Canaccord Genuity Wealth Management announced on Friday that it has a deal to buy the investment dealing and custody businesses from C. Hoare & Co.
The London, England-based private bank, which was started in 1672, calls itself the U.K.’s “oldest family-owned private bank.”
Canaccord says that the transaction fits with its growth strategy, whereas C. Hoare & Co. indicates that it is refocusing on its private banking business following the sale of its wealth management business to Cazenove Capital Management in February.
The financial terms of the agreement were not announced. The deal is expected to close in the second quarter of 2017.
Canaccord Genuity Wealth Management is a division of Toronto-based Canaccord Genuity