On 21 March 2019 it was announced that Canaccord Genuity Group Inc., through its UK & Europe based wealth management business, Canaccord Genuity Wealth Management, has entered into a share purchase agreement to acquire Thomas Miller Wealth Management Limited and an asset purchase agreement to acquire the private client investment management business of Thomas Miller Investment (Isle of Man) Limited.
Thomas Miller Wealth Management Limited is an integrated wealth manager headquartered in London and provides financial planning and investment management services to private clients, trusts, charities and corporates in the UK. Client assets of Thomas Miller Wealth Management Limited and the private client investment management business in the Isle of Man total approximately GBP 1.0 billion and together generated revenue of approximately GBP 8.4 million for the year ended 31 December 2018.
The sale, which is subject to customary closing conditions, will allow Thomas Miller Investment to focus on its core institutional investment management activities.
An Appleby team, led by Isle of Man-based corporate partner Garry Manley, acted as lead counsel to Thomas Miller Investment on the sale of the Isle of Man private client investment management business.
Garry commented: “We are delighted to have assisted Thomas Miller Investment in relation to the sale of its offshore private client investment management business to Canaccord Genuity Wealth Management. Our team has had an exceptionally busy start to 2019. We have advised on numerous successful sales and acquisitions so far this year, which demonstrates the continuing attractiveness of Isle of Man businesses to both local and international investors.”
Hugh Titcomb, Chief Executive Officer of Thomas Miller Investment, said: “The support given to us by Appleby in relation to the sale of our Offshore Private Client business was first class, and we are very grateful to the Appleby team for their expert guidance throughout the transaction.”