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

Adds multi-asset and fixed income opportunities

Mike Sheen
clock
Brooks Macdonald CEO Caroline Connellan
Image:

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...

To continue reading this article...

Join Investment Week

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Wealth managers

Trustpilot