Canaccord explores options for UK wealth management business, FT reports
Adds Canaccord's statement in paragraph 3
Nov 26 (Reuters) -Canada's Canaccord Genuity CF.TO is working with bankers to review its British wealth management business, with potential outcomes ranging from a sale to bringing in another investor, the Financial Times reported on Tuesday.
Canaccord is working with UK-based advisory firm Fenchurch Advisory Partners on the strategic review, which is in the early stages, the FT report said, citing two people familiar with the matter.
The company said in a statement it had no plans to sell its UK wealth management business.
Fenchurch Advisory Partners did not immediately respond to Reuters requests for comment.
Wealth management is one of the most competitive segments of Britain's financial industry, with banks jostling with traditional investment firms to serve clients from pension savers to billionaires.
UK wealth management is tightly regulated and can be a costly business, particularly after a recent crackdown on fees and value for money.
The biggest UK banks made $12 billion from wealth management in 2023, up 11% year-on-year, data from research firm Coalition Greenwich showed.
The sector collectively holds around 4 trillion pounds ($5.02 trillion), half of Britain's wealth market, according to data from Lloyds and the Investment Association.
($1 = 0.7971 pounds)
Reporting by Gnaneshwar Rajan in Bengaluru; Additional reporting by Manya Saini; Editing by Rashmi Aich, Savio D'Souza and Shinjini Ganguli
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