Canaccord Genuity Group Inc. has entered into an agreement to acquire Brooks Macdonald Asset Management (International) Limited for £28 million, bolstering its wealth management operations in the UK and Crown Dependencies.

Target Information

On September 12, 2024, Canaccord Genuity Group Inc. (TSX) announced a binding agreement to acquire Brooks Macdonald Asset Management (International) Limited (BMI), a wholly-owned subsidiary of Brooks Macdonald Group plc, through its wealth management sector in the UK and Crown Dependencies (CGWM UK). Founded in 2012, BMI specializes in providing investment management, financial planning, and fund management services from its offices in Jersey, Guernsey, and the Isle of Man. As of June 30, 2024, BMI managed assets worth £2.3 billion and generated annual revenue of £19.9 million.

This acquisition is a strategic enhancement of Canaccord’s international operations, particularly in expanding their capabilities in Jersey. The integration of BMI into its structure is expected to create a robust platform that will support continued growth and improve overall service for BMI's professionals and clients in the competitive wealth management sector.

Industry Overview

The wealth management industry in the UK, particularly in the Crown Dependencies, is characterized by a diversified range of services catered to both individual and institutional cl