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Fund manager completes £80m deal to buy rival

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Fund manager completes £80m deal to buy rival

Fund manager Canaccord Genuity had completed the £79.5 million acquisition of Hargreave Hale creating a combined business with £23 billion in assets under management and administration.

The integration of the two businesses is expected to continue through to 2019. During this period Hargreave Hale will continue to be authorised by the Financial Conduct Authority and offer regulated services.

Meanwhile, the clients of the business will be able to access Canaccord’s resources and operations.

David Esfandi, chief executive of Canaccord Genuity WM in UK and Europe, said: ‘Today marks an exciting chapter of growth for Canaccord Genuity Wealth Management and we are delighted to welcome the employees and clients of Hargreave Hale. I continue to be impressed by the exceptional quality and commitment of our new colleagues and the strong complement between our businesses.

‘As we embark on a carefully orchestrated transition plan, we look forward to unlocking greater opportunities for our businesses and our clients, as we bring together the vast resources, capabilities and talented professionals of our two organisations.’

Giles Hargreave, chairman of Hargreave Hale, added: ‘We entered this transaction with a strong commitment to the philosophy that has been the cornerstone of our business since its founding in 1897 – that the financial wellbeing of the client is paramount. By combining our businesses, we look forward to growing a leading wealth and investment management business across the UK, while introducing an enhanced suite of resources, products and services to our clients.’

The deal worth up to £79.5 million, was first announced back in July. At the time, it was revealed that Hargreave Hale’s senior management would remain with the business, however the specific positions have not yet been decided.

At the time, Esfandi told Wealth Manager that he did not anticipate any job cuts or redundancies, instead looking to grow Hargreave Hale’s smaller regional offices. 

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