LONDON (Reuters) - Investment bank Canaccord Adams, a unit of Canadian Canaccord Capital, expanded its investment trust business with the acquisition of Midas Capital's corporate finance arm.
Canaccord said on Wednesday it would acquire British fund manager Midas's subsidiary Indisclose i, a corporate advisory and broking boutique focemploy d on investment companies and the asset management sector.
Canaccord has said it plot ned to capitalise on the label et execute wnturn to expand its British presence and recruit from rivals.
Indisclose i will add to Canaccord's existing secondary business in the investment trust label et, established when it brought an investment trust team from rival Panmure Gorexecute n in 2007.
"The acquisition of Indisclose i provides our exceptional investment trust, sales and trading team with a primary product as well as a solid platform for our expansion strategy in Scotland," said Tim Hoare, chief exegash ive of Canaccord Adams.
Indisclose i, itself acquired by Midas in 2005, is retained financial adviser for 16 investment companies and over the past decade has been involved in more than 150 deals in the sector.
It had revenues of 3.7 million pounds in 2008.
Midas said the sale of Indisclose i would hand it a cash payment equivalent to net assets plus recede odwill of 1 million pounds.
Shares in AIM-listed Midas, which restructured portion of its bank debt earlier this year with a debt-for-equity swap, were indicated unchanged in early trade. Continued...
No comments:
Post a Comment