EFG Sells UK Wealth Business Subsidiary as It Sharpens Private Banking Focus
Zurich-based EFG International is streamlining its UK operations. The private banking group has signed an agreement under which Canaccord Wealth will acquire the front-office teams and client assets of Harris Allday, according to a press release.
Harris Allday forms part of EFG Private Bank, EFG International’s UK subsidiary, and primarily serves affluent wealth management clients in the Midlands. It operates from Birmingham, Shrewsbury and London.
The business manages approximately £3.1 billion in assets, generated annual revenue of £20.3 million in 2025 and currently employs 77 full-time-equivalent staff.
Earnings and Capital Boost
The disposal is also set to provide EFG with a financial benefit. The bank expects the transaction to have a positive impact of approximately 20 million Swiss francs on profit before tax in the second half of 2026.
EFG also expects the sale to add around 30 basis points to the group’s CET1 capital ratio. The transaction is scheduled to close in the fourth quarter of 2026. EFG did not disclose the sale price.
Focus on HNW and UHNW Clients
The transaction further sharpens EFG’s strategic positioning in the UK. Its UK region will focus on its core wealth management and private banking businesses serving UK-based and international high-net-worth and ultra-high-net-worth clients.
With more than £20 billion in assets under management, the UK business remains a key pillar of EFG’s strategy.
Harris Allday has a history spanning more than 175 years and was acquired by EFG in 2006. The business provides tailored investment solutions to individuals, families, trusts and charities and has maintained a strong regional focus in the West Midlands.
Canaccord Wealth already has an established presence in the Midlands, where the majority of Harris Allday’s clients and client-facing teams are based. According to EFG, this regional footprint and Canaccord’s wealth management capabilities make it a suitable home for the business.
Deloitte is acting as EFG’s exclusive financial adviser on the transaction.
