TRANSACTION SUMMARY

On 5 July 2017, Canaccord Genuity Wealth Management announced it had agreed to acquire Hargreave Hale, a leading independent UK-based investment and wealth management business with a total of £8bn in assets under management and administration.

The transaction establishes a substantially enlarged wealth management operation in the UK and Europe with over £18bn in private client assets and over £4.7bn in fund management assets.

Under the terms of the transaction, the shareholders of Hargreave Hale will receive initial consideration of £52.0m and additional contingent consideration of up to £27.5m. The contingent consideration is structured to be payable over a period of up to three years, subject to the achievement of certain performance targets related to the retention and growth of client assets and revenues and an amount determined with reference to the fund management business.

CANACCORD GENUITY WEALTH MANAGEMENT

Canaccord Genuity Wealth Management provides comprehensive wealth management solutions and brokerage services to individual investors, private clients, charities and intermediaries through a full suite of services tailored to the needs of clients in each of its markets. Canaccord Genuity Wealth Management has professionals in Canada, the UK, Guernsey, Jersey, the Isle of Man and Australia.

HARGREAVE HALE

Hargreave Hale is a provider of discretionary investment management and stockbroking services to more than 14,000 private clients, intermediaries, corporations and charities. Hargreave Hale operates a leading custody and settlement function and has a nationwide presence in the UK with nine offices located in Bangor, Blackpool, Carlisle, Lancaster, London, Norwich, Nottingham, Worcester and York.

ROLE

Spencer House Partners advised Canaccord Genuity Wealth Management.