Collins Stewart is paying £1.0m in cash initially with a deferred consideration of up to £6m which will be satisfied by the issue of up to 8,050,089 Collins Stewart ordinary shares.

The deferred consideration will be based on the performance of Corazon during the 12 months following acquisition and the shares will be issued in three instalments over the subsequent two years.

Corazon managed £382m of assets, almost all of which were discretionary, at the end of February from its offices in Guernsey and Geneva.

Story provided by Business Financial Newswire