Brooks Macdonald has announced a raft of senior management changes ahead of the acquisition of Cornelian Asset Managers, which is set to take place tomorrow (28 February).
Cornelian's chief investment officer Hector Kilpatrick will join the group CIO team as senior investment director, reporting to Richard Spencer, group CIO, while managing director John Jackson will join Brooks Macdonald as director of products proposition.
Cornelian's director of private clients and charities Marcus Brooks will assume the role of senior investment director, reporting to Robin McAdam, head of the Scotland office and Regina Jackson, Cornelian's operations and HR director, will lead the integration from the Cornelian perspective, working with group chief operating officer, Jason Wood.
Meanwhile Jeremy Richardson, CEO of Cornelian, will "continue to play an important role in the coming months, supporting the transfer of Cornelian clients to Brooks Macdonald, while simultaneously ensuring Cornelian remains focused on delivering the very best service to its clients and professional connections".
Having received FCA approval, 453,172 ordinary shares will be admitted to trading on AIM tomorrow to settle part of the upfront consideration, completing the acquisition. Brooks Macdonald began trading on AIM in 2005.
Caroline Connellan, Brooks Macdonald chief executive, commented: "I am delighted to announce that we expect to complete our acquisition of Cornelian tomorrow, having received regulatory approval. Our experience of working with our new colleagues over recent months has reinforced our belief in the complementary nature of the two businesses.
"We look forward to welcoming Cornelian's clients and intermediaries and ensuring that both firms' clients benefit from the broader range of products and services of the combined group. The acquisition of Cornelian is a significant step forward in our strategy of delivering sustainable, value-enhancing growth."
Brooks Macdonald announced it had bought Edinburgh-based wealth and asset manager Cornelian for a fee of up to £39m in November 2019, acquiring 100% of Cornelian's issued share capital from its shareholders and including senior management.
Brooks Macdonald had discretionary funds under Management of £13.1bn as at 31 December 2019, while Cornelian had £1.4bn of funds under management as at 30 September 2019.