Collins Stewart to be sold

COLLINS STEWART is to be sold to the Canadian financial services business Canaccord Financial Inc after it was confirmed that an offer of 96p a share had been accepted.

It is expected that the deal will be completed in the first quarter of 2012, when the businesses of Collins Stewart Hawkpoint will be integrated into Canaccord's operations.

A spokeswoman for Collins Stewart in London said that the deal would mean business as usual for Collins Stewart Wealth Management, the Guernsey operation, which is headed by Charlie Roger (pictured).

'We are among the strongest and most international mid-market players in our respective markets and so it makes perfect strategic sense to combine forces. Both businesses are highly entrepreneurial and the cultural fit is good,' said Mark Brown, CEO of Collins Stewart Hawkpoint plc.

'The board believes that the offer provides an attractive valuation for Collins Stewart Hawkpoint's shareholders and gives them the opportunity to share in the future success of the enlarged group.'