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Canaccord buys U.K.-based financial planning firm Cantab

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Company,Canaccord,Cantab

The addition of Cantab will add another $1.56-billion in assets as well as see all Cantab investment professionals and staff continue in their existing roles

Canaccord Genuity Group Inc. is bolstering its U.K. operations with the purchase of Cantab Asset Management Ltd., a financial planning business that manages about £900-million in assets for high-net-worth private clients and charities.announced Friday that it has entered into a share-purchase agreement to acquire Cambridge-based Cantab for an undisclosed price.Over the past several years, Canaccord has been investing heavily in its wealth management division, particularly in the U.K.

The timing of the share transaction raised eyebrows after the company ended plans last summer for an all-cashthat turned into a hostile takeover from within. The friction led to the resignations of multiple board directors, and eventually the company agreed to a two-year standstill with the board.

 

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