(Sharecast News) - Brooks Macdonald Group announced on Monday that it has completed the sale of Brooks Macdonald Asset Management International (BMI) to Canaccord Genuity Wealth International.
The AIM-traded firm said the transaction, first announced on 12 September, involved an upfront payment of £28m, with a further contingent consideration of up to £22.85m payable in cash two years after completion, contingent on the achievement of specified performance criteria.
As at 31 December, BMI managed £2.3bn in funds, while Brooks Macdonald's total pro forma funds under management, excluding BMI, stood at £15.7bn.
The divestment was expected to enable the group to concentrate on its core UK business and better capitalise on structural opportunities in the domestic market through organic growth and targeted mergers and acquisitions.
"The completion of the sale of BMI to Canaccord firmly establishes Brooks Macdonald as a UK wealth management firm focused on serving clients in the UK," said chief executive officer Andrea Montague.
"The future of the international market business is in great hands with Canaccord who are well known and already have a strong local presence."
At 1126 GMT, shares in Brooks Macdonald Group were down 3.06% at 1,425p.
Reporting by Josh White for Sharecast.com.
Brooks Macdonald (BRK)
