Eden Financial sells off wealth management business
Eden’s asset management unit is set for “disposal”, after private client business sold to Canadian group Canaccord.
Eden Financial has sold off its wealth management business to Canadian wealth management firm Canaccord Financial.
Canaccord is set to pay up to £12.8m for the assets, it said this morning, with an eye to adding to the capabilities of its existing wealth management business Collins Stewart Wealth Management.
The deal includes a £7.68m cash payment upon completion of the deal and a potential further £5.12m, after 12 months, subject to “revenue retention and revenue mix thresholds”.
The deal is still subject to FSA approval.
The private client arm of Eden has £835m in assets under management on behalf of 2,500 clients.
Eden’s open-ended fund business is not part of the deal. That business is set for “disposal”, the group said, with a further announcement pending on October 1.
Eden Financial’s fund managers include ex-Gartmore UK equities manager Leigh Himsworth and ex-New Star multi-manager Mark Harris. Mr Himsworth runs the £23.3m CF Eden UK Select Opportunities fund, while Mr Harris is co-manager of the £64.3m CF Eden Global Multi-Strategy fund, alongside Chris Jaques.