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C Hoare sells dealing and custody division to Canaccord

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C Hoare sells dealing and custody division to Canaccord

Canaccord Genuity Wealth Management UK & Europe is to acquire C Hoare's investment dealing and custody business. 

The disposal is part of the UK's oldest private bank's strategy of improving and refocusing its private banking business. It follows the sale of its wealth management business to Cazenove Capital in February. 

The sum of the deal, which is expected to go through in the second quarter, was not disclosed.

Canaccord said the purchase will support its growth strategy, with the C Hoare customers under the dealing and custody umbrella switching to Canaccord. 

C Hoare partner and director Alexander Hoare said: 'C Hoare & Co has a strong heritage as a private bank and we are focusing all our efforts on providing this to the highest standards.

'We believe that Canaccord Genuity Wealth Management will be able to provide an excellent investment dealing and custody service for our customers.'

Canaccord chief executive David Esfandi (pictured) added: 'Alongside our relationship-led approach and strong expertise, our investment in a state-of-the-art and highly scalable trading platform means that we are well-placed to welcome our new clients and provide the excellent service and stockbroking expertise they are looking for.'

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