Canaccord Genuity Group Inc. announced it has fully acquired Patersons Securities Limited.
“The completion of the Patersons transaction marks the beginning of a new chapter for our Australian business, as we systemically expand our presence,” says Marcus Freeman, CEO of Canaccord Genuity Australia. “We will be a stronger market participant with an expanded national presence in the Australian financial services industry.”
The company says the new company, Canaccord Genuity Patersons Limited, will continue to be authorized by the Australian Securities and Investment Commission to provide regulated products and services, including managed discretionary accounts, for its clients.
The wealth management business of Patersons has more than 100 investment advisors. The financial services firm offers comprehensive investment management, financial planning, stock advice and execution services for mass affluent investors. It also engages in corporate finance activities for small and mid-cap companies in Australia and in institutional dealing for international institutional clients interested in investing in the country. On a combined basis Canaccord’s new business will have a total staff of over 280 people in 10 offices across the country.