Canaccord Genuity has issued a statement denying reports that it was considering selling its wealth management business in the UK and Crown Dependencies.

In the statement, Canaccord Genuity said while it does not usually comment on specific speculation, the publication of an article in the Financial Times containing information from anonymous sources that the firm said were not known to Canaccord Genuity meant it felt a communication was warranted.

The article reported that Canaccord Genuity was working with investment bank Fenchurch Advisory to run a strategic review of its UK wealth management business that could lead to the sale of the division.

However, Canaccord Genuity (the Company) said that it wished to “confirm that there is no plan to sell its wealth management business in the UK & Crown Dependencies and that it continues to have a productive working relationship with its strategic and financial partner”.

“We are proud of the value that all our wealth management businesses have created and are fully committed to their continued growth,” the statement continued.

“The Company regularly explores opportunities to strengthen the value of its business and has been an active acquiror in all geographies where it has operations.

“We routinely engage with external advisers to assess market conditions and opportunities across our global business.

“All shareholders and prospective investors are encouraged to rely solely on information provided by the Company in its ongoing disclosures, which are available on the company website and on SEDAR+.

“The Company further notes that this statement is an exception to its policy of not commenting on market rumours, and that in the future it will adhere to this policy."

Canaccord Genuity said it does not plan to provide further comment unless it is determined that further disclosure is necessary or appropriate.

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