Canaccord Genuity buying Brooks Macdonald Asset Management

Canaccord Genuity Group Inc. has signed a deal to buy wealth management business Brooks Macdonald Asset Management (International) Ltd.

Under the deal for the subsidiary of Brooks Macdonald Group plc, Canaccord Genuity will pay 28 million pounds ($49.6 million) in cash.

The company will also pay up to an additional 22.85 million pounds ($40.5 million) on the second anniversary of the deal closing, subject to meeting certain revenue targets.

BMI was started in 2012 and provides investment management, financial planning and fund management services with offices in Jersey, Guernsey and the Isle of Man.

Canaccord Genuity says the deal represents an important addition to its international operations.

The deal is subject to regulatory approval and other customary closing conditions.

The Canadian Press

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