Canaccord Genuity Group Inc. announced Monday that Canaccord Genuity Wealth Management (CGWM), its U.K. and Europe-based wealth management firm, has completed the acquisition of Hargreave Hale Ltd.
Hargreave Hale is considered one of the U.K.'s leading independent investment and wealth management businesses, the firm says, with more than C$13.5 billion in assets under administration, management and management contract.
The acquisition advances CGWM with a strong growth potential from a base of over C$38 billion in assets under management and administration. Canaccord Genuity believes the transaction will be immediately accretive to its adjusted earnings.
"I continue to be impressed by the exceptional quality and commitment of our new colleagues and the strong complement between our businesses," says David Esfandi, CEO of CGWM in the U.K. and Europe, in a statement.
"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," he adds.
The integration process of the two firms is expected to continue through 2019.