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Canadian financial services company Canaccord Genuity Group Inc. (TSX: CF) is expanding its Australian footprint and almost doubling its assets under advice locally after securing a deal to acquire Sydney-based investment and wealth management group Wilsons Advisory.
Cannacord says it has finalised the terms of the agreement to acquire Wilsons, which has $16.7 billion in assets under advice, of which $7.1 billion are fee-based assets.
The merged management group aims to position itself as a leading integrated firm in Australia with about $17 billion in fee-generating client assets and $41.8 billion in assets under advice.
While financial details of the acquisition have not been disclosed, Wilsons Advisory delivered net revenue of $81 million in FY25.
Wilsons, which was founded in Brisbane in 1895, operates from eight offices in four states nationally with five of those offices in Queensland.
The firm expanded into Perth for the first time earlier this year and the acquisition announced today is set to give Cannacord a presence in five states, comprising NSW, Victoria, Queensland, Western Australia and South Australia.
"Our acquisition of Wilsons positions Canaccord Genuity Australia as one of the leading integrated wealth management and capital markets firms in Australia, differentiated by scale, deep local expertise and global reach, and we look forward to bringing our teams together," says Marcus Freeman, CEO of Canaccord Genuity Australia.
"By uniting our complementary strengths and increasing the scale of our operations, we expect to substantially enhance our value proposition and product suite for our wealth management and capital markets clients."
Canaccord Genuity Group, which was founded in 1950 and is listed on the Toronto Stock Exchange, has wealth management offices in Canada, the UK, Guernsey, Jersey, and the Isle of Man and Australia, while its capital markets division operates in North America, Europe, Asia and Australia.
Cannacord says the Wilsons Advisory acquisition supports its strategy of increasing the scale of its wealth management operations and enhancing its capital markets capabilities in a key growth market.
The Canadian group says the acquisition also provides a “substantial platform for continued growth”.
"The decision to bring our business together with Canaccord Genuity is driven by strategic alignment and a shared vision for long-term growth,” says Brad Gale, CEO of Wilsons Advisory.
“By combining our strengths, we are building a powerful Australian wealth management and capital markets business with greater scale, broader capabilities, and a stronger platform to support our clients while creating more opportunities for our people."
The merged capital markets division will provide corporate financing and advisory services for emerging and established companies across key sectors including industrials, healthcare, technology and natural resources, complemented by research coverage of more than 250 companies.
Upon completion of the transaction, Cannacord says the professionals and clients of Wilsons will benefit from “being part of a larger, integrated wealth management and capital markets business with deep resources and a strong commitment to supporting their long-term growth and success”.
Senior management of Wilsons are expected to have “significant involvement” in the business following the acquisition.
Settlement of the deal, which is expected to be completed before the end of this year, remains subject to regulatory approval.
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