CCORD 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.