In a deal announced February 1, Canaccord Genuity Group Inc. says it plans to acquire Mercer’s Canadian private wealth business within the next three months.

The deal is subject to closing conditions, including regulatory approval.

The definitive agreement entered into with Mercer Global Investments Limited to acquire the business is expected to add approximately $1.5-billion to Canaccord Genuity Wealth Management’s total client assets. The wealth management business, a subsidiary of Canaccord Genuity Group, provides wealth management solutions and brokerage services. Canaccord Genuity Group, the parent company, is focused on wealth management and capital markets.

Terms of the deal were not disclosed, nor were the company’s plans announced for Mercer’s management. “We are very pleased to have entered into this agreement,” says Canaccord Genuity Group’s president of wealth management, Canada, Stuart Raftus. “We look forward to making a positive impact for our new clients, partners and employees in the coming months and years.”