Canaccord to Acquire the Wealth Management Business of Eden Financial

September 26, 2012

On September 24, 2012, Canaccord Financial, Inc. announced that it had entered into an agreement to acquire the wealth management business of Eden Financial Limited, a UK private client investment management business.


On September 24, 2012, Canaccord Financial, Inc. announced that it had entered into an agreement to acquire the wealth management business of Eden Financial Limited.  The acquisition will expand Canaccord’s UK wealth management platform, Collins Stewart Wealth Management.  Under the terms of the transaction, Canaccord will provide consideration of up to £12.8 million in cash, £7.68 of which is payable upon completion and up to £5.12 million payable after 12 months, subject to revenue retention and revenue mix thresholds.  Canaccord will also pay incentives of up to £4.0 million to reward further revenue growth and meeting revenue mix targets.  The transaction is subject to FSA approval.  Eden Financial will initially retain its brand, and upon completion of the transaction, will change its legal name to Collins Stewart Wealth Management Limited. 

Eden Financial is a London-based private client investment management business with approximately £835 million in assets under management.  Canaccord is a full service financial services firm, with operations in wealth management and global capital markets.  Collins Stewart Wealth Management encompasses Canaccord’s UK, Europe and offshore wealth management operations.  Following completion of the transaction, Collins Stewart Wealth Management will have approximately £9.0 billion in assets under management. 

To read the press release, please click here.


Categories

Investment Manager M&A, Transactions