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Canaccord UK wealth assets top £33bn on Adam & Co buy

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Assets under management at Canaccord Genuity Wealth Management’s (CGWM) UK arm rose by 3.8% to £33.6bn in the three months to the end of September.

That was a 27% year-on-year gain from £26.4bn, is it finalised its acquisition of Scottish private bank Adam & Company.

Revenue during the period rose by £5.9m, or 15.8%, to £43.3m, attributed to the rise in client asset values and fee-based revenue.

Pre-tax income, excluding significant items such as acquisition costs, rose 38.7% compared to the third quarter of 2020 to reach £11.3m due to the rise in revenue and decrease in non-compensation expenses as a percentage of revenue.

CGWM in the UK & Crown Dependencies chief executive David Esfandi (pictured) heralded the results as showing ‘robust’ growth for the business.

He added that the acquisition of Adam & Co had boosted the firm’s AUM and given a strong foothold north of the border.

The deal to acquire the business was announced in April, when Canaccord said it would pay NatWest £54m to acquire the £1.7bn investment business.

This followed the company’s purchase of Thomas Miller in May 2019 for £28m, and its £80m buy of Hargreave Hale in 2017.

In September CGWM hired Bordier & Cie sales director David Muncaster to the newly created role of head of UK distribution.

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