Canaccord Genuity Group Inc. is in talks to sell its United Kingdom wealth management business to a consortium led by private equity firm Centerbridge Partners , according to people with knowledge of the matter.
The Canadian financial services firm is discussing a sale to the investor group that also includes Middle Eastern sovereign wealth fund Mubadala Investment Co. after a period of exclusive talks with buyout firms Warburg Pincus and Clayton Dubilier & Rice lapsed, the people said.
Any deal could value the Canaccord Wealth U.K. unit at around £1 billion (US$1.3 billion), according to the people. A deal could be announced in the coming weeks, they said.
Canaccord Genuity’s shares jumped as much as 6.5 per cent to $14.18 in Toronto on Tuesday giving it a market value of $1.5 billion. It traded at $13.55 at 12:21 p.m.
Negotiations with Centerbridge and Mubadala are ongoing and they could still be delayed or falter, the people said, asking not to be identified discussing confidential information.
Representatives for Centerbridge, Mubadala, Warburg Pincus and CD&R declined to comment. A spokesperson for Canaccord didn’t immediately respond to requests for comment.
Canaccord Wealth U.K. focuses on mass-affluent and high-net-worth clients , a corner of the market that’s experiencing consolidation. Earlier this year, NatWest Group PLC bought Permira and Warburg Pincus-backed wealth manager Evelyn Partners for £2.7 billion.
Centerbridge is among the more active buyout firms investing in financial institutions in Europe. In April, it led an investment in Banco Santander SA-backed U.K. payments group Ebury. And Bloomberg News reported in August that the firm is exploring a sale of a German digital consumer finance bank Auxmoney GmbH.
—With assistance from Paula Sambo and Alex Dooler.
Bloomberg.com
Centerbridge, Mubadala in talks to buy Canaccord’s U.K. wealth unit
2026-10-21 14:02:28
