Eden Financial sells off wealth management business
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.