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Collins Stewart buys wealth firm
Stockbroker Collins Stewart yesterday struck a deal to buy independent wealth manager Andersen Charnley and its subsidiary Andersen Charnley Investment Management for an initial £5m cash-and-stock consideration. Collins Stewart will pay £3.5m in cash and the remainder in its shares, in addition to up to £2m in cash and shares 12 months after the completion of the deal, based on the retention of Andersen Charnley’s existing assets under management. The company also said a deferred payment of up to £8m will be paid based on Andersen Charnley meeting future revenue targets. Following the acquisition, Collins Stewart’s wealth management division will manage £6.8bn of assets.