Canaccord Genuity Group Inc.’s wealth management business in the U.K. (CGWM U.K.) has acquired a Scottish financial planning firm.
Canaccord announced Thursday it acquired Glasgow-based Intelligent Capital, with £220 million ($372 million) in client assets.
The transaction supports CGWM’s strategy of “investing in the growth and success of its wealth management business while continuing to increase the scale of its financial planning capacity,” the firm said in a release.
Intelligent Capital will operate under the Adam & Company brand, which represents the Scottish operating business of CGWM U.K. Canaccord acquired Edinburgh-based Adam & Company from Royal Bank of Scotland PLC in 2021.
“[T]he addition of a new office in Glasgow gives us more expertise in the region to meet the growing demand for our outstanding integrated wealth management offering,” David Esfandi, CEO of CGWM U.K., said in the release.
David Bremner, Intelligent Capital’s largest shareholder and current managing director, will join the executive leadership team of Adam & Company as head of wealth management for Glasgow.
The acquisition is expected to be completed by March 31, 2024.
Canaccord releases second-quarter results next week. In the first quarter, the firm said client assets under administration in its global wealth management business increased by 7.2% year over year to $97.3 billion — up 9.8% in Canada, 4.8% in the U.K. and 15.2% in Australia.