Brooks Macdonald Group PLC - London-based wealth manager - Completes acquisition of LIFT Financial Group Ltd and LIFT-Invest for up to GBP45 million. The deal includes an initial cash consideration of GBP30 million, with a further GBP15 million subject to financial targets. The company says it brings an additional GBP1.6 billion assets under advice and 1,350 clients. Brooks Macdonald's financial planning business now has total AUA of around GBP6.4 billion.
Chief Executive Officer Andrea Montague said: "I'm delighted that we have completed the acquisition of LIFT and that Michael Holden, one of the two founders, has taken the newly created role of Chief Executive of Financial Planning. Mike's strong client and high performance focus will further drive our strategy to reignite growth."
Current stock price: 1,453.15 pence, down 1.8%
12-month change: down 19%
By Michael Hennessey, Alliance News reporter
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Brooks Macdonald (BRK)
