Canaccord Genuity Wealth Management (CGWM) has acquired Punter Southall Wealth (PSW), with its Scottish team moving to Adam & Company Wealth Management - acquired by Canaccord Genuity last year - under the leadership of Graham Storrie.
The move will see the Edinburgh-based team double in size and bolster Adam & Company’s financial planning expertise.
PSW’s head of Scotland and the North of England, Tim Wishart, will join Storrie’s leadership team, along with Peter Young, PSW’s head of financial planning in Scotland and the North of England; with a focus on growing the business in Scotland.
The PSW team will move to Adam & Co’s new Edinburgh office later this month.
Graham Storrie, head of Adam & Company Wealth Management, said: “It’s a pleasure to welcome Punter Southall Wealth colleagues to our team in Edinburgh and bolster our investment management and financial planning offering to clients.
“With our combined heritage and service reputation, backed by Canaccord Genuity, I’m excited about the growth of Adam & Co and the strength of our offer here in Scotland.”
CGWM UK expects to achieve "tangible revenue and cost synergies" through the deal, as PSW currently has approximately £4.8bn in client assets and generated annual revenue of approximately £34.7m for the year ended 31 December 2021.
David Esfandi, chief executive of CGWM UK, said: “We are so pleased to welcome the PSW team which brings a strong and complementary fit for our advice-led offering and builds on our footprint in the UK, including an expanded presence in Scotland.”
In connection with completion of the acquisition, CGWM UK will add £100m to its existing bank facility.
In addition, HPS Investment Partners has made an additional investment in CGWM UK through the purchase of a new series of convertible preferred shares worth £65.3m. The company now holds an approximate 66.9% equity equivalent interest in CGWM UK on an as-converted basis.
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