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(Alliance News) - Brooks Macdonald Group PLC on Tuesday said it has received all regulatory permission for its acquisition of the Channel Islands wealth management and funds business of Lloyds Bank International Ltd.
Back in June, Brooks had said unit Brooks Macdonald Asset Management International Ltd would pay up to GBP9.6 million to acquire Lloyds Investment Fund Managers Limited Ltd as well as assets and clients of Lloyds Bank International Ltd, which is a subsidiary of Lloyds Bank Corporate Markets PLC, in turn part of Lloyds Banking Group PLC.
"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," Chief Executive Caroline Connellan said on Tuesday.
Back in March 2019, Brooks said Deputy CEO Shepherd also would be charged with heading up the investment manager's Channel Islands-based international business.
The Lloyds deal increases its international funds under management by about GBP900 million and adds about 1,000 private clients.
It also increases pro-forma funds under management by 6.5% to in excess of GBP14.5 billion.
Brooks Macdonald shares were untraded in London on Tuesday morning at 1,650.00 pence each.
By Eric Cunha; ericcunha@alliancenews.com
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