Canaccord Financial boosts UK wealth business with Eden buy

Michael Bow
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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.