Financial services group Canaccord Genuity is to acquire Thomas Miller Wealth Management (TMWML) and the private client investment management business of Thomas Miller Investment (Isle of Man).
The acquisitions will be made through Canaccord Genuity Wealth Management, which has offices in Jersey and Guernsey, via a share purchase agreement and an asset purchase agreement respectively.
TMWML is a London-based integrated wealth manager that provides financial planning and investment management services to private clients, trusts, charities and corporates in the UK.
Client assets of TMWML and the private client investment management business in the Isle of Man total around £1bn and together generated revenue of £8.4 million for the year ended 31 December 2018.
“The addition of Thomas Miller Investment’s private client business supports our long-term ambition of expanding our footprint, whilst enhancing our financial planning business,” said David Esfandi, Chief Executive Officer of CGWM (UK).
A total of £18.5 million will be payable on closing, with additional contingent consideration of up to £9.5 million payable over three years following completion, subject to the achievement of performance targets related to revenue and client assets.
An additional £17 million has been added to Canaccord’s existing bank loan facility in connection with the acquisition.
Closing is subject to regulatory approval but is expected to be completed during the quarter ended 30 June.