Canaccord Genuity says 'no plan' to sell its UK, crown dependencies wealth business

Canaccord Genuity Group said in a statement on 26 November that it has "no plan" to sell its UK and crown dependencies wealth business following "a recent media report".

The Toronto-headquartered group made the comments in an update to its shareholders, stating: "The Company’s policy is that it does not comment on specific rumours or speculation. However, due to the publication of an article from a UK-based financial media outlet containing information credited to anonymous sources not known to the Company, we believe that a communication is warranted.

"The Company wishes to confirm that there is no plan to sell its wealth management business in the UK & Crown Dependencies and that it continues to have a productive working relationship with its strategic and financial partner.

"We are proud of the value that all our wealth management businesses have created and are fully committed to their continued growth."

The statement continued: "The Company regularly explores opportunities to strengthen the value of its business and has
been an active acquiror in all geographies where it has operations. We routinely engage with external advisors to assess market conditions and opportunities across our global business.

"All shareholders and prospective investors are encouraged to rely solely on information provided by the Company in its ongoing disclosures, which are available on the Company website and on SEDAR+."

Canaccord Genuity further noted that "this statement is an exception to its policy of not commenting on market rumours, and that in the future it will adhere to this policy. Canaccord Genuity does not plan to provide further comment unless it is determined that further disclosure is necessary or appropriate."