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EFG Buys UK Regional Stockbroker

Contributing Editor, 11 July 2006

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EFG Private Bank in the UK has bought Harris Allday, a Birmingham-based private client stockbrokerage firm. Harris Allday is an independe...

EFG Private Bank in the UK has bought Harris Allday, a Birmingham-based private client stockbrokerage firm.

Harris Allday is an independent firm of stockbrokers and investment managers. It is one of the few remaining stockbroking partnerships and can trace its history back more than 150 years.

The firm has thirteen partners and a number of offices throughout the Midlands.

According to its website, Harris Allday has £2 billion ($3.6 billion) of assets under management, mostly in discretionary portfolios.

John Williamson, chief executive of EFG Private Bank, said that buying Harris Allday would increase assets under management in the UK and the Channel Islands to more than £5.5 billion and increase the bank's UK network of client relationship managers to 65.

EFG International, which encompasses EFG Private Bank, has been one of the most acquisitive wealth managers since it listed on the Swiss Stock Exchange last October.

In the UK, the bank bought Chiltern Wealth Management last November. It went on to buy Bank von Ernst (Liechtenstein), a Coutts subsidiary; Capital Management Advisors, a hedge fund; and Banque Monegasque de Gestion, the Monaco-based private banking unit of Unicredit.

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