Canada-listed financial services firm Canaccord Genuity Group has agreed to acquire UK-based Cantab Asset Management for an undisclosed price.

The acquisition will be carried out through Canaccord Genuity’s wealth management business in the UK and Crown Dependencies (CGWM UK). The parties have signed a share purchase agreement in this regard.

Based in Cambridge, Cantab Asset Management is a wealth and investment management firm.

The independent financial planning business has about £900m in assets under management. It is also said to have an experience of 38 years of catering to high-net-worth private clients and charities.

Cantab Asset Management founder and CEO David Saunderson said: “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.”

By acquiring the UK-based firm, CGWM UK seeks to strengthen its position as one of the top 10 wealth managers by assets in the UK, while also enhancing its financial planning capabilities and expanding its reach.

In addition, CGWM UK will facilitate future growth and support the business of Cantab Asset Management.

Established in 1950, Canaccord Genuity Group offers financial services through its main subsidiaries in two key segments of the securities industry, namely wealth management and capital markets.

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 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.”

Following the closing of the deal, Cantab Asset Management’s investment professionals and support staff will retain their present roles and will be supported fully in directly managing their client relationships.

Besides, the firm’s customers will continue receiving services with no planned changes to their relationship with existing financial planners or client support team.

Subject to the receipt of regulatory approval and other customary conditions, the deal is anticipated to close within the quarter ended 30 September 2024.