EFG Private Bank, UK subsidiary of Swiss banking group EFG International, plans to buy private client stockbroker Harris Allday.
The acquisition of the Birmingham-based stockbroker, which currently has more than GBP2 billion of assets under management, will supplement EFG International’s existing UK and Channel Islands business.
All partners and staff of Harris Allday will become employees of EFG Private Bank and will continue their business under the trading name of EFG Harris Allday.
The transaction is expected to close by late summer subject to regulatory approval.
The acquisition of Harris Allday increases the assets under management of our UK and Channel Islands business to over GBP5.5 billion and gives us real regional presence to complement our London base, building on our earlier acquisition in Birmingham of the EFG Platts Flello independent financial advisory business, said John Williamson, CEO of EFG Private Bank.
We are delighted to be extending our domestic franchise in our fast growing UK and Channel Islands-based business. Harris Allday’s partnership structure and client service ethic fit particularly well with the EFG International business model, added Lawrence Howell, CEO of EFG International.