The acquisition, set to close in the fourth quarter of this year, sees Canaccord absorbing a business that generated £20.3 million in revenue last year. For EFG International, the divestment serves as a strategic move to sharpen its focus on core wealth management and private banking services for ultra-high-net-worth clients. The Zurich-listed firm expects the sale to bolster its pre-tax profit for the second half of the year by approximately SFr20 million and improve its Common Equity Tier 1 capital ratio by 30 basis points.
Canaccord Wealth Acquires Midlands-Based Harris Allday
Canaccord Wealth has agreed to purchase the Harris Allday business from EFG International, marking a significant consolidation in the UK wealth management sector. The deal involves a firm with a 175-year history and £3.1 billion in assets under management, currently operating out of Birmingham, Shrewsbury, and London.
Harris Allday, which employs 77 full-time staff, has been under EFG ownership since 2006. Managing director Edward James noted that the transition to Canaccord provides the necessary scale to support the firm’s ongoing operations. Deloitte served as the exclusive financial advisor for the transaction, the financial specifics of which remain largely undisclosed. Following the sale, EFG intends to concentrate its UK regional operations on its high-net-worth client base, while Canaccord strengthens its established footprint in the Midlands.
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