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...