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Canaccord buys Eden Financial wealth unit for £12.8m
by Dylan Lobo on Sep 24, 2012 at 08:51
Canaccord Financial’s UK footprint has got larger following the acquisition of Eden Financial's UK wealth business.
Fresh from its purchase of Collins Stewart’s wealth management platform last year, the group has forked out £12.8 million for the buisness in a deal which remains subject to certain revenue targets met and approval from the Financial Service Authority.
London-based boutique Eden controls £835 million in assets on behalf of 2,500 clients.
The division will be absorbed by Collins Stewart Wealth Management, increasing Canaccord’s assets under management in it UK, Europe and offshore wealth management operations to around £9 billion.
Canaccord’s acquisition of Eden is part of its strategy of gradually growing the scale of its wealth management platform to better leverage opportunities arising from consolidation in the UK wealth management industry.
‘We look forward to welcoming the clients and staff of Eden Financial to the Canaccord platform,’ Alexis de Rosnay, chief executive (CEO) of Canaccord's UK and Europe operations, told the stockmarket.
‘Our expanded client base will benefit from a wider variety of investment opportunities and the backing of an independent, global financial services company.’
Collins Stewart Wealth Management CEO Neil Darke (pictured) added: ‘Our businesses share a steadfast commitment to client service, and we look forward to maintaining Eden Financial's high-quality, personalised service offering.’
Eden will initial retain its brand and all of Canaccord's UK, Europe, and offshore wealth management operations will be rebranded to Canaccord Wealth Management in 2013.
Eden chairman Stephen Massey will have a seat on the board of Collins Stewart Wealth Management and will continue to have management responsibility for the Eden team. He will also become a member of the company's UK Wealth Management executive committee.
Massey said: ‘This is an exciting milestone in the evolution of Eden Financial and I look forward to working with our new colleagues and delivering exceptional wealth management solutions to our clients.’
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