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Canaccord Genuity Snaps Up Duncan Lawrie Clients In Isle Of Man

Eliane Chavagnon 6 March 2017


Canaccord Genuity Wealth Management has bought a mix of discretionary and execution-only client portfolios from Duncan Lawrie Private Bank.

Canaccord Genuity Wealth Management has bolstered its presence in the Isle of Man, acquiring over 100 client portfolios from Duncan Lawrie Private Bank.

Sixty-two per cent of the portfolios are discretionary while 38 per cent are execution-only. The deal does not include any transfer of Duncan Lawrie staff to Canaccord.

"We have ambitious plans to grow our business and with a strong track record of meeting client needs and with our recent investment in technology and systems, we are well-placed to grow our client base and achieve our business objectives," said David Esfandi, chief executive of Canaccord Genuity Wealth Management in the UK and Europe.

The acquisition, the terms of which were not disclosed, is subject to approval from the Isle of Man Financial Services Authority.

The move comes as Duncan Lawrie is in the process of being sold by multi-sector parent Camellia to Brewin Dolphin. As reported by this publication late last year, most of Duncan Lawrie’s UK loans and certain of its Isle of Man loans were sold to Arbuthnot Latham, the UK-based private bank (see more here).

At the end of its most recent fiscal quarter, Canaccord Genuity Wealth Management (UK & Europe) reported total assets under management of over £14 billion ($13.3 billion).

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