Canaccord Genuity Group Inc. (TSX:CF) (the “Company”) is pleased to announce that, through its Canadian wealth management business (“Canaccord Genuity Wealth Management”), it has entered into a definitive agreement with Mercer Global Investments Canada Limited (“Mercer”) to acquire Mercer’s Canadian Private Wealth business. The acquisition is expected to add approximately $1.5 billion to Canaccord Genuity Wealth Management’s total client assets.
The transaction is expected to close within the next three months and is subject to a number of closing conditions, including regulatory approval.
“We are very pleased to have entered into this agreement to acquire Mercer’s Canadian Private Wealth business,” said Stuart Raftus, Group CAO and President of Wealth Management – Canada, Canaccord Genuity Group Inc. “Canaccord Genuity Wealth Management and Mercer’s Canadian Private Wealth business are committed to providing clients with optimal outcomes and experiences.”
Upon completion of the transaction, current clients of Mercer Private Wealth will benefit from being serviced by a company that has a strategic focus on providing a full range of highly customized Private Wealth Management services. Stuart Raftus added: “We look forward to making a positive impact for our new clients, partners, and employees in the coming months and years.”
Source: Company Press Release