(Alliance News) - UK wealth manager Brooks Macdonald Group PLC is working with investment bank Raymond James as a defence adviser amid takeover interest, Reuters reported on Friday.
Raymond James has a longer-term mandate to give financial advice to Brooks Macdonald, but this recently developed into defence strategy, the news agency said, citing "three people familiar with the matter". It added that it is unclear whether any approaches have been made, and that both Brooks Macdonald and Raymond James declined to comment.
https://www.reuters.com/markets/deals/brooks-macdonald-lines-up-defence-adviser-amid-takeover-interest-sources-2023-10-12/
Last month, London-based Brooks Macdonald reported a 25% decline in pretax profit to GBP22.2 million in the financial year that ended June 30 from GBP29.5 million the year before, but funds under management rose by 7.5% over the course of the year to GBP16.8 billion from GBP15.7 billion.
Brooks Macdonald shares were up 7.4% to 1,771.90 pence on Friday morning in London. They are down 8.2% over the past 12 months.
Raymond James Financial Inc is a St Petersburg, Florida based investment bank and wealth manager. At the start of 2022, it completed the purchase of London-based wealth manager Charles Stanley Group PLC in a GBP278.9 million deal.
By Tom Waite, Alliance News editor
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Brooks Macdonald (BRK)