Brooks Macdonald agrees £10m acquisition of Lloyds' offshore wealth business

Adds multi-asset and fixed income opportunities

Mike Sheen
Brooks Macdonald CEO Caroline Connellan

Brooks Macdonald CEO Caroline Connellan

Brooks Macdonald Asset Management is set to acquire Lloyds Bank's Channel Islands wealth management and funds business in a cash deal worth almost £10m.

The deal, which is expected to complete subject to regulatory approval in the fourth quarter of this year, will see Brooks Macdonald purchase 100% of the share capital of Lloyds Investment Fund Managers (LIFM) and its £1bn of discretionary assets. Brooks Macdonald international arm suffers outflows In total, the deal is expected to cost just over £9.6m including £2.5m of regulatory capital, with initial consideration being up to £9.3m.  A contingent cash consideration of around £330,000 will also be payable two years after completion depending upon LIFM meeting certain pre-agreed p...

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