Canaccord Genuity Group said on 31 May that through its wealth management business in the UK and crown dependencies it has entered into a share purchase agreement to acquire Cantab Asset Management.
In a statement it said the deal "further consolidates CGWM's position as a top-10 wealth manager by assets in the UK and strengthens its financial planning capacity and reach".
Headquartered in Cambridge, UK, Cantab is a chartered, independent financial planning business with approximately £900m in assets under management and a 38-year track record of serving high-net-worth private clients and charities.
CGWM UK "has been selected as a well-suited buyer to facilitate future growth and support for the business", it said.
Upon completion of the acquisition, investment professionals and support staff of Cantab will continue in their existing roles and will be fully supported in directly managing their client relationships.
Clients will continue to receive the high-quality service they are accustomed to with no planned changes to their relationship with existing Financial Planners or client support team.
To support the transition, David Saunderson will remain chief executive officer and member of the Cantab board.
David Esfandi, chief executive officer of CGWM UK said: "We are delighted to establish a presence in Cambridge with a highly respected team of professionals that has achieved an extraordinary track record of providing top quality financial planning advice and services to high-net-worth clients. We very much look forward to supporting the continued growth of the business as we work to provide the best possible outcomes for our combined clients."
Saunderson added: "Joining Canaccord Genuity marks an exciting new chapter in the development and growth of Cantab Asset Management as a leading provider of financial planning and investment advice for clients in London and Cambridge, whilst continuing the independent regulatory status of the firm. The increased resources of the combined business, spanning investment management and financial planning, will serve our clients into the future with confidence."
Completion of the acquisition is subject to regulatory approval and other customary closing conditions. The acquisition is expected to be completed within the quarter ended September 30, 2024.
