Canaccord Genuity Group has bought Cambridge-based financial planning business Cantab Asset Management.
The deal adds £900mn in assets under management to Canaccord Genuity's wealth management business in the UK.
Upon completion, investment professionals and support staff from Cantab will continue in their existing roles and will be fully supported in directly managing their client relationships.
Clients will continue to receive the same service with no planned changes to their relationship with existing financial planners or client support team.
CGWM UK CEO, David Esfandi, 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.
“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.”
To support the transition, David Saunderson will remain chief executive officer and member of the Cantab board.
Saunderson said joining Canaccord Gennuity 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.
“The increased resources of the combined business, spanning investment management and financial planning, will serve our clients into the future with confidence,” he added.
The acquisition is expected to be completed by September 30.
tom.dunstan@ft.com
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