Canaccord Buys Adam Private Client Business, Boosting U.K. Unit

Canaccord Genuity Group Inc. struck a deal to acquire the private client investment management unit of Scotland’s Adam & Co., boosting the size of its U.K. wealth business.

Canaccord, which runs one of Canada’s largest networks of financial advisers not owned by a bank or insurer, is paying C$95 million ($76 million) to buy the Edinburgh-based business from Royal Bank of Scotland. It will keep the Adam & Co. name.

It’s the latest in a flurry of moves by Canaccord seeking growth in wealth management. In February, it took a C$219 million capital injection for its U.K. division ...