TORONTO, May 31, 2024 /PRNewswire/ -- Canaccord Genuity
Group Inc. (TSX: CF) (the "Company") is pleased to announce that
through its wealth management business in the UK and Crown
Dependencies ("CGWM UK"), it has entered into a share purchase
agreement to acquire Cantab Asset Management Ltd. ("Cantab").
The transaction further consolidates CGWM's position as a top-10
wealth manager by assets in the UK and strengthens its financial
planning capacity and reach.
Headquartered in Cambridge, UK,
Cantab is a chartered, independent financial planning business with
approximately £900 million in Assets Under Management ("AUM") and a
38-year track record of serving high-net-worth private clients and
charities. CGWM UK has been selected as a well-suited buyer to
facilitate future growth and support for the business.
Upon completion of the acquisition, investment professionals and
support staff of Cantab will continue in their existing roles and
will be fully supported in directly managing their client
relationships. Clients will continue to receive the high-quality
service they are accustomed to with no planned changes to their
relationship with existing Financial Planners or client support
team. To support the transition, David
Saunderson will remain Chief Executive Officer and member of
the Cantab board.
David Esfandi, Chief Executive
Officer of CGWM UK said: "We are delighted to establish a presence
in Cambridge with a highly
respected team of professionals that has achieved an extraordinary
track record of providing top quality financial planning advice and
services to high-net-worth clients. We very much look forward to
supporting the continued growth of the business as we work to
provide the best possible outcomes for our combined clients."
Cantab founder and CEO David
Saunderson adds: "Joining Canaccord Genuity marks an
exciting new chapter in the development and growth of Cantab Asset
Management as a leading provider of financial planning and
investment advice for clients in London and Cambridge, whilst continuing the independent
regulatory status of the firm. The increased resources of the
combined business, spanning investment management and financial
planning, will serve our clients into the future with
confidence."
Completion of the acquisition is subject to regulatory approval
and other customary closing conditions. The acquisition is expected
to be completed within the quarter ended September 30, 2024.
ABOUT CANACCORD GENUITY GROUP INC.
Through its principal subsidiaries, Canaccord Genuity Group Inc.
(the "Company") is a leading independent, full-service financial
services firm, with operations in two principal segments of the
securities industry: wealth management and capital markets. Since
its establishment in 1950, the Company has been driven by an
unwavering commitment to building lasting client relationships. We
achieve this by generating value for our individual, institutional
and corporate clients through comprehensive investment solutions,
brokerage services and investment banking services. The Company has
wealth management offices located in Canada, the UK, Guernsey, Jersey, the Isle of Man and Australia. The Company's international capital
markets division operates in North
America, UK & Europe,
Asia, and Australia.
Canaccord Genuity Group Inc. is publicly traded under the symbol
CF on the TSX.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This press release may contain "forward-looking information" as
defined under applicable securities laws ("forward-looking
statements"). These statements relate to future events or future
performance and reflect management's expectations, beliefs, plans,
estimates, intentions and similar statements concerning anticipated
future events, results, circumstances, performance or expectations
that are not historical facts, including the completion of the
acquisition and the timing thereof, receipt of regulatory approvals
for the acquisition, future business growth, business and economic
conditions and Canaccord Genuity Group's growth, results of
operations, performance and business prospects and opportunities.
Such forward- looking statements reflect management's current
beliefs and are based on information currently available to
management. In some cases, forward-looking statements can be
identified by terminology such as "may", "will", "should",
"expect", "plan", "anticipate", "believe", "estimate", "predict",
"potential", "continue", "target", "intend", "could" or the
negative of these terms or other comparable terminology. By their
very nature, forward-looking statements involve inherent risks and
uncertainties, both general and specific, and a number of factors
could cause actual events or results to differ materially from the
results discussed in the forward-looking statements.
In evaluating these statements, readers should specifically
consider various factors that may cause actual results to differ
materially from any forward-looking statement. These factors
include, but are not limited to, market and general economic
conditions; the length of a regulatory review and approval of the
transaction; ability of the parties to meet closing conditions; the
dynamic nature of the financial services industry; and the risks
and uncertainties discussed from time to time in the Company's
interim condensed and annual consolidated financial statements, its
annual report and its annual information form ("AIF") filed on
www.sedar.com as well as the factors discussed in the sections
entitled "Risk Management" and "Risk Factors" in the AIF, which
include market, liquidity, credit, operational, legal and
regulatory risks.
Although the forward-looking statements contained in this press
release are based upon assumptions that the Company believes are
reasonable, there can be no assurance that actual results will be
consistent with these forward-looking statements. The
forward-looking statements contained in this press release are made
as of the date of this press release and should not be relied upon
as representing the Company's views as of any date subsequent to
the date of this press release. Except as may be required by
applicable law, the Company does not undertake, and specifically
disclaims, any obligation to update or revise any forward-looking
statements, whether as a result of new information, further
developments or otherwise.
Investor and media relations inquiries: Christina Marinoff, SVP, Head of Investor
Relations & Global Corporate Communications, Phone:
416-687-5507, Email:
cmarinoff@cgf.com, www.cgf.com/investor-relations
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