Canaccord to buy wealth management arm of Eden Financial

Canaccord Financial is set to acquire the wealth management arm of boutique private client investment management business Eden Financial, which has also put its asset management arm up for sale.

The move will swell AUM on Canaccord's UK wealth management platform, known as Collins Stewart Wealth Management, to £9bn following the £12.8m acquisition, which is subject to FSA approval. Eden Financial will retain its brand initially, although all Canaccord's UK, Europe and offshore wealth management operations will be rebranded to Canaccord Wealth Management in 2013. 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. Massey will also become ...