financial wellbeing of the client is paramount. By combining our businesses, we look forward to growing a leading wealth and investment management business across the UK, while introducing an enhanced suite of resources, products and services to our clients."
An orderly integration process with the Company's wealth management operations in the UK will commence immediately. Until that process is completed, Hargreave Hale will continue to be authorized to provide regulated products and services by the Financial Conduct Authority (FCA) in the UK. Through this integration period, the clients and employees of Hargreave Hale and CGWM (UK) will have access to the extensive resources and expertise of both operations. It is expected that the integration process will continue through calendar 2019.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS:
This press release may contain "forward-looking information" as defined under applicable securities laws ("forward-looking statements"). These statements relate to future events or future performance and reflect management's expectations, beliefs, plans, estimates, intentions and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts, including business and economic conditions and Canaccord Genuity Group's growth, results of operations, performance and business prospects and opportunities. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. In some cases, forward-looking statements can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue", "target", "intend", "could" or the negative of these terms or other comparable terminology. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and a number of factors could cause actual events or results to differ materially from the results discussed in the forward-looking statements. In evaluating these statements, readers should specifically consider various factors that may cause actual results to differ materially from any forward-looking statement. These factors include, but are not limited to, market and general economic conditions, the nature of the financial services industry and the risks and uncertainties discussed from time to time in the Company's interim condensed and annual consolidated financial statements, its annual report and its annual information form ("AIF") filed on http://www.sedar.com as well as the factors discussed in the sections entitled "Risk Management" and "Risk Factors" in the AIF, which include market, liquidity, credit, operational, legal and regulatory risks. Material factors or assumptions that were used by the Company to develop the forward-looking statements contained in this press release include, but are not limited to, those set out in the Fiscal 2018 Outlook section in the annual MD&A and those discussed from time to time in the Company's interim condensed and annual consolidated financial statements, its annual report and the AIF filed on http://www.sedar.com. The preceding list is not exhaustive of all possible risk factors that may influence actual results. Readers are cautioned that the preceding list of material factors or assumptions is not exhaustive.
Although the forward-looking statements contained in this press release are based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward-looking statements. The forward-looking statements contained in this press release are made as of the date of this press release and should not be relied upon as representing the Company's views as of any date subsequent to the date of this press release. Except as may be required by applicable law, the Company does not undertake, and specifically disclaims, any obligation to update or revise any forward-looking statements, whether as a result of new information, further developments or otherwise.
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. ™
Canaccord Genuity Group Inc. is publicly traded under the symbol CF on the TSX.
 Adjusted earnings is a non-IFRS measure generally referred to by the Company as net income excluding significant items. Significant items include restructuring costs, amortization of intangible assets acquired in connection with a business combination, acquisition-related expense items and other items related to business combinations and disposals, as well as certain other expense items as more particularly described in the Company's Management Discussion and Analysis for the quarter ended June 30, 2017 and available on http://www.sedar.com. It is not expected that the acquisition will be accretive to net income as determined in accordance with IFRS for fiscal 2018.
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SOURCE Canaccord Genuity Group Inc.