Centerbridge, Mubadala in talks to buy Canaccord’s U.K. wealth unit
Canaccord Wealth U.K. focuses on mass-affluent and high-net-worth clients, a corner of the market that’s experiencing consolidation
Centerbridge Partners and Abu Dhabi's Mubadala Investment Company are reportedly in discussions to buy Canaccord Genuity's UK wealth management division for around £1 billion, a Bloomberg report stated. The consortium is negotiating with the Canadian firm after private equity firms Warburg Pincus and Clayton, Dubilier & Rice's window of exclusive talks closed.
An announcement regarding the deal may come in the coming weeks, though negotiations are still ongoing and no agreement is guaranteed. Canaccord Wealth UK offers investment management and financial advisory services to mass-affluent and high-net-worth clients, a sector that has drawn considerable private equity interest due to ongoing consolidation.
Last year, NatWest purchased Permira and Warburg Pincus-backed Evelyn Partners for £2.7 billion, demonstrating the demand for established UK wealth management entities. Centerbridge has been actively involved in European financial services, spearheading an investment in Santander-backed UK payments firm Ebury in April. The company is also considering the potential sale of German digital consumer finance lender Auxmoney, per earlier Bloomberg reports.
Canaccord's Toronto-listed shares surged by up to 6.5% following the news of ongoing talks, valuing the group at roughly C$1.5 billion.
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- Centerbridge and Mubadala near £1bn Canaccord Wealth deal privateequitywire.co.uk
