EFG International Sells UK Wealth Manager Harris Allday to Canaccord
EFG International Divests Harris Allday to Focus on Core Business
Details of the Transaction
ZURICH, Aug 19 (Reuters) - Switzerland's EFG International is selling its British wealth management service Harris Allday to rival Canaccord Wealth, the company said on Wednesday.
Strategic Focus and Client Segments
Through the sale, EFG's U.K. arm intends to focus on its core business in the region, catering to high net worth and ultra-high net worth clients.
Harris Allday's Assets and Client Base
Harris Allday, which controls about 3.1 billion pounds ($4.2 billion) in assets under management, is focused on affluent clients.
Financial Impact and Timeline
Though a price tag was not given, EFG expects the sale to improve the group's profit before tax by about 20 million Swiss francs ($24.68 million) in the second half of 2026 as well as increase its common equity tier 1 (CET1) capital ratio by around 30 basis points.
The transaction is expected to be closed in the fourth quarter.
Currency Exchange Rates
($1 = 0.7377 pounds)
($1 = 0.8104 Swiss francs)
Reporting Credits
(Reporting by Oliver Hirt in Zurich, writing by Marleen Kaesebier, Editing by Miranda Murray)
