Wealth management

Adam & Co team boosted by PSW integration

Graham Storrie: excited by growth

Adam & Co Wealth Management will see a 50% increase in the size of its Edinburgh team following completion of Canaccord Genuity Group’s acquisition of Punter Southall Wealth.

The PSW Scotland team will be moving this month to the offices of Adam & Co which was acquired by Canaccord Genuity last year in a £54m deal.

Under the leadership of Graham Storrie the move is expected to significantly bolster Adam & Co’s financial planning operations.

PSW’s head of Scotland and the north of England, Tim Wishart, will join Mr Storrie’s leadership team along with Peter Young, PSW’s head of financial planning in Scotland and the north of England, with a focus on growing the business in Scotland. 

Mr Storrie said: “It’s a pleasure to welcome Punter Southall Wealth colleagues to our team in Edinburgh and bolster our investment management and financial planning offering to clients.

“With our combined heritage and service reputation, backed by Canaccord Genuity, I’m excited about the growth of Adam & Co and the strength of our offer here in Scotland.”

Following the acquisitions, CGWM UK said it expects to achieve tangible revenue and cost synergies with a clear pathway to continued growth. PSW currently has £4.8 billion in client assets and generated annual revenue of approximately £34.7m in the year ended 31 December 2021.

David Esfandi, chief executive of CGWM UK, said: “We are so pleased to welcome the PSW team which brings a strong and complementary fit for our advice-led offering and builds on our footprint in the UK, including an expanded presence in Scotland.

“The addition of PSW will enhance our capabilities and will strengthen our model-based product and service offering to address the increasingly complex wealth management and financial planning needs of our clients.”

In connection with completion of the acquisition, CGWM UK will add £100m to its existing bank facility.

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