Canaccord acquires Australian brokerage

Canaccord Genuity Group Inc. is continuing its global expansion, closing a deal for Australian brokerage firm Patersons Securities Ltd.

Toronto-based Canaccord closed its acquisition for 100% of Patersons through its Australian subsidiary, Canaccord Financial Group (Australia) Pty Ltd. Patersons will become Canaccord Genuity Patersons Ltd.

The combined operations give Canaccord a total staff of over 280 people spread across 10 offices in Australia. Patersons brings more than 100 investment advisors with approximately $13.5 billion (A$15.0 billion) in assets to the combined firm.

“The completion of the Patersons transaction marks the beginning of a new chapter for our Australian business, as we systematically expand our presence with a leading wealth management business in Australia,” said Marcus Freeman, CEO of Canaccord Genuity Australia.

“Together we will be a stronger market participant with an expanded national presence in the Australian financial services industry, offering an expanded suite of resources, products and services for our combined clients in wealth management and capital markets.”

Earlier this year, Canaccord’s U.K. and European division completed a pair of acquisitions.

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