The Harris Allday business, which was founded in the West Midlands and dates back 175 years, was acquired by EFG in 2006.

Canaccord Wealth has agreed to buy the Harris Allday business of EFG International. It will be acquiring a business that had about £3.1 billion ($4.19 billion) in assets under management and annual revenue of £20.3 million last year. 

EFG International, listed in Zurich, said it expects the sale to boost its pre-tax profit for the second half of this year by about SFr20 million ($3.82 billion) and increase its group Common Equity Tier 1 capital ratio by about 30 basis points. Other specific financial terms were not disclosed by EFG International in its statement today. 

The transaction is expected to be wrapped up in the fourth quarter of this year, EFG said. Deloitte is acting as exclusive financial advisor in this transaction.

Harris Allday is part of EFG Private Bank Ltd, EFG International’s UK subsidiary. The business provides wealth management services, primarily to affluent clients, in the Midlands region of the UK from its main office in Birmingham, and its locations in Shrewsbury and London. It has 77 employees (full-time equivalent). 

EFG International’s UK region will concentrate on its core business in wealth management and private banking serving UK-based and international high net worth and ultra-HNW clients.

“The Harris Allday business has undergone significant transformation under EFG’s ownership and, as a market-leading wealth manager, Canaccord Wealth is the right fit, with the scale and capabilities to support the business, our colleagues and clients going forward,” Edward James, Harris Allday’s managing director, said.

With a history spanning more than 175 years, Harris Allday was founded in the West Midlands and remains there to this day. It was acquired by EFG in 2006. 

Canaccord Wealth has a strong and established footprint in the Midlands, the statement added.