Canaccord Genuity Group Inc. completed its acquisition of 100% of the issued share capital of Australia-based Patersons Securities Ltd.
The acquisition was made through Canaccord Financial Group (Australia) Pty Ltd.
Patersons Securities will be named Canaccord Genuity Patersons Ltd. Canaccord's existing capital markets business in Australia will continue as Canaccord Genuity (Australia) Ltd. Together, Canaccord Financial Group (Australia)'s wealth management and capital markets operations will have more than 280 employees and 10 offices across the country.
Patersons Securities had net revenue of C$56.0 million, or A$58.0 million, for the year ended June 30 and operated on a break-even basis after adjustments for exceptional and deal-related costs. Its wealth management business has about C$2.7 billion, or A$3.0 billion, on its Accolade investment management platform and about C$10.8 billion, or A$12.0 billion, in client trading and advice-based accounts.