Completion of Acquisition

RNS Number : 2111R

Brooks Macdonald Group PLC

01 November 2011

 



1 November 2011

BROOKS MACDONALD GROUP PLC

Completion of Acquisition of Clarke Willmott Investment Management Team

New Taunton Office Opened

Brooks Macdonald Group plc (the "Group"), the AIM listed integrated wealth management group, announces that it yesterday completed the acquisition of the Clarke Willmott investment management team. As at 31 October 2011, a total of £114.4m of discretionary client assets has transferred with the team.

The initial agreement to purchase the investment management activities of national law firm, Clarke Willmott LLP ("Clarke Willmott"), based in Taunton, Somerset, was announced on 8 August 2011. An initial consideration of £1.56m in cash was paid from the Group's existing resources at that time.  Additional consideration of £0.36m was paid on completion, also paid in cash from the Group's existing resources.  Two final tranches of consideration are payable, respectively 12 and 24 months post-completion. The total consideration (including the initial payment of £1.56m) will be based on a maximum of 3.25% in total of the relevant discretionary funds under management, split across the respective payment dates. The total consideration is subject to a maximum of £6m.

The team has been integrated into and rebranded as Brooks Macdonald Asset Management Limited ("BMAM"), the Group's discretionary investment management business. They are based in new offices in Taunton, which formally opened yesterday under the Brooks Macdonald banner, thereby establishing BMAM's sixth office location, complementing its existing offices in London, Hampshire, Manchester, Tunbridge Wells and Edinburgh.

The acquisition is in line with Brooks Macdonald's growth strategies of expanding its business by organic investment in its core businesses, acquiring investment management teams and offices, and developing its product and service offering. The assets managed by the team will be included in the next quarterly announcement of the Group's discretionary funds under management.

Chris Macdonald, Chief Executive of Brooks Macdonald, said:

"It has become even clearer from the integration process that there is a strong cultural and operational fit between BMAM and the new team. We are delighted that they are now fully operational in our new offices in Taunton, providing a gateway for the Group into the South West. We are confident that they will make a significant contribution to further growth in Brooks Macdonald's discretionary funds under management."

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Brooks Macdonald Group PLC Chris Macdonald - Chief Executive Simon Jackson - Finance Director	020 7499 6424 www.brooksmacdonald.com
Collins Stewart Europe Limited (Nominated Adviser & Broker) Bruce Garrow	020 7523 8350
MHP Communications Reg Hoare / Barnaby Fry/ Simon Hockridge/ Giles Robinson	020 3128 8100  [e-mail]

 

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