Brooks Macdonald Group PLC Completion of Acquisition (0158H)
01 December 2020 - 6:00PM
UK Regulatory
TIDMBRK
RNS Number : 0158H
Brooks Macdonald Group PLC
01 December 2020
1 December 2020
Brooks Macdonald Group plc
Completion of Acquisition
Lloyds Bank International's Channel Islands wealth management
and funds business will further transform Brooks Macdonald
International
Brooks Macdonald Group plc ("Brooks Macdonald", the "Group" or
the "Company") is pleased to announce that all necessary regulatory
permissions have been received, and all other conditions satisfied,
relating to the acquisition of Lloyds Bank International's Channel
Islands wealth management and funds business by the Group's
subsidiary Brooks Macdonald Asset Management (International)
Limited ("Brooks Macdonald International"). The acquisition,
initially announced on 24 June 2020, has therefore completed.
The transaction further transforms the International business,
building on its reinvigoration under Andrew Shepherd and his
management team. It brings multiple benefits:
-- An increase in International funds under management ("FUM")
of c.GBP900 million and an additional c.1,000 private clients
-- Multi-asset and fixed income fund capability, augmenting
International's proposition to clients, advisers and trustees
-- An extension of the Group's international intermediary distribution reach
-- A c.6.5 per cent increase in the Group's pro forma FUM to over GBP14.5 billion ([1]) .
Further, the two companies intend to conclude a mutual referral
agreement, under which Brooks Macdonald International will
introduce clients where appropriate to Lloyds' international
banking services and Lloyds will reciprocate, introducing
international banking clients to the Group's international
investment management and financial planning services.
Caroline Connellan, CEO of Brooks Macdonald, commented:
"The acquisition of Lloyds Bank International's Channel Islands
wealth management and funds business is another step forward for
Brooks Macdonald in achieving our growth ambitions and driving
value creation. The move continues the reinvigoration of
International under Andrew Shepherd and his team, bringing benefits
from greater scale, new capabilities and expanded distribution
reach. I am delighted to welcome our new colleagues to Brooks
Macdonald."
Enquiries to:
Brooks Macdonald Group plc www.brooksmacdonald.com
Caroline Connellan, CEO 020 7659 3492
Ben Thorpe, Group Finance Director
Peel Hunt LLP (Nominated Adviser and Broker)
Adrian Trimmings / John Welch 020 7418 8900
MHP Communications 020 3128 8734
Reg Hoare / Simon Hockridge / Charlie Barker brooks@mhpc.com
Notes to editors
Brooks Macdonald Group plc, through its various subsidiaries,
provides leading investment management services in the UK and
internationally. The Group, which was founded in 1991 and began
trading on AIM in 2005, had discretionary funds under Management of
GBP13.7 billion as at 30 September 2020.
Brooks Macdonald offers a range of investment management
services to private high net worth individuals, pension funds,
institutions, charities and trusts. The Group also provides
financial planning as well as offshore investment management and
acts as fund manager to two regulated OEICs (the IFSL Brooks
Macdonald Fund and the SVS Cornelian Investment Funds) providing a
range of risk-managed multi-asset funds and a specialised absolute
return fund.
The Group has twelve offices across the UK and the Channel
Islands including London, East Anglia, Hampshire, Leamington Spa,
Leeds, Manchester, Taunton, Tunbridge Wells, Wales, Scotland,
Jersey, and Guernsey.
LEI: 213800WRDF8LB8MIEX37
[1] Based on Brooks Macdonald Group plc funds under management
figures as of 30 September 2020
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END
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