Wealth and investments firm with Blackpool site in £120m shares sale

Toronto-based Canaccord Genuity Group, which owns the former Hargreave Hale business at Whitehills business park, said that the deal will mean no changes for its UK operations.

New York’s HPS Investment Partners has bought a 21.93 per cent equity interest in Canaccord’s UK business.

Dan Daviau, president and chief executive of Canaccord Genuity Group said: “The proceeds from this investment provide us with options and flexibility to redeploy capital towards strategies to advance our firmwide growth, enhance our long-term profitability, and provide optimal returns for our shareholders.”

The company added: “There will be no changes to the management or operations of CGWM UK as we continue to seek to expand and grow that business through both internal development and acquisitions. HPS expects to continue to be a strategic and financial partner on future acquisitions and growth opportunities.”

And the firm issued a trading update which revealed it has now got assets under management of £29.7bn, an increase of 5.7 per cent from £28.1bn at the end of the third quarter of fiscal year 2020.

For the three months ending December 31, revenue hit revenue of £40.7 m, 2.9 per cent down on the same period last year.

David Esfandi, chief executive in the UK said: “The business has continued to demonstrate strong performance and resilience despite the pandemic, and we are delighted to see increases in our pre-tax profit margins with AUMs not only rebounding to, but surpassing, pre-COVID levels.

“We have seen positive inflows across all areas of our business, testament to our dedicated advice-led offering to give clients absolute confidence in their financial future, and so pertinent in this uncertain environment.”

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