The last remaining independent stockbroker in Birmingham has been bought by Swiss financial giant EFG Private Bank.
Harris Allday, which can trace its roots back to 1834, sealed a deal with Zurich-based EFG - the third largest private banking group in Switzerland - late last night.
The acquisition, which was for an undisclosed sum, is thought to be in the range of #20 to #30 million.
If these estimates are correct, all 13 partners at Harris Allday will receive payouts of around #2.5 million each.
The Harris Allday partnership employs 130 people at its offices at the Old Stock Exchange in Great Charles Street, Birmingham, and in Bridgnorth, Banbury and Worcester.
In addition to its partners, it has 14 senior individuals specifically responsible for managing client relationships, and over #2 billion of clients assets under management.
The acquisition supplements EFG International's existing UK and Channel Islands business based in London, Birmingham, Guernsey and Jersey.
All partners and staff of Harris Allday will become employees of EFG Private Bank and will continue their business under the trading name of EFG Harris Allday.
The closing of the transaction is subject to regulatory approval and is expected by late summer.
Ron Treverton-Jones, senior partner at Harris Allday, will join the board of EFG Private Bank, the UK arm of the Swiss
banking firm which specialises in providing banking services to people worth between #2 million and #25 million.
He said: "We are the only independent broker in Birmingham. There was 20 of them when I started in the in the 1970s, but gradually that number had been reduced.
"We had been approached by many competitors over the years, and we started a sale process to find the most suitable.
"We thought it would be beneficial to have a larger partner to take us forward."
Mr Treverton-Jones said the tie up would give Harris Allday a higher international profile while the tie-up would release it from its regulatory burden.
"There has been strong interest in our business from a wide range of potential acquirers.
"We chose EFG Private Bank because we felt they offered the best fit in terms of culture and business model, supporting the long-term interests of both our clients and staff.
"Their ethos is the relation-ship between them and their clients is the most important thing; it is not an organisation which sells products."
Mr Treverton-Jones said the link with EFG would give the combined group assets of #5.6 billion in the UK, in addition to the #25 billion managed by EFG globally.
He said the tie up could lead to more growth, both organically and through acquisition.
Lawrence Howell, chief executive officer of EFG International, said: "We are delighted to be extending our domestic franchise in our fast growing UK and Channel Islands-based business.
"Harris Allday's partnership structure and client service ethic fit particularly well with the EFG International business model."
John Williamson, chief executive of EFG Private Bank, said: "The acquisition of Harris Allday gives us real regional presence to complement our London base, building on our earlier acquisition in Birmingham of the EFG Platts Flello independent financial advisory business.
"The acquisition also brings us an additional 27 highly experienced and talented client relationship officers, taking our total complement in the UK to over 65, with additional hires in the pipeline."