Canada’s Canaccord Genuity CF-T is working with bankers to review its British wealth management business, with potential outcomes ranging from a sale to bringing in another investor, the Financial Times reported on Tuesday.

Canaccord is working with U.K.-based advisory firm Fenchurch Advisory Partners on the strategic review, which is in the early stages, the FT report said, citing two people familiar with the matter.

The company said in a statement it had no plans to sell its U.K. wealth management business.

Fenchurch Advisory Partners did not immediately respond to Reuters requests for comment.

Wealth management is one of the most competitive segments of Britain’s financial industry, with banks jostling with traditional investment firms to serve clients from pension savers to billionaires.

U.K. wealth management is tightly regulated and can be a costly business, particularly after a recent crackdown on fees and value for money.

The biggest U.K. banks made $12-billion from wealth management in 2023, up 11 per cent year-on-year, data from research firm Coalition Greenwich showed.

The sector collectively holds around £4-trillion, half of Britain’s wealth market, according to data from Lloyds and the Investment Association.