Canaccord Genuity Wealth Management has completed the acquisition of Brooks Macdonald Group’s international arm, Brooks Macdonald Asset Management (International) Limited (BMI) for up to £50.9m.
The transaction consists of an initial consideration of £28m, followed by a further contingent consideration of up to £22.9m, payable two-years post-completion, subject to certain performance criteria being met.
The acquisition agreement was initially announced in September 2024 and has since received regulatory approval.
Brooks Macdonald said the proceeds of the sale would enable it to focus exclusively on its core UK business and "will enhance its ability to capitalise on the structural opportunities within the UK market, to grow organically and through targeted M&A".
As at the end of 2024, BMI had a total of £2.3bn of funds under management, while Brooks Macdonald's total pro forma funds under management, excluding BMI, was £15.7bn.
Commenting on the completion of the sale, Brooks Macdonald CEO, Andrea Montague, said: "The completion of the sale of BMI to Canaccord firmly establishes Brooks Macdonald as a UK wealth management firm focused on serving clients in the UK.
"The future of the international market business is in great hands with Canaccord who are well known and already have a strong local presence.
"I would like to thank BMI clients for the trust they have placed in Brooks Macdonald over the years and wish our former BMI colleagues all the best for the future."
Canaccord Genuity Wealth Management CEO, David Esfandi, stated: "This acquisition is another step forward in our mission to become the best integrated wealth manager in the region by performance and service.
"With this investment, we increase our ability to serve the complex needs of international clients who have clear ambitions and need a trusted partner to help them achieve their goals."
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