Canaccord Genuity Wealth Management, the UK and Europe wealth management arm of Canada’s Canaccord Genuity Group, has agreed to buy British wealth management and investment firm Hargreave Hale.

Hargreave Hale offers discretionary investment management and stockbroking services to over 14,000 private clients, intermediaries, corporations as well as charities. The firm has nine offices across the UK in Bangor, Blackpool, Carlisle, Lancaster, London, Norwich, Nottingham, Worcester and York.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The merger of the two firms will create a wealth manager with £18bn in private client assets and over £4.7bn in fund management assets.

Canaccord will initially pay £52m for the deal, partially funded by a £40m credit facility from National Westminster Bank and HSBC Bank.

Canaccord could also pay an additional consideration of up to £27.5m over the next three years based on certain performance targets. Funding for the addition consideration would be procured from the ongoing cash flow of the business.

Hargreave Hale chairman Giles Hargreave and the firm’s wider fund management team will remain with the firm, while its senior management will retain key leadership positions in the combined entity.

Canaccord said that the acquisition will be immediately accretive to its earnings. The deal is subject to shareholder and regulatory approvals.

Canaccord Genuity Group president and CEO Dan Daviau said: “We view this transaction as a significant development in our long-term strategy of transforming our business mix to grow contributions from our global wealth management businesses, and one that will deliver enhanced value for our clients and our shareholders.”