Canaccord Genuity is acquiring the wealth management business of private bank Adam & Co from Royal Bank of Scotland in a £54m deal.
The Canadian group said it had reached an agreement with parent NatWest to acquire the £1.7bn investment management division via its UK wealth management arm (CGWM UK). Canaccord Genuity will pay cash up-front in a deal that is expected to close in September, subject to regulatory approval. The firm said it would continue to operate the business under the Adam & Company name and that the business's core client proposition will not suffer any major changes. CEO of CGWM UK David Esfandi (pictured) said: "Entering the Scottish market represents a very important milestone in our long-term...
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