Brooks Macdonald Group
plc
Completes the sale of Brooks
Macdonald International
to Canaccord Genuity Wealth
Management Limited
24th February
2025
Following the announcement on 12
September 2024, Brooks Macdonald Group plc ("Brooks Macdonald", the
"Group" or the "Company") is pleased to announce that it has
completed the sale of Brooks Macdonald Asset Management
(International) Limited ("BMI") to Canaccord Genuity Wealth
(International) Holdings Limited ("Canaccord").
The initial consideration is £28m
with a further contingent consideration of up to £22.85
million, payable in cash two years post-completion, subject to
certain performance criteria being met. The sale proceeds will
enable the Group to focus exclusively on the core UK business and
will enhance its ability to capitalise on the structural
opportunities within the UK market, to grow organically and
through targeted M&A.
As at 31 December 2024, BMI had
£2.3bn of Funds under Management ("FUM").
Brooks Macdonald's total pro forma
FUM, excluding BMI was £15.7bn at 31 December 2024.
Andrea Montague, CEO of Brooks Macdonald,
commented:
"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."
David Esfandi, Chief Executive Officer of
Canaccord Genuity Wealth Management, commented:
"This acquisition is another step
forward in our mission to become the best integrated wealth manager
in the region by performance and service. With this investment, we
increase our ability to serve the complex needs of international
clients who have clear ambitions and need a trusted partner to help
them achieve their goals."
Enquiries:
Investors
Brooks Macdonald Group plc
Andrea Montague, CEO
Katherine Jones, CFO
Alexander Holcroft, Interim Director
of Investor Relations
Phone: +44 (0)7418 923 061
Email: alexander.holcroft@brooksmacdonald.com
Singer Capital Markets (Nominated Adviser and Joint
Broker)
Charles Leigh-Pemberton / James
Moat
+44 (0)20 7496
3000
Investec Bank plc (Joint Broker)
Christopher Baird / David
Anderson
+44 (0)20 7597
5970
Teneo (Media
Enquiries)
Misha
Bayliss
+44 (0) 20 74275465
Oscar
Burnett
+44 (0) 20 74275435
Email: brooksmacdonald@teneo.com
Notes to editors
About Brooks Macdonald
Brooks Macdonald Group plc is a
leading provider of wealth management services in the
UK.
Proudly serving clients since
1991 and trading on AIM since 2005, Brooks Macdonald is
independent, financially strong, and aims to deliver strong and
consistent investment performance for clients to meet their
financial objectives. The company's broad and diverse
product range means that clients get solutions made
just for them and allows Brooks Macdonald to support clients
throughout their entire lives as needs and circumstances change.
The company is recognised as an innovator in the industry
having been amongst the first to develop and launch key products
such as Managed Portfolio Service (MPS) and bespoke income
solutions.
On 15 January 2025, the Group
announced its intention to move its listing from AIM to the Main
Market of the London Stock Exchange, which is expected to occur in
March 2025.
Realising Ambitions. Securing
Futures. We are Brooks Macdonald.
Forward-looking statements
This announcement may include
statements, beliefs or opinions that are, or may be deemed to be,
"forward-looking statements". These forward-looking statements may
be identified by the use of forward-looking terminology, including
the terms "believes", "estimates", "plans", "projects",
"anticipates", "targets", "aims", "continues", "expects",
"intends", "hopes", "may", "will", "would", "could" or "should" or,
in each case, their negative or other variations or comparable
terminology, or by discussions of strategy, plans, objectives,
goals, future events or intentions. No representation or warranty
is made that any of these statements or forecasts will come to pass
or that any forecast results will be achieved. Forward-looking
statements may and often do differ materially from actual results.
Any forward-looking statements contained in the announcement speak
only as of their respective dates, reflect Brooks Macdonald's
current view with respect to future events and are subject to risks
relating to future events and other risks, uncertainties and
assumptions relating to Brooks Macdonald's business, results of
operations, financial position, liquidity, prospects, growth and
strategies.
Except as required by any applicable
law or regulation, Brooks Macdonald expressly disclaims any
obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements contained in this
announcement or any other forward-looking statements it may make
whether as a result of new information, future developments or
otherwise.
LEI:
213800WRDF8LB8MIEX37
www.brooksmacdonald.com
/ @BrooksMacdonald
