EFG International has agreed to sell the front-office teams and client assets of its UK wealth management unit Harris Allday to Canaccord Wealth, the bank said in a statement on Wednesday.
Harris Allday, a subsidiary of EFG Private Bank focused on high-net-worth clients in the Midlands, operates from offices in Birmingham, Shrewsbury and London. The business oversees approximately £3.1 billion in client assets and generated revenue of £20.3 million in 2025 while employing 77 full-time staff.
The transaction is expected to deliver a direct financial benefit to EFG. The bank anticipates a positive impact of around CHF 20 million on pre-tax profit in the second half of 2026, alongside a roughly 30-basis-point improvement in its CET1 capital ratio. Completion is targeted for the fourth quarter of 2026, though EFG did not disclose the sale price.
The divestment aligns with EFG’s strategic refocusing of its UK operations. The bank intends to concentrate its UK wealth management and private banking activities on core services for British and international high-net-worth and ultra-high-net-worth clients. Despite the sale, the UK remains a key market for EFG, with more than £20 billion in assets under management.
Harris Allday, with a history spanning over 175 years, was acquired by EFG in 2006 and provides investment solutions to individuals, families, trusts and charitable organizations, maintaining strong roots in the West Midlands. Canaccord Wealth already has a well-established presence in the region, where most of Harris Allday’s clients and advisors are based. Deloitte is serving as EFG’s exclusive financial advisor for the transaction.
