Canadian-headquartered Canaccord Genuity is acquiring the wealth management business of private bank Adam & Co from Royal Bank of Scotland in a £54m deal.
The Canadian group said it had reached an agreement with parent NatWest to acquire the £1.7bn investment management division via its UK wealth management arm CGWM UK.
Canaccord Genuity will pay cash upfront in a deal that is expected to close in September, subject to regulatory approval.
The firm said it would continue to operate the business under the Adam & Company name and that the business's core client proposition will not suffer any major changes.
David Esfandi (pictured), CEO of CGWM UK said: "Entering the Scottish market represents a very important milestone in our long-term growth strategy and we are pleased to be doing so with Adam & Company's investment management business, a leading regional franchise with a strong cultural fit and a similar client base to our own.
"We are delighted to welcome this team of deeply established investment professionals, and we look forward to supporting their continued growth and commitment to providing the best possible outcomes for their clients."
Graham Storrie, Adam & Company's managing director, will continue with the business in a leadership role. He said: "To build on the success of Adam & Company's investment management business it was essential to find a buyer who shared our investment philosophy and strategic ambitions for the future.
"I believe that with CGWM, we will be able to offer our clients in Scotland and beyond the continuity and high quality service they deserve, and I am delighted to have the opportunity to continue to lead this business."
CGWM UK plans to establish a new office location for the Adam & Company investment management business in central Edinburgh.
First published by our sister title Investment Week
