Canaccord Genuity’s UK wealth management business has acquired Punter Southall Wealth, including Psigma Investment Management.
The deal, announced today (December 14) and subject to regulatory approval, will see PSW’s parent group, Punter Southall Group, paid £164m in cash, alongside shares in Cannacord Wealth Management UK.
As part of the deal, the investment professionals, financial planners and clients of PSW will have access to a number of Canaccord’s resources, and several of PSW’s team will sit on Canaccord’s existing investment committees.
PSW has £5bn in client assets, and is forecast to generate annual revenues of £33.7m in the year to December 31.
David Esfandi, chief executive officer of CGWM UK, said: “Our acquisition of Punter Southall Wealth represents an exciting strategic opportunity to further develop our integrated wealth management business, adding national scale and exceptional capability to our advice-led offering."
Jonathan Punter, chief executive officer of PSG, added: “The market for financial advice to high net worth individuals is consolidating and we felt that PSW would benefit from a larger partner which can take it to the next level of its development.
“After long and careful consideration, we chose Canaccord Genuity as the best partner for our clients and our people.”
In January this year, the chief investment officer at PSW, Thomas Becket, said the consolidation in the asset management industry would lead to “fewer, but larger” funds in the market.
sally.hickey@ft.com
