Canaccord Financial boosts UK wealth business with Eden buy
CANACCORD Financial, the owner of corporate broker Canaccord Genuity, yesterday announced it had snapped up UK boutique wealth manager Eden Financial in a £12.8m cash deal.
The firm will add Eden, which has £835m of assets under management, to its existing UK wealth management platform Collins Stewart Wealth Management, boosting the platform’s assets to £9bn.
The firm said the deal, which will see £7.68m paid up front in cash with a further £5.12m paid a year later dependent on revenue retention, would add more scale to its wealth management business.
Costs of the restructure are set to total £3.3m, and are expected in the third quarter.
UK and Europe chief executive Alexis de Rosnay said the expanded client base would benefit from a wider variety of investment opportunities.
Collins Stewart Wealth Management is a division of Canaccord Wealth Management, which is owned by Canaccord Financial.
In a separate development, Mark Dickenson, deputy head of corporate broking at Canaccord Financial’s subsidiary Canaccord Genuity, has parted company with the firm.
Dickenson is thought to be reviewing a number of other opportunities after his departure last week.