Business people sitting and discussing at business meeting, in office
© Lenetsnikolai / 123RF Stock Photo

Toronto-based Canaccord Genuity Group Inc. is expanding its wealth management business to Scotland.

On Thursday, Canaccord announced it had reached a deal through its U.K. wealth management business, CGWM U.K., to acquire the private client investment management business of Adam & Company from the Royal Bank of Scotland PLC for a cash consideration of £54 million ($94.9 million).

Adam & Company is based in Edinburgh with £1.7 billion ($2.9 billion) in assets managed on a discretionary basis. The firm’s portfolio managers have grown client assets by approximately 45% over the past five years, according to a release.

“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,” David Esfandi, CEO of CGWM U.K., said in a statement.

CGWM U.K. plans to establish a new office location for Adam & Company in central Edinburgh.

Graham Storrie, managing director of Adam & Company, will continue with the business in a leadership role, and the firm’s portfolio managers will become active members of CGWM U.K.’s existing investment committees, the release said.

The deal, which is subject to regulatory approval, is expected to close during the quarter ended Sept. 30, 2021.