EFG International, the parent company of EFG Hermes Holding, is selling its British wealth management business, Harris Allday, to Canaccord Wealth.
The divestment allows EFG's UK division to concentrate on its core high-net-worth and ultra-high-net-worth client segments.
Harris Allday manages approximately £3.1 billion ($4.2 billion) in assets under management.
EFG expects the sale to increase its profit before tax by roughly 20 million Swiss francs ($24.68 million) in the second half of 2026.
The transaction will also improve EFG's common equity tier 1 (CET1) capital ratio by approximately 30 basis points.