EFG Sells Harris Allday Wealth Business to Canaccord

EFG International has agreed to sell the front-office teams and client assets of Harris Allday to Canaccord Wealth. Harris Allday, part of EFG's UK subsidiary EFG Private Bank, serves affluent wealth management clients principally in the Midlands and operates from Birmingham, Shrewsbury and London. The business manages approximately GBP 3.1 billion of client assets, generated revenue of GBP 20.3 million in 2025 and employs 77 full-time-equivalent staff. The sale price has not been disclosed and the transaction is expected to complete in the fourth quarter of 2026.

A narrower UK private bank

The disposal is a repositioning rather than a retreat. EFG says its UK region will concentrate on core private banking and wealth management for UK-based and international high-net-worth and ultra-high-net-worth clients. The wider UK business holds more than GBP 20 billion in assets under management, so Harris Allday represents a modest share of assets but a distinct client segment, service model and cost base.

That segmentation problem is familiar across UK wealth management. Businesses serving affluent and mass-affluent clients require volume, standardised advice and technology investment to remain economic; businesses serving ultra-high-net-worth families require bespoke structuring, credit and cross-border capability. Running both inside one regulated entity tends to dilute investment in each. Harris Allday, acquired by EFG in 2006 and with a history spanning more than 175 years, sits on the affluent side of that divide.

Earnings and capital effect

EFG expects the transaction to have a positive impact of approximately CHF 20 million on profit before tax in the second half of 2026, and to add around 30 basis points to the group's CET1 capital ratio. Both figures are the bank's own estimates and are contingent on completion. Deloitte is acting as EFG's exclusive financial adviser.

Because Canaccord is acquiring front-office teams and client assets rather than being described as acquiring the legal entity outright, the practical test of the deal will be asset retention through transfer. In UK wealth transactions of this structure, the proportion of client assets that follows advisers to the acquirer determines the realised economics, and that outcome is typically visible only several quarters after completion.

What it means regionally

Canaccord Wealth already has an established presence in the Midlands, where most Harris Allday clients and client-facing staff are based. According to EFG, that regional overlap and Canaccord's wealth management capability made it a suitable acquirer. For clients, continuity of adviser relationships is the material question; for the wider market, the transaction is another step in the consolidation of regional UK wealth managers into a smaller number of scaled platforms.

Harris Allday provides investment management to individuals, families, trusts and charities, and its client base is concentrated in the West Midlands. Canaccord's existing regional operation means the acquired teams move onto a platform already serving comparable clients, which reduces the integration risk that has undermined several previous UK wealth acquisitions.

For family offices and private wealth owners, transactions of this kind carry two practical implications: adviser mobility around a transfer, and the possibility of changes to custody, reporting and fee arrangements once client books migrate to a new platform. Both are legitimate points to raise with an incumbent adviser well before completion.