Acquisition

RNS Number : 5930Y

Brooks Macdonald Group PLC

07 September 2009

 



7 September 2009

Brooks Macdonald Group plc

Acquisition 

Brooks Macdonald Group plc ('BMG' or the 'Group') announces that it has acquired 100% of Lawrence House Fund Managers Limited ('Lawrence House'). £1.07m is payable in cash immediately (this includes an amount of £0.2m in respect of the cash of Lawrence House at completion), with a subsequent amount payable in 24 months, subject to various conditions including funds under management. The maximum consideration is limited to £2,750,000. This acquisition is funded by the Group out of existing cash resources.

Canterbury based Lawrence House has c£65m under management which is split between an OEIC with three sub-funds and a discretionary portfolio management service. 

Two existing members of Lawrence House's staff will join the Group; Alan Stokes (Fund Manager) and Carol Evins (New Business Development). In addition, Lawrence House's sister company Pharon Independent Financial Advisers Limited ('Pharon') (in which BMG is taking no interest) is entering into a Strategic Alliance with BMG to provide investment management services for its clients. Pharon is a leading IFA and will remain independent.

Chris Macdonald, Chief Executive of Brooks Macdonald:

'This is a very exciting opportunity for the Group. Lawrence House has a similar ethos, culture and style of management and thus this is a good fit for the Group. Clients will be managed from our Tunbridge Wells office and as well as offering clients a highly sophisticated investment management service the Group gains two highly experienced members of staff with strong skill sets, an exciting Strategic Alliance with Pharon and an OEIC with three sub funds. The latter will add a further 'string to our bow' in terms of potential growth'

Contacts

For further information:	Telephone
Brooks Macdonald Group PLC Chris Macdonald - Chief Executive	[phone] www.brooksmacdonald.com
Collins Stewart Europe Limited Bruce Garrow	[phone]
Bankside Consultants Simon Rothschild Oliver Winters	[phone]

 

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