Reuters reports that firm may be selling international arm of its business
Canaccord Genuity Group Inc. recently responded to reporting by Reuters, indicating that the Canadian-headquartered financial services firm might be planning to sell its British-based wealth management business, called Canaccord Wealth.
Reuters reports that the CEO of Canaccord Wealth, David Esfandi, has held meetings with private equity firms, including CVC and Advent, about a potential sale. Reuters sources, who were not named as the information is not public, said that London-based investment bank Fenchurch Advisory was advising the potential sale.
On Friday, Canaccord Genuity Corp. released a statement on the reporting from Reuters.
"The Company confirms that it routinely evaluates strategic initiatives in consideration of the rights of its strategic and financial minority partner in the UK wealth management business aimed at enhancing value for all stakeholders, including its employees and clients.," the statement reads. "At times, these evaluations involve discussions with potential counterparties, however, there can be no assurance that such discussions will result in any specific outcome."
Reuters reports that the UK-based Canaccord Wealth business generated EBIDTA of 78.6 million pounds between April of 2024 and March of 2025.
In November the Financial Times reported that Canaccord Genuity was conducting a strategic review of its UK wealth management business which included a potential sale. At the time, Canaccord Genuity said it had no plans to sell its UK wealth business.
"The Company does not intend to make any additional comments with respect to this matter except as required under its regulatory obligations," the Canaccord statement continues. "All shareholders and prospective investors are encouraged to rely solely on information provided directly by the company in its ongoing disclosures, which are available on the Company website and on SEDAR+".
