Canadian financial services group Canaccord Genuity CF-T has been sounding out potential bidders, including CVC and Advent, for its British wealth arm, two people with knowledge of the matter told Reuters.
The CEO of the unit, known as Canaccord Wealth, has held meetings with private equity firms recently about a potential sale, said the people, who declined to be named as the information is not public.
Fenchurch Advisory, a London-based boutique investment bank, is advising Canaccord Genuity on a potential sale and could begin a formal process later this quarter, the people added.
The business, which generated EBITDA of £78.6-million in the 12-month period ending in March according to its latest annual results, could fetch a valuation of more than £1-billion pounds in a sale, the people said. As of the end of June, it had assets under management of £38.3-billion, according to its latest quarterly results.
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Canaccord Genuity’s spokesperson did not respond to multiple requests for comment via e-mail and telephone. A representative for Canaccord Wealth did not respond to emails and calls. David Esfandi, CEO of Canaccord Wealth, did not respond to requests for comment.
Canaccord Genuity later issued a statement, saying it “routinely evaluates strategic initiatives in consideration of the rights of its strategic and financial minority partner in the UK wealth management business aimed at enhancing value for all stakeholders, including its employees and clients.
“At times, these evaluations involve discussions with potential counterparties, however, there can be no assurance that such discussions will result in any specific outcome,” it said.
Fenchurch, CVC and Advent declined to comment.
Canaccord Genuity said in November it had no plans to sell the business after the Financial Times reported it was conducting a strategic review which included the potential sale of its U.K. wealth management business. It added that it regularly explores opportunities to strengthen its business and routinely engages with external advisers to assess opportunities across its global business.
While the U.K. business is majority-owned by Canaccord Genuity, BlackRock-owned private credit firm HPS has owned a minority stake since 2021 and is likely to off-load its shares as part of a sale, the people said. A spokesperson for HPS declined to comment.
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The potential sale comes amid a wave of deal making in the wealth management and financial advice market in recent years as firms look for greater scale and attempt to capitalize on rising demand for wealth services.
Canaccord Genuity itself has expanded through a series of deals in Britain, including the 2024 purchase of Cantab Asset Management and acquisition of Brooks Macdonald Asset Management International in 2025.
Despite a subdued global deal making environment in the first half of the year, European wealth and asset management deals rose from 90 in the first half of 2024 to 113 in the same period in 2025, while deal value rose from US$1.9-billion to US$2.7-billion over the same period, according to data from EY.
With a report from Globe staff