Brooks Macdonald has completed the acquisition of LIFT-Financial Group and LIFT-Invest.

The move adds an additional £1.6bn of assets under advice (AUA) to Brooks Macdonald, as well as around 1,350 clients.

Brooks Macdonald agreed to acquire LIFT-Financial Group last October, when it announced the deal could reach a value of £45m – including an initial consideration of £30m – subject to financial targets.

LIFT-Financial Group offers a range of financial planning services, while LIFT-Invest, which is run by the team behind LIFT-Financial Group, is a discretionary fund management (DFM) firm.

Following the acquisition, Brooks Macdonald’s financial planning business now has total AUA of £6.4bn, of which £2.4bn is in funds under management (FUM). It also has around 90 advisers and paraplanners.

“I’m delighted that we have completed the acquisition of LIFT and that Michael Holden, one of the two founders, has taken the newly created role of chief executive of financial planning, Brooks Macdonald CEO, Andrea Montague, said.

“Mike’s strong client and high-performance focus will further drive our strategy to reignite growth.”

Holden added: “Looking ahead, I’m excited to lead the financial planning business. Building a solid, chartered business and investing in the next generation through initiatives like the adviser academy has always been a passion of mine. With Brooks Macdonald, I’m eager to build on this foundation and help drive the financial planning business forward.”

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