off-the-wire

Canaccord Genuity to acquire Mercer's Canadian private wealth business

Kitco Media
By Reuters
Published:
Updated:
Reuters
Feb 1 (Reuters) - Canada's financial services firm Canaccord Genuity Group Inc said on Wednesday it would acquire Mercer's private wealth business in the country for an undisclosed sum.


The deal, which is expected to close within the next three months, will add nearly $1.5 billion to the total client assets of Canaccord's Wealth Management unit. A group led by the management of Canaccord Genuity said on Jan. 9 it would launch a takeover bid for the Canadian financial services firm, valuing it at nearly C$1.13 billion after it lost 44% of its market capitalization last year.


Canaccord offers wealth management, investment banking and broker research services. (Reporting by Mehnaz Yasmin in Bengaluru Editing by Vinay Dwivedi)

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