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Canaccord Genuity agrees to buy Thomas Miller Wealth Management

Canadian investment bank Canaccord Genuity Group Inc., through unit Canaccord Genuity Wealth Management, has agreed to acquire Thomas Miller Investment Ltd.'s wealth management arm in London and the private client investment management business of Thomas Miller Investment (Isle of Man) Ltd.

Thomas Miller Wealth Management Ltd. provides financial planning and investment management services to private clients, trusts, charities and corporates in the U.K.

Canaccord said March 21 that it will pay £18.5 million upon closing of the transaction and an additional amount of up to £9.5 million over a three-year period subject to the achievement of performance targets related to revenue and client assets.

Meanwhile, an additional £17.0 million has been added to the company's existing bank loan facility in connection with the acquisition, which is expected to be immediately accretive to the company's adjusted earnings.

The acquisition is expected to be completed June 30, subject to regulatory approval.

Thomas Miller Investment is an investment and wealth management business operating from offices in the U.K. and the Isle of Man.