Canadian bank buys £9.2m stake in Brooks Macdonald

As Liontrust increases its shareholding in the investment manager

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The Royal Bank of Canada (RBC) has acquired a 3.16% stake in Brooks Macdonald. 

According to a stock exchange filing, RBC subsidiary RBC Cees Trustee bought 510,219 shares in the investment management firm on 23 September.

The average share price that day was £18.10, meaning it parted with roughly £9.2m for the stake.

The share price dropped the following day, closing on Friday 25 September at £16.77.

Two is better than one?

In addition to the RBC acquisition, one of Brooks Macdonald’s largest shareholders increased it stake in the firm.

Asset manager Liontrust’s holding rose to 19.02% from 18.75%.

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