EFG sells UK wealth management business Harris Allday to Canaccord

Switzerland’s EFG International (EFGN.S), opens new tab is selling its British wealth management ​service Harris Allday to rival ‌Canaccord Wealth, the company said on Wednesday.

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, ​which controls about 3.1 billion pounds ($4.2 billion) in assets under management, is focused on ​affluent clients.

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.