Canaccord Genuity Group, the Canadian-owned wealth manager expanding in the UK, is to acquire £900m AUM London and Cambridge Chartered Financial Planner Cantab Asset Management.

Canaccord Genuity will use its UK wealth management business to buy the shares of Cantab.

The cost of the deal has not been disclosed.

Cannaccord has been on the acquisition trail in recent years. In November it acquired Chartered Financial Planning-focused, Glasgow-based £220m AUM Financial Planner Intelligent Capital.

Canaccord says the latest deal would help consolidate Canaccord Group Wealth Management’s (CGWM) position as a top 10 UK wealth manager by assets and “strengthens its Financial Planning capacity and reach.” 

Based in Cambridge, but with offices also in London, Cantab has 38-year track record of serving high-net-worth private clients and charities.

Once the deal is completed Cantab staff will continue in their existing jobs and will be supported in managing their client relationships, CGWM says. 

David Saunderson will remain CEO and member of the Cantab board. 

David Esfandi, CEO of CGWM UK, said: “We are delighted to establish a presence in Cambridge with a highly respected team of professionals that has achieved an extraordinary track record of providing top quality Financial Planning advice and services to high-net-worth clients.”  

Cantab founder and CEO David Saunderson said: “Joining Canaccord Genuity marks an exciting new chapter in the development and growth of Cantab Asset Management as a leading provider of Financial Planning and investment advice for clients in London and Cambridge, whilst continuing the independent regulatory status of the firm.

“The increased resources of the combined business, spanning investment management and Financial Planning, will serve our clients into the future with confidence.”

The acquisition, subject to regulatory approval, is expected to be completed by September.