The Globe and Mail reports in its Thursday edition that Canaccord Genuity Group vaulted into the top ranks of a consolidating British wealth-management industry on Wednesday by acquiring rival Hargreave Hale in a deal worth up to $134-million. The Globe's Andrew Willis writes that Canaccord will become the sixth-largest British wealth-management firm, up from its current rank as the 10th-biggest player, by adding Hargreave's 14,000 clients, 76 investment professionals and $13.5-billion in assets under management (AUM) to its existing British and European operations, which are home to 12,000 clients, 118 advisers and $24.5-billion in AUM. Hargreave was founded in 1897 and has offices in London and eight smaller British cities, adding a regional network to Canaccord's four British offices, in London, Jersey, Guernsey and the Isle of Man. Chief executive officer Dan Daviau says, "The acquisition of Hargreave Hale is an important step in our strategy of building a leading global wealth-management business." Canaccord invested in British back office systems over several years to support growth and the Hargreave operations add scale to this platform, without significant extra costs.