Collins Stewart acquires offshore discretionary manager

Collins Stewart has acquired Guernsey and Geneva-based discretionary investment manager Corazon Capital Group.

The deal consists of an initial consideration of £1m and up to £6m in shares based on the performance of Corazon during the twelve months.

At 28 February Corazon managed £382 million of primarily discretionary assets from its offices in Guernsey and Geneva. Collins Stewart's Wealth Management Division managed £5.9bn of assets, of which £1.7bn is discretionary.

"The transaction is in-line with our stated strategic objective of growing our Wealth Management Division both organically and through acquisition," Collins Stewart chief executive Mark Brown says.

Neil Darke, head of Collins Stewart's Wealth Management Division, adds: "This acquisition complements our existing business and enhances both our resources and assets in our Channel Islands heartland whilst strengthening our presence in Geneva."