Prime Highlights
- Deal expected to lift EFG’s second-half pre-tax profit by about SFr20 million and add roughly 30 basis points to its capital ratio.
- Deloitte acted as exclusive financial advisor, with completion targeted for the year’s final quarter.
Key Facts
- Canaccord Wealth agrees to acquire Harris Allday’s front office teams and client assets from EFG International.
- Harris Allday holds about £3.1 billion in assets and £20.3 million in annual revenue, with 77 employees across Birmingham and Shrewsbury.
Background
Canaccord Wealth has struck a deal to acquire the front office teams and client assets of EFG International’s Harris Allday business, taking on a wealth management operation holding roughly £3.1 billion in assets and £20.3 million in annual revenue over the past year.
EFG International, which trades on the Zurich exchange, anticipates the sale lifting its second-half pre-tax profit by around SFr20 million while adding roughly 30 basis points to its group Common Equity Tier 1 capital ratio. The remaining financial terms of the deal were not made public. Deloitte served as sole financial advisor guiding the deal.
Completion is targeted for the closing three months of this year, according to EFG. Harris Allday operates under EFG Private Bank Ltd, the group’s UK arm, serving mainly affluent clients from its Birmingham base and its Shrewsbury office, and employs 77 people on a full-time equivalent basis.
Following the sale, EFG International’s UK division plans to sharpen its focus on wealth management and private banking for high net worth and ultra-high net worth clients, both domestic and international.
Edward James, who leads Harris Allday as managing director, said the business had transformed considerably during its years under EFG, adding that Canaccord Wealth brought the scale and expertise needed to carry the business, its staff and clients forward as a leading name in wealth management.
Harris Allday traces its roots back more than 175 years to the West Midlands, where it remains based, having joined EFG in 2006. Canaccord Wealth already holds a well-established presence across the Midlands, strengthening the rationale behind the acquisition.