Canaccord Genuity has agreed to buy Glasgow-based Intelligent Capital as it looks to grow its financial planning business.
The deal has been made through the Canadian firm’s wealth management business in the UK.
It is part of the company's plan to scale up its financial planning business.
Intelligent Capital was founded in 1999 and has £220mn in client assets.
After the deal is completed, employees and clients of the Intelligent Capital will operate under the Adam and Company brand, which represents Canaccord’s Scottish operating business.
David Esfandi, CEO of CGWM UK said: “We have had an excellent experience since entering the important Scottish market in 2021, and the addition of a new office in Glasgow gives us more expertise in the region to meet the growing demand for our outstanding integrated wealth management offering.”
David Bremner, Intelligent Capital’s largest shareholder and managing director, will join the executive leadership team of Adam & Company as head of wealth management.
Bremner said: “We have always had a strong vision for the future of Intelligent Capital and from our earliest conversations, we found that Canaccord Genuity and Adam & Company were completely aligned with our values and our commitment to high ethics and client service standards.
"I look forward to beginning this next chapter with a leading Scottish brand and being able to offer our existing and future clients an elevated financial planning experience.”
The purchase is still subject to regulatory approval and is expected to be completed by the end of March 2024.
tara.o'connor@ft.com
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