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Canaccord Financial expands Collins Stewart Wealth Management platform

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Canaccord Financial is to acquire the wealth management business of Eden Financial, a boutique UK private client investment management business, to expand its UK wealth management platform: Collins Stewart Wealth Management. 



The acquisition is subject to FSA approval.

Based in London, Eden is an independent, owner-managed private client investment management business with GBP835m (CAD1,324m) in assets under management on behalf of 2,500 clients (as at 31 August 2012). 

Canaccord is providing consideration of up to GBP12.8m (CAD20.3m) in cash, of which GBP7.68m (CAD12.2m) will be payable upon completion and up to GBP5.12m (CAD8.12m) after 12 months, subject to revenue retention and revenue mix thresholds.  Further incentives of up to GBP4m (CAD6.3m) have also been set to reward further revenue growth and meeting revenue mix targets.

Once Eden Financial becomes part of Canaccord’s platform, it is expected that assets under management at Collins Stewart Wealth Management (Canaccord’s UK, Europe and offshore wealth management operations) will increase to approximately GBP9bn (CAD14.3bn). Globally, on a combined pro-forma basis including assets from Eden Financial, total client assets managed and administered by Canaccord’s wealth management businesses would have been CAD27.3bn as at 30 June 2012.

"We look forward to welcoming the clients and staff of Eden Financial to the Canaccord platform," says Alexis de Rosnay (pictured), chief executive of Canaccord’s UK and Europe operations. "Our expanded client base will benefit from a wider variety of investment opportunities and the backing of an independent, global financial services company."

Neil Darke, chief executive of Collins Stewart Wealth Management, adds: "Our businesses share a steadfast commitment to client service, and we look forward to maintaining Eden Financial’s high-quality, personalised service offering."

Eden Financial will initially retain its brand. It is expected that all of Canaccord’s UK, Europe, and offshore wealth management operations will be rebranded to Canaccord Wealth Management in 2013. Upon completion of the acquisition, the regulated entity of Eden will change its legal name to Collins Stewart Wealth Management Limited.

Stephen Massey, executive chairman of Eden Financial, will have a seat on the board of Collins Stewart Wealth Management Limited, and will continue to have management responsibility for the Eden team. He will also become a member of the company’s UK wealth management executive committee. 

Massey says: "I am committed to achieving a seamless transition for our staff and clients and working towards our shared objectives for the future. This is an exciting milestone in the evolution of Eden Financial and I look forward to working with our new colleagues and delivering exceptional wealth management solutions to our clients."

Restructuring and other charges related to this acquisition, totalling approximately GBP3.3m (CAD5.2m), are expected in Canaccord’s fiscal third quarter. Concurrently, Eden has concluded negotiations regarding the disposal of its asset management business, full details of which will be announced shortly.

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