Canaccord Genuity to Acquire Mercer’s Canadian Private Wealth Business

Feb 1 (Reuters) – Canadian financial services firm Canaccord Genuity Group Inc (CF.TO) said on Wednesday it would buy Mercer’s private wealth business in the country for an undisclosed amount.

The deal, which is expected to close within the next three months, will add nearly $1.5 billion to Canaccord’s wealth management division’s total client assets.

A panel led by Canaccord Genuity management said on Jan. 1. 9 It will launch a takeover bid for the Canadian financial services company, which is valued at nearly C$1.13 billion after losing 44% of its market value last year.

Canaccord provides wealth management, investment banking and broker research services.

Reporting by Mehnaz Yasmin in Bengaluru Edited by Vinay Dwivedi

Our Standards: The Thomson Reuters Trust Principles.

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