The Scotsman

RBS sells wealth manager Adam & Co

- By SCOTT REID

Canaccord Genuity Group is buying wealth manager Adam & Co from Royal Bank of Scotland for £54 million as the sector undergoes further consolidat­ion.

Adam & Co’s Edinburghb­ased investment management business has client assets amounting to some £1.7 billion.

News of the sale follows speculatio­n regarding a potential disposal as RBS parent Natwest Group focuses on its core UK banking operations.

Canaccord Genuity, which is undertakin­g the deal through its wealth management business in the UK, said the acquisitio­n marked a “unique opportunit­y” for Canaccord Genuity Wealth Management to enter the Scottish market with a “deeply establishe­d franchise and a strong brand”.

CGWM UK intends to continue to operate the business under the name of Adam & Company. It added: “The business’s core client propositio­n will remain largely unchanged, and the existing direct relationsh­ips between clients and portfolio managers will not be affected.”

During the period to deal completion, the group intends to establish a new office location for the Adam & Co investment management business in central Edinburgh.

David Esfandi, chief executive of CGWM UK, said: “Adam & Company’s investment management business, a leading regional franchise with has a strong cultural fit and a similar client base to our own.”

Cash considerat­ion of £54m will be paid on closing.

Earlier this week, Cornerston­e Asset Management, which has offices in Edinburgh and Glasgow, was bought by Waverton Investment Management Group.

 ??  ?? 0 David Esfandi, CEO of Canaccord Genuity
0 David Esfandi, CEO of Canaccord Genuity

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