The deal, for an undisclosed sum, will spur the growth of Canaccord Genuity’s Financial Planning ambitions in Scotland, it said.

Intelligent Capital, based in West Nile Street, was founded in 1999 and is a Financial Planning business based in Glasgow, Scotland with £220m in client assets. It employs several Chartered Financial Planners.

Intelligent Capital become part of Scottish private bank Adam & Company which manages the Scottish operating business of London-based Canaccord Genuity Wealth Management (CGWM).

CGWM says that Intelligent Capital’s client proposition will remain unchanged and its Financial Planners will be “fully supported” to continue to directly manage their client relationships.

Canaccord says it plans for Intelligent Capital and Adam & Company to become “a significant wealth management business in Scotland with further growth potential.”

CGWM UK CEO David Esfandi said the acquisition would provide a new office base and more expertise.

He said: “We are excited to be joined by a strong team of deeply experienced Financial Planning professionals from Intelligent Capital.

“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 current managing director, will join the executive leadership team of Adam & Company as head of wealth management – Glasgow. He will continue to actively manage the business and will focus on supporting integration for employees and clients. He will work closely with Matt Phillips, director of wealth planning for CGWM and Graham Storrie, head of Adam & Company Wealth Management.

Mr 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 acquisition is subject to regulatory approval and is expected to be completed by 31 March.