Financial planner Intelligent Capital, based in Glasgow, is being acquired by Canadian giant Canaccord Genuity through its UK wealth management business.
Canaccord, which will dovetail the Glasgow business with its Edinburgh private bank Adam & Company, did not disclose the price paid.
Founded in 1999, Intelligent Capital has 17 employees, £220 million in client assets and will operate under the Adam & Company brand which represents the Scottish operating business of CGWM UK.
Intelligent Capital’s core client proposition will remain unchanged, and its financial planners will be fully supported in continuing to directly manage their client relationships. Canaccord said that together, Intelligent Capital and Adam & Company will become a “significant wealth management business in Scotland with further growth potential”.
David Esfandi, chief executive of CGWM UK, said: “We are excited to be joined by a strong team of deeply experienced financial planning professionals from Intelligent Capital.
“We have had an excellent experience since entering the important Scottish market in 2021, and the addition of a new office in Glasgow gives us more expertise in the region to meet the growing demand for our outstanding integrated wealth management offering.”
David Bremner, Intelligent Capital’s largest shareholder and current managing director will join the executive leadership team of Adam & Company as head of wealth management – Glasgow.
He will continue to actively manage the business with a focus on supporting the integration for employees and clients, while working closely with Matt Phillips, director of wealth planning for CGWM and Graham Storrie, head of Adam & Company Wealth Management.
Mr Bremner added: “We have always had a strong vision for the future of Intelligent Capital and from our earliest conversations, we found that Canaccord Genuity and Adam & Company were completely aligned with our values and our commitment to high ethics and client service standards.
“I look forward to beginning this next chapter with a leading Scottish brand and being able to offer our existing and future clients an elevated financial planning experience.”
The acquisition is expected to be completed within the quarter ended 31 March 2024.