£54m deal by owners of Blackpool wealth management firm
Financial services firm Canaccord Genuity, which has an office at Whitehills near Blackpool, has swooped to buy another UK business.
The firm has acquired the private client investment management business of Edinburgh-based Adam and Company in a deal worth £54m when it closes in the second quarter of the year.
Adam and Company’s investment management business is a leading Scottish private client investment manager based in Edinburgh, with client assets of approximately £1.7bn.
Canaccord said it was an ideal opportunity to break into the Scottish market and that the business’s core client proposition would remain largely unchanged. The existing direct relationships between clients and portfolio managers will not be affected.
Graham Storrie, managing director of Adam and Company, will continue with the Business in a leadership role.
David Esfandi, chief executive officer of CGWM UK said: “Entering the Scottish market represents a very important milestone in our long-term growth strategy and we are pleased to be doing so with Adam and Company’s investment management business, a leading regional franchise with a strong cultural fit and a similar client base to our own.
“We are delighted to welcome this team of deeply established investment professionals, and we look forward to supporting their continued growth and commitment to providing the best possible outcomes for their clients.”
Graham Storrie said: “To build on the success of Adam and Company’s investment management business it was essential to find a buyer who shared our investment philosophy and strategic ambitions for the future.
"I believe that with CGWM, we will be able to offer our clients in Scotland and beyond the continuity and high quality service they deserve, and I am delighted to have the opportunity to continue to lead this business.”
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