Centerbridge, Mubadala in talks to buy Canaccord’s U.K. wealth unit

Skip to Content News Archives Economy Defence Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Defence Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Defence Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomeFinanceNewsCenterbridge, Mubadala in talks to buy Canaccord’s U.K. wealth unitCanaccord Wealth U.K. focuses on mass-affluent and high-net-worth clients, a corner of the market that’s experiencing consolidationAuthor of the article:Crystal Tse and Swetha GopinathCenterbridge is among the more active buyout firms investing in financial institutions in Europe. Photo by Timon Schneider/SOPA Images/LightRocket via Getty ImagesCanaccord 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.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountThe 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.This advertisement has not loaded yet, but your article continues below.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.Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Posthaste will soon be in your inbox.We encountered an issue signing you up. Please try againCanaccord 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.We apologize, but this video has failed to load.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. 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