Canaccord to Acquire the Investment Management Business of Adam & Company

April 22, 2021

On April 15, 2021, Canaccord Genuity Group Inc. announced that it had entered into an agreement to acquire the investment management business of Adam & Company Investment Management Limited.

Under the terms of the transaction, Canaccord Genuity Group Inc. (“Canaccord”) has entered into a business transfer agreement with the Royal Bank of Scotland (“RBS”) to acquire the private client investment management business of Adam & Company Investment Management Limited (“AIM”). Canaccord will pay cash consideration of £54.0 million upon closing, and will receive both shares of AIM and certain assets from RBS including branding, intellectual property, and client contracts from AIM.  The transaction is expected to close at the end of Canaccord’s second fiscal quarter of 2022, and is subject to regulatory approval and customary closing conditions.

Canaccord (TSX: CF), based in Toronto, is an independent financial services firm focusing on wealth management and capital markets. Canaccord has approximately CAD $72.8 billion in assets under management.

AIM, based in Edinburgh, provides discretionary investment services as a subsidiary of RBS. As of December 31, 2020, AIM had approximately £1.6 billion in assets under management.

To read the press release: please click here.


Categories

Investment Manager M&A, Transactions