Global law firm Ashurst is advising longstanding client Punter Southall Group on the sale of its subsidiary, Punter Southall Wealth Limited, to Canaccord Genuity Wealth Management for £164 million in cash plus share consideration.
The buyer also expects to pay approximately £6 million in retention and incentive awards, both cash and equity.
Closing is subject to customary closing conditions, including regulatory approvals.
Punter Southall Wealth is a wealth manager specialising in high-net-worth individuals. It has approximately £5 billion in client assets under management and is forecast to generate annual revenue of approximately £33.7 million in the year ending 31 December 2021.
The Ashurst team advising Punter Southall Group is being led by partner Adam Levitt with support from senior associates Jacob Gold and Nick Lever, and associates Jasmin O'Reilly and Ariella Moses. Partners Tim Rennie, Nicholas Gardner, Ruth Buchanan, David Capps and James Perry are also advising, together with counsel John Gordon and associates Becky Hart and Matthew Sharpe.
