The deal is expected to be closed in the quarter ended 30 June this year.

Toronto-listed Canaccord Genuity has agreed that its UK and European wealth business will buy Thomas Miller Wealth Management Limited.

The M&A deal will comprise two parts: A consideration of £18.5 million paid on the closing of the deal with an additional contingent consideration of up to £9.5 million payable over a period of three years following completion, subject to achievement of performance targets related to revenue and client assets, Canaccord said in a statement yesterday.

Canaccord's European business, Canaccord Genuity Wealth Management, is acquiring the business. As part of the transaction, it is also buying the private client investment management business of Thomas Miller Investment (Isle of Man), the statement said.

TMWML is based in London and client assets of TMWML and the private client investment management business in the Isle of Man total around £1.0 billion, and together they generated revenue of approximately £8.4 million for the year ended 31 December 2018.

“The addition of Thomas Miller Investment’s private client business supports our long-term strategic ambition of expanding our footprint, whilst enhancing our financial planning business to ensure a truly client-centric offering that is essential for the future generational planning needs of our growing clientbase,” David Esfandi, chief executive of CGWM (UK), said.

Canaccord said it expects that the acquisition will be immediately accretive to its adjusted earnings.

Closing is subject to regulatory approval and other customary closing conditions. The acquisition is expected to be completed during the quarter ending 30 June 2019, which will be the first fiscal quarter of Canaccord Genuity Group’s 2020 fiscal year.