Canaccord Genuity acquires Adam & Co IM in £54m deal

Canadian-headquartered Canaccord Genuity is acquiring the wealth management business of private bank Adam & Co from Royal Bank of Scotland in a £54m deal. The Canadian group said it had reached an agreement with parent NatWest to acquire the £1.7bn investment management division via its UK wealth management arm CGWM UK. Canaccord Genuity will pay cash upfront in a deal that is expected to close in September, subject to regulatory approval. The firm said it would continue to operate the business under the Adam & Company name and that the business's core client proposition will not s...