The group’s UK and European wealth management subsidiary will pay £18.5m to acquire the business sometime within the next three months. A further £9.5m will be payable over three years subject to meeting certain performance targets.
As part of the deal Canaccord will also acquire Thomas Miller’s Isle of Man private client business.
In total it will absorb £1bn in assets from the London headquartered wealth manager which cumulatively generated £8.4m in revenue last year.
CEO of Canaccord’s UK operations David Esfandi (pictured) said the acquisition would help with the firm’s long-term strategic growth ambitions of expanding its geographic reach and enhancing its financial planning capabilities.
“With a modern and scalable platform, we have a proven track record of integrating businesses and client assets and we are deeply committed to ensuring that the business and clients of Thomas Miller Investment will have a successful future with CGWM (UK),” Esfandi said.
Thomas Miller Investment CEO Hugh Titcomb said that the sale of the private client arm would free up the firm to focus more on its institutional investment business.
“We are very proud of how the Thomas Miller Investment private client activities have developed over the past few years,” he said. “We believe the transfer of the business to Canaccord Genuity Wealth Management provides an exciting opportunity to continue this development for the benefit of our clients and staff, supported by the significant resources and commitment provided by the company.”
The deal is still subject to regulatory approval.