Charges related to the consolidation of Canaccord's Canadian wealth management business are expected to total approximately $11.5 million, and will be reflected in Canaccord's fiscal second quarter. These charges include severance and other charges related to the closing of offices, and are in addition to the previously disclosed restructuring charges related to the consolidation of Canaccord's Montreal Wealth Management office.
Canaccord also announced an addition to its UK wealth management platform today. Approximately $5.2 million of restructuring and other charges related to the growth of Collins Stewart Wealth Management is expected in Canaccord's fiscal third quarter.
ABOUT CANACCORD WEALTH MANAGEMENT:In Canada, Canaccord Wealth Management is a leading, independent private wealth management firm, with a network of approximately 180 Investment Advisory Teams located in major centres across the country. Our Advisory Teams are entrusted with over $10 billion of client assets under administration. Canaccord investment professionals are recognized for delivering personalized financial solutions for the specific needs of each of our private clients. With access to financial, estate, and insurance planning specialists, Canaccord Advisors offer a full suite of investment and wealth planning services that help our clients achieve their financial goals. Through Canaccord Genuity, Canaccord's global capital markets division, Canaccord Wealth Management provides its private clients with access to top-ranked research, equity and bond issues, and private placement opportunities. In Canada, Canaccord Wealth Management is a division of Canaccord Genuity Corporation, member CIPF and the Investment Industry Regulatory Organization of Canada. ABOUT CANACCORD FINANCIAL INC.: Through its principal subsidiaries, Canaccord Financial Inc. is a leading independent, full-service financial services firm, with operations in two principal segments of the securities industry: wealth management and global capital markets. Since its establishment in 1950, Canaccord has been driven by an unwavering commitment to building lasting client relationships. We achieve this by generating value for our individual, institutional and corporate clients through comprehensive investment solutions, brokerage services and investment banking services. Canaccord has offices in 12 countries worldwide, including Wealth Management offices located in Canada, Australia, the UK and Europe. Canaccord Genuity, the international capital markets division, operates in Canada, the US, the UK, France, Germany, Ireland, Italy, China, Hong Kong, Singapore, Australia and Barbados. Canaccord Financial Inc. is publicly traded under the symbol CF on the TSX and the symbol CF. on the London Stock Exchange.
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