Private equity firms Warburg Pincus and Clayton Dubilier & Rice, CD&R, are in advanced negotiations to buy Canaccord Genuity’s UK wealth management business. The Financial Times reports this, citing sources.
A deal is said to value Canaccord Genuity Wealth Management UK at an enterprise value of around 1 billion pounds. The unit targets more affluent private clients and manages assets worth 81.7 billion Canadian dollars.
Canaccord owns the majority of the business, while HPS Investment Partners is a minority owner. According to the FT, the deal has not yet been finalized and more bidders may enter the process.
