(Alliance News) - Brooks Macdonald Group PLC on Monday said it has completed the sale of its international business, Brooks Macdonald Asset Management International Ltd, as it hones its focus to serving UK clients.
The London-based wealth manager said the sale of Brooks Macdonald International to Canaccord Genuity Wealth International Holdings Ltd includes an initial consideration of GBP28 million, with a further consideration of up to GBP22.9 million, payable in cash two years post-completion and subject to the meeting of performance criteria.
The deal was first announced in September last year.
Brooks said the sale proceeds will allow the business to focus on the core UK business, as well as enhance its ability to capitalise on structural opportunities and grow both organically and through targeted mergers & acquisitions.
Shares in Brooks Macdonald were down 1.4% at 1,450.00 pence on Monday afternoon in London.
The firm noted that as at December 31, Brooks Macdonald International had GBP2.3 billion of funds under management.
Excluding Brooks Macdonald International, the firm said its total pro forma funds under management were GBP15.7 billion at December 31.
Brooks Macdonald Chief Executive Andrea Montague commented: "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.
"The future of the international market business is in great hands with Canaccord who are well known and already have a strong local presence. I would like to thank BMI clients for the trust they have placed in Brooks Macdonald over the years and wish our former BMI colleagues all the best for the future."
By Christopher Ward, Alliance News reporter
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