The UK and European business of Canada’s Canaccord Genuity will acquire Thomas Miller Wealth Management (TMWM) and Isle of Man-based private client firm Thomas Miller Investment.
Canaccord Genuity Wealth Management (CGWM UK) will purchase the businesses for around £18.5m ($24.3m, €21.3m), with an additional consideration of up to £9.5m payable over a period of three years dependent on performance-related targets.
TMWM is headquartered in London and provides financial planning and investment management services to private clients, trusts, charities and corporates in the UK.
Client assets of TMWM and the private client investment management business in the Isle of Man total approximately £1bn.
“The addition of Thomas Miller Investment’s private client business supports our long-term strategic ambition of expanding our footprint, whilst enhancing our financial planning business to ensure a truly client-centric offering that is essential for the future generational planning needs of our growing client base,” said David Esfandi, chief executive of CGWM UK.”
The completion of the deal is subject to regulatory approval and it is expected to be finalised during the second quarter of 2019.
Rescued from the brink
Quilter Private Client Advisers (Quilter PCA) has acquired York-based financial advice firm Mount Sterling Wealth, which was placed into administration on 11 March 2019.
Jamie Miller and Gareth Harris of professional services firm RSM were appointed joint administrators.
Quilter PCA have since bought the firm out of administration for an undisclosed amount.
The deal preserves all jobs and ensures continuity of service for the company’s portfolio of private clients and business owners.
Dominic Rose, strategy and acquisitions director at Quilter PCA, said: “Mount Sterling Wealth was placed into administration following some historic financing issues.
“RSM was appointed joint administrators and the business was then sold to Quilter Private Client Advisers.
“Mount Sterling Wealth’s portfolio of clients will now be serviced by Quilter PCA’s by London, Chester and Shipley offices ensuring continuity of service.
“In addition, one adviser will join Quilter PCA.”
Mount Sterling has around £100m in assets under administration.