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Canaccord Financial to acquire wealth management business of Eden Financial

Canaccord Financial is to acquire the wealth management arm of Eden Financial for £12.8m.

The deal will see Canaccord expand the assets of its UK wealth management operation, Collins Stewart Wealth Management, to £9bn. The deal is subject to FSA approval.

Eden Financial is a private client investment management business with £835m of assets under management. Eden is also planning to dispose of its asset management business, with details to be announced shortly.

Canaccord Financial is to pay £7.68m in cash, with the remaining £5.12m paid 12 months after the deal is completed, subject to revenue retention and revenue mix thresholds. A further £4m has been set to reward further revenue growth and meeting revenue targets.

Eden Financial will initially retain its brand until 2013 when Canaccord Financial plans to rebrand all its UK, Europe and offshore wealth management operations under the Canaccord Wealth Management banner.

Stephen Massey, executive chairman of Eden Financial, will have a seat on the board of Collins Stewart Wealth Management, 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.

Canaccord UK and European operations CEO Alexis de Rosnay says: “We look forward to welcoming the clients and staff of Eden Financial to the Canaccord platform. Our expanded client base will benefit from a wider variety of investment opportunities and the backing of an independent, global financial services company.”

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