TORONTO, Feb. 1, 2023
/CNW/ - 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."
ABOUT CANACCORD GENUITY WEALTH
MANAGEMENT
The wealth management operations of the Canaccord Genuity Group
(Canaccord Genuity Wealth Management) provide comprehensive wealth
management solutions and brokerage services to individual
investors, private clients, charities, and intermediaries through a
full suite of services tailored to the needs of clients in each of
its markets. Canaccord Genuity Wealth Management has Investment
Advisors (IAs) and professionals in Canada, the UK and its Crown Dependencies
(Jersey, Guernsey and the Isle of Man) and Australia and has advisors in Canada who are registered in the US. Reference
to CGWM UK includes offices located in both the UK and the Crown
Dependencies. Since 2016, Canaccord Genuity has materially invested
to support the growth of its wealth management businesses in all
geographies. As a result of this growth, client assets have
increased substantially, and Canaccord Genuity Wealth Management
has become a stable and significant contributor to firmwide
profitability and earnings.
ABOUT CANACCORD GENUITY GROUP
INC.
Through its principal subsidiaries, the Company is a leading
independent, full-service financial services firm, with operations
in two principal segments of the securities industry: wealth
management and capital markets. Since its establishment in 1950,
the Company has been driven by an unwavering commitment to building
lasting client relationships. We achieve this by generating value
for our individual, institutional and corporate clients through
comprehensive investment solutions, brokerage services and
investment banking services. The Company has wealth management
offices located in Canada, the UK,
Guernsey, Jersey, the Isle of Man and Australia. The Company's international capital
markets division operates in North
America, UK & Europe,
Asia, Australia and the Middle East.
Canaccord Genuity Group Inc. is publicly traded under the symbol
CF on the TSX.
CAUTION REGARDING FORWARD-LOOKING
STATEMENTS
This press release may contain "forward-looking information" as
defined under applicable securities laws ("forward-looking
statements"). These statements relate to future events or future
performance and reflect management's expectations, beliefs, plans,
estimates, intentions and similar statements concerning anticipated
future events, results, circumstances, performance or expectations
that are not historical facts, including business and economic
conditions and Canaccord Genuity Group's growth, results of
operations, performance and business prospects and opportunities.
Such forward- looking statements reflect management's current
beliefs and are based on information currently available to
management. In some cases, forward-looking statements can be
identified by terminology such as "may", "will", "should",
"expect", "plan", "anticipate", "believe", "estimate", "predict",
"potential", "continue", "target", "intend", "could" or the
negative of these terms or other comparable terminology. By their
very nature, forward-looking statements involve inherent risks and
uncertainties, both general and specific, and a number of factors
could cause actual events or results to differ materially from the
results discussed in the forward-looking statements.
In evaluating these statements, readers should specifically
consider various factors that may cause actual results to differ
materially from any forward-looking statement. These factors
include, but are not limited to, market and general economic
conditions; the length of a regulatory review and approval of the
transaction; ability of the parties to meet closing conditions; the
dynamic nature of the financial services industry; and the risks
and uncertainties discussed from time to time in the Company's
interim condensed and annual consolidated financial statements, its
annual report and its annual information form ("AIF") filed on
www.sedar.com as well as the factors discussed in the sections
entitled "Risk Management" and "Risk Factors" in the AIF, which
include market, liquidity, credit, operational, legal and
regulatory risks.
Although the forward-looking statements contained in this press
release are based upon assumptions that the Company believes are
reasonable, there can be no assurance that actual results will be
consistent with these forward-looking statements. The
forward-looking statements contained in this press release are made
as of the date of this press release and should not be relied upon
as representing the Company's views as of any date subsequent to
the date of this press release. Except as may be required by
applicable law, the Company does not undertake, and specifically
disclaims, any obligation to update or revise any forward-looking
statements, whether as a result of new information, further
developments or otherwise.
SOURCE Canaccord Genuity Group Inc.