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Brooks Macdonald raises £30m to fund Cornelian Asset Managers acquisition

By BFN News | 07:37 AM | Friday 22 November, 2019


Investment management firm Brooks Macdonald has proposed a share placing of £30m to fund its £39m cash and shares acquisition of Cornelian Asset Managers. Brooks will pay an initial £31m, £22m in cash and the remainder in shares, with a further £8m in cash contingent on Cornelian meeting pre-agreed performance targets. Cornelian is a wealth management business, based in Edinburgh. It has 39 employees, including 12 investment professionals, and £1.4bn funds under management as at 30 September 2019. The deal is expected to complete in the first quarter of 2020 subject to regulatory approval. Caroline Connellan, chief executive of Brooks Macdonald, commented: 'Cornelian Asset Managers is an excellent cultural fit with Brooks Macdonald and this acquisition delivers on our strategy of focusing on sustainable value-enhancing growth. 'We welcome Cornelian's clients and the intermediaries they work with, and look forward to delivering to all shareholders the benefits of this attractive opportunity.' Story provided by StockMarketWire.com

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