Hot on the heels of the sale of its wealth management arm to Cazenove in February, C.Hoare confirmed Friday that it had sold its investment dealing and custody division to Canaccord Genuity for an undisclosed amount.
The transaction is expected to complete by the second quarter of 2017.
The UK’s oldest bank said the divestment was in line with its “strategy of improving and refocusing on its private banking business.”
The sale of its wealth management arm to Schroders-owned Cazenove resulted in the departures of several senior figures.
“C. Hoare & Co. has a strong heritage as a private bank and we are focusing all our efforts on providing this to the highest standards,” explained partner and director, Alexander Hoare.
“We believe that Canaccord Genuity Wealth Management will be able to provide an excellent investment dealing and custody service for our customers.”
Canaccord Genuity CEO for the UK and Europe, David Esfandi, said the acquisition “wholly supports our growth strategy.”
Already in 2017, the wealth manager has picked up over 100 Isle of Man client portfolios from Duncan Lawrie Private Bank.
Esfandi added: “Alongside our relationship-led approach and strong expertise, our investment in a state-of-the-art and highly scalable trading platform means that we are well-placed to welcome our new clients and provide the excellent service and stockbroking expertise they are looking for.”
