UK based wealth manager and mortgage brokers City Financial has acquired Eden Financial's asset management arm for an undisclosed sum.
City chief executive officer Andrew Williams said, ‘Our discussions with Eden Financial started only recently, but it swiftly became apparent to both sides that this was a timely opportunity that worked well for all parties.
"It extends our capabilities, adding significantly to what we are able to offer our clients, and puts us in a strong position to increase the pace of our acquisitions in the coming months."
The acquirer said that acquisition of the asset management arm will further boost its presence in the region.
The deal has brought a team of five Eden Financial’s wealth mangers including head of asset management Ed Rosengarten, UK equity fund manager Leigh Himsworth and multi-asset fund manager Mark Harris.
Other two members of the team include credit fund manager Thomas Leah and head of discretionary sales Kevin Mordrick.
As per the terms of the deal, Himsworth will continue to manage the £30m CF Eden UK select opportunities fund that will be transferred to the firm.
Harris will build up City Financial’s in-house multi-asset capability, while Leah and Mordrick will join David Crawford, who is the investment manager at the firm.