Wealth manager Canaccord Genuity has agreed to acquire Thomas Miller Wealth Management, the wealth management business of Thomas Miller Investments for a total of £28m.
The deal also includes the private client wealth management business of Thomas Miller on the Isle of Man.
The initial price of the transaction is £18.5m, with an additional £9.5m payment due if certain targets are achieved.
The businesses being purchased have combined assets under management of £1bn, and generated revenues of £8.4m in the year to the end of December 2018.
Thomas Miller, the parent of Thomas Miller Investments, is an insurance business involved in the shipping industry.
Thomas Miller Investments will now focus on its institutional business.
David Esfandi, chief executive of Canaccord Genuity Wealth Management in the UK, said: "The addition of Thomas Miller Investment’s private client business supports our long-term strategic ambition of expanding our footprint, whilst enhancing our financial planning business to ensure a truly client-centric offering that is essential for the future generational planning needs of our growing client base.
"With a modern and scalable platform we have a proven track record of integrating businesses and client assets and we are deeply committed to ensuring that the business and clients of Thomas Miller Investment will have a successful future with Canaccord Genuity Wealth Management UK."
david.thorpe@ft.com
