Canaccord Genuity Wealth Management UK & Europe has agreed to acquire 100 client portfolios managed by the Isle of Man division of Duncan Lawrie Private Banking for an undisclosed sum.
Of the client portfolios to be acquired, 62% will be those using discretionary investment management and remaining 38% will be those using execution-only stock broking services.
Canaccord said that the deal is part of its plan to boost its assets under management, which presently stand at more than £14bn for its wealth management businesses in the UK & Europe.
No Duncan employees will join Canaccord as part of the transaction, which is subject to approval from the Isle of Man Financial Services Authority.
Canaccord Genuity Wealth Management UK & Europe CEO David Esfandi said: "The acquisition of the Duncan Lawrie client portfolios on the Isle of Man is a great fit for our business, given our similar investment ethos and our synergies in client service.
“It is further proof of our wholehearted commitment to all the jurisdictions in which we operate.”
The latest deal comes shortly after Duncan Lawrie was broken up and sold to Brewin Dolphin and Arbuthnot Latham as its parent Camellia quit the private banking industry. Brewin Dolphin agreed to acquire Duncan Lawrie's asset management business, while Arbuthnot Latham agreed to acquire Duncan Lawrie's private banking loan portfolio.