Glasgow-based financial planning business Intelligent Capital is set to become part of the Adam & Co private banking operation based in Edinburgh following its acquisition by Canadian giant Canaccord Genuity.

In a late afternoon announcement to coincide with the start of trading on the Toronto Stock Exchange, Canaccord announced that it had acquired Intelligent Capital for an undisclosed sum via its UK wealth management business. The Glasgow operation, which has 17 employees £220 million in client assets, will operate under the Adam & Co brand going forward.

The investment management business of Adam & Co, which was established in Edinburgh in 1983, was acquired by Canaccord from NatWest Group in a £54m deal that completed in October 2021. The sale included the Adam & Co name, but not its banking and lending operations which remained with NatWest and were absorbed into its Coutts & Co private banking business.

The Herald: David BremnerDavid Bremner (Image: Intelligent Capital)

Founded in 1999, Intelligent Capital provides advice on financial planning matters such as tax, investments and pensions. Its largest shareholder is David Bremner, who joined the business in 2014 and acquired it four years later.

In its announcement to the Toronto exchange Canaccord said the combination of the two businesses will create a "significant wealth management businesses in Scotland with further growth potential".

“We are excited to be joined by a strong team of deeply experienced financial planning professionals from Intelligent Capital," said David Esfandi, chief executive of Canaccord's wealth management business in the UK.

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"We have had an excellent experience since entering the important Scottish market in 2021, and the addition of a new office in Glasgow gives us more expertise in the region to meet the growing demand for our outstanding integrated wealth management offering.”

Mr Bremner will join the executive leadership team at Adam & Co as head of wealth management in Glasgow. He will continue to actively manage the business with a focus on supporting a successful integration while working closely with Matt Phillips, director of wealth planning for Canaccord in the UK, and Graham Storrie, the head of Adam & Co Wealth Management.

“We have always had a strong vision for the future of Intelligent Capital and from our earliest conversations, we found that Canaccord Genuity and Adam & Company were completely aligned with our values and our commitment to high ethics and client service standards," Mr Bremner said.

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"I look forward to beginning this next chapter with a leading Scottish brand and being able to offer our existing and future clients an elevated financial planning experience.”

The deal is subject to regulatory approval and other customary closing conditions. The acquisition is expected to be completed by the end of March.