Brooks Macdonald has completed the sale of its international arm to Canaccord Genuity Wealth Management.
The deal, originally announced in September, is worth an initial £28m with a further contingent consideration of up to £22.85m, payable in cash for two years post-completion, subject to certain performance criteria being met.
In a stock exchange announcement this morning (24 February), Brooks said the sale will allow the group to focus exclusively on growing its core UK business “organically and through targeted M&A”.
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Andrea Montague (pictured), CEO of Brooks Macdonald, said: “The completion of the sale of BMI to Canaccord firmly establishes Brooks Macdonald as a UK wealth management firm focused on serving clients in the UK.
“The future of the international market business is in great hands with Canaccord who are well known and already have a strong local presence. I would like to thank BMI clients for the trust they have placed in Brooks Macdonald over the years and wish our former BMI colleagues all the best for the future.”
This story was written by our sister title, Portfolio Adviser
