Brooks Macdonald to create fixed income unit after fresh £11m acquisition

Brooks Macdonald's asset management business has acquired Jersey-based DPZ in a deal that will add a further £360m to its discretionary AUM.

The deal, will see Brooks will pay an initial consideration of £5.7m and a total consideration of up to £13m for the business. The total amount would stand at £10.8m if DPZ's assets as at 31 March 2014 transfer in full to Brooks. Jersey-based DPZ focuses on asset allocation and manager selection as well as fixed income and equity investing. The wealth management business had around £430m of funds under management as of 31 March, of which £260m was in discretionary assets. Brooks said the deal will prompt it to create a "new fixed income offering" based on the existing DPZ team,...