Collins Stewart Wealth Management has completed the acquisition of Eden Financial’s wealth management arm.
The £12.8m acquisition was made by Collin Stewart Wealth Management’s parent company, Canaccord Financial.
The acquisition will see Collins Stewart Wealth Management’s assets under management grow to approximately £9bn.
The deal sees Canaccord Financial pay £7.68m in cash, with the remaining £5.12m paid 12 months, 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.
Earlier today, City Financial announced it has acquired the asset management arm of Eden Financial. The deal will see Eden Financial head of asset management Ed Rosengarten join City Financial alongside the likes of UK equity fund manager Leigh Himsworth and multi-asset fund manager Mark Harris.