Canaccord Genuity Group has announced that through its wealth management business in the UK (CGWM), it has agreed a deal to acquire Cantab Asset Management.

Completion of the acquisition remains subject to regulatory approval and is expected to be completed in the third quarter.

Headquartered in Cambridge, Cantab is a chartered, independent financial planning business with approximately £900m in assets under management (AuM).

CGWM confirmed that following the completion of the acquisition, investment professionals and support staff of Cantab will continue in their existing roles and will be fully supported in directly managing their client relationships.

To support the transition, David Saunderson will remain as Cantab CEO and a member of the firm’s board.

He said: “Joining Canaccord Genuity marks an exciting new chapter in the development and growth of Cantab as a leading provider of financial planning and investment advice for clients in London and Cambridge, whilst continuing the independent regulatory status of the firm.

“The increased resources of the combined business, spanning investment management and financial planning, will serve our clients into the future with confidence.”

CEO of CGWM UK, David Esfandi, added: “We are delighted to establish a presence in Cambridge with a highly respected team of professionals that has achieved an extraordinary track record of providing top quality financial planning advice and services to high-net-worth clients.

“We very much look forward to supporting the continued growth of the business as we work to provide the best possible outcomes for our combined clients.”

---