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Canaccord Genuity WM Completes UK Wealth Manager Acquisition

The financial terms of the deal were not disclosed.
Canaccord Genuity Wealth Management UK has
completed its acquisition of wealth manager Hargreave Hale.
The deal was previously reported by this
publication.
The transaction advances CGWM UK to a top-10 UK wealth
management business by assets, the firm said in a statement. CGWM
UK has around £23 billion ($31 million) in assets under
management. Hargreave Hale has around £8 billion
($10.8 billion) in assets under administration, management
and management contract.
There will be an integration process with the company’s
wealth management operations in the UK, which will take place
immediately. Until that process is completed, Hargreave Hale will
continue to be authorised to provide regulated products and
services by the Financial Conduct Authority (FCA) in the UK.
Through this integration period, the clients and employees of
Hargreave Hale and CGWM UK will have access to
the resources and expertise of both operations. It is
expected that the integration process will continue up
until 2019.
"Today marks an exciting chapter of growth for Canaccord Genuity
Wealth Management and we are delighted to welcome the employees
and clients of Hargreave Hale,” said David Esfandi, chief
executive of Canaccord Genuity Wealth Management in the UK &
Europe. “I continue to be impressed by the exceptional quality
and commitment of our new colleagues and the strong complement
between our businesses. 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 organisations”