Canadian firm Canaccord Financial, the parent
company of Collins Stewart, has strengthened its UK wealth
management platform with the acquisition of UK wealth management
business Eden Financial.
London-based Eden Financial currently has
£835m ($1.36bn) in assets under management (AuM).
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The move sees Canaccord stretch its total AuM
in UK & Europe Wealth Management operations – also known as
Collins Stewart Wealth Management (CSWM) – to £9bn.
Revenue targets
The acquisition, subject to FSA approval, will
cost Canaccord £12.8m in cash.
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By GlobalDataOf this, £7.68m will be paid on completion and
the remaining £5.12m after 12 months, subject to revenue retention
and revenue mix thresholds.
Continued revenue growth and the meeting of
revenue mix targets will be rewarded with further incentives of up
to £4m.
UK build-out continues
Eden Financial – an independent, owner-managed
company currently serving 2,500 clients – has established itself as
a major player in the UK wealth management industry.
The Canadian firm said it hoped that the
addition of Eden’s client base will allow it to leverage
opportunities arising from the consolidation of the UK industry, as
well as providing stronger services to CSWM.
On completion of the deal Eden Financial will
change its legal name to Collins Stewart Wealth Management
Limited.
