Punter Southall Wealth’s Scottish team joins Adam & Company Wealth Management

Punter Southall Wealth's Scottish team joins Adam & Company Wealth Management

Graham Storrie

Punter Southall Wealth (PSW) in Scotland has joined Adam & Company Wealth Management after Canaccord Genuity Group completed its previously announced acquisition of the company.

Adam & Company Wealth Management was acquired by Canaccord Genuity last year and is led by Graham Storrie. The move will see its Edinburgh-based team increase by 50%, adding to its financial planning expertise.

PSW’s head of Scotland and the North of England, Tim Wishart, will join Mr Storrie’s leadership team along with Peter Young, PSW’s head of financial planning in Scotland and the North of England, with a focus on growing the business in Scotland.

The PSW team will move to Adam & Co’s new Edinburgh office later this month.

Graham Storrie, head of Adam & Company Wealth Management, said: “It’s a pleasure to welcome Punter Southall Wealth colleagues to our team in Edinburgh and bolster our investment management and financial planning offering to clients.

“With our combined heritage and service reputation, backed by Canaccord Genuity, I’m excited about the growth of Adam & Co and the strength of our offer here in Scotland.”

PSW currently has approximately £4.8 billion in client assets and generated annual revenue of approximately £34.7 million in the year ended 31 December 2021.

David Esfandi, chief executive officer of Canaccord Genuity Wealth Management UK (CGWM UK), said: “We are so pleased to welcome the PSW team which brings a strong and complementary fit for our advice-led offering and builds on our footprint in the UK, including an expanded presence in Scotland.

“The addition of PSW will enhance our capabilities and will strengthen our model-based product and service offering to address the increasingly complex wealth management and financial planning needs of our clients.”

John Howard-Smith, chief executive officer of PSW, added: “On behalf of the Punter Southall Wealth team, we are very pleased to be joining our new colleagues at Canaccord Genuity Wealth Management.

“We look forward to working closely together to grow our integrated wealth management business and advance our product and service offering for our valued clients.”

In connection with completion of the acquisition, CGWM UK will add £100 million to its existing bank facility. Additionally, HPS Investment Partners, LLC, on behalf of investment accounts and funds it manages, has made an investment in CGWM UK through the purchase of a new series of convertible preferred shares of CGWM UK in the amount of £65.3 million.

Cumulative dividends will be payable by CGWM UK on the convertible preferred shares at the greater of an annual 7.5% coupon and the proportionate share that such shares would receive on an as converted basis.

Canaccord Genuity Group now holds an approximate 66.9% equity equivalent interest in CGWM UK on an as converted basis.

Share icon
Share this article: