Reuters could not establish whether Canaccord's interest in the business, known as Close Brothers Asset Management, is still live.
Shares in Close Brothers closed 2.2% up on Thursday after initially jumping as much as 5% on the news.
Royal Bank of Canada (RY.TO) acquired London-listed Brewin Dolphin last year in an effort to bulk up its international wealth management footprint.
Bloomberg first reported Close Brothers' plans to offload its wealth management division in July.
Canaccord has sought to grow its UK wealth management arm via acquisitions.
Persons:
Goldman Sachs, David Esfandi, OTPP, 7IM, Canaccord, Pablo Mayo Cerqueiro, Amy, Jo Crowley, Anousha Sakoui, Jane Merriman, Jonathan Oatis
Organizations:
Reuters, Asset Management, Royal Bank of Canada, Bloomberg, HPS Investment Partners, Thomson
Locations:
Toronto, London