Completion of Acquisition

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.£900 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 £14.5 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 Caroline Connellan, CEO Ben Thorpe, Group Finance Director	www.brooksmacdonald.com 020 7659 3492
Peel Hunt LLP (Nominated Adviser and Broker) Adrian Trimmings / John Welch	020 7418 8900
MHP Communications Reg Hoare / Simon Hockridge / Charlie Barker	020 3128 8734 [e-mail]

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 £13.7 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

 

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[1] Based on Brooks Macdonald Group plc funds under management figures as of 30 September 2020

 

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