Canaccord to buy Mercer's Canadian private wealth business

Canaccord Genuity Group Inc. said it will acquire the Canadian private wealth business of Mercer Global Investments Canada Ltd. in a deal that will add about $1.5 billion to its wealth management operations' total client assets.

Canaccord Genuity announced the agreement with Mercer on Wednesday. The deal is expected to close within the next three months, subject to closing conditions including regulatory approval.

Financial terms of the agreement have not been released.

“Upon completion of the transaction, current clients of Mercer Private Wealth will benefit from being serviced by a company that has a strategic focus on providing a full range of highly customized private wealth management services,” the company said in a press release.

The acquisition announcement comes less than a month after members of Canaccord Genuity's management team proposed to take the company private with an all-cash bid worth $1.127 billion.