08:07:34 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Canaccord Genuity Group Inc
Symbol CF
Shares Issued 113,511,468
Close 2017-09-18 C$ 4.44
Market Cap C$ 503,990,918
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Cannacord Genuity completes purchase of Hargreave Hale

2017-09-18 13:12 ET - News Release

Ms. Christina Marinoff reports

CANACCORD GENUITY WEALTH MANAGEMENT IN THE UK & EUROPE COMPLETES ACQUISITION OF HARGREAVE HALE LIMITED

Canaccord Genuity Group Inc., through its United-Kingdom-and-Europe-based wealth management business, Canaccord Genuity Wealth Management, has completed its previously announced acquisition of Hargreave Hale Ltd.

The transaction advances CGWM (U.K.) to a top 10 U.K. wealth management business by assets, with strong growth potential from a base of over 23 billion pounds sterling ($38-billion (Canadian)) 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 U.K.'s leading independent investment and wealth management businesses, with more than eight billion pounds sterling ($13.5-billion (Canadian)) 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, chief executive officer of Canaccord Genuity Wealth Management in the U.K. and 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 organizations."

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 well-being of the client is paramount. By combining our businesses, we look forward to growing a leading wealth and investment management business across the U.K., 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 U.K. 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 in the U.K. Through this integration period, the clients and employees of Hargreave Hale and CGWM (U.K.) will have access to the extensive resources and expertise of both operations. It is expected that the integration process will continue through calendar 2019.

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 advisers and professionals in Canada, the U.K., Guernsey, Jersey, the Isle of Man and Australia. Canaccord Genuity Wealth Management is a division of Canaccord Genuity Group and operates in the U.K. and Europe as Canaccord Genuity Wealth Ltd. and Canaccord Genuity Wealth (International) Ltd.

About Canaccord Genuity Group Inc.

Through its principal subsidiaries, Canaccord Genuity Group Inc. 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. The company achieves this by generating value for 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 U.K., Guernsey, Jersey, the Isle of Man and Australia.

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