Canaccord Genuity Wealth Management UK (CGWM UK) has agreed to acquire the private client investment management business of Adam & Company for £54m ($74.4m, €62.2m).
This comes weeks after International Adviser reported on rumours that NatWest Group had put Adam & Company up for sale at £50m.
Adam & Company is a Scottish private bank based in Edinburgh with client assets totalling approximately £1.7bn.
The acquisition allows Canaccord Genuity WM to enter the Scottish market and it intends to continue to operate the business under the name of Adam & Company.
The business’s core client proposition will remain largely unchanged, and the existing direct relationships between clients and portfolio managers will not be affected.
Graham Storrie, managing director of Adam & Company, will continue with the business in an unnamed leadership role.
David Esfandi, chief executive of CGWM UK, said: “Entering the Scottish market represents a very important milestone in our long-term growth strategy and we are pleased to be doing so with Adam & Company’s investment management business, a leading regional franchise with a strong cultural fit and a similar client base to our own.
“We are delighted to welcome this team of deeply established investment professionals, and we look forward to supporting their continued growth and commitment to providing the best possible outcomes for their clients.”