Completion of the sale of Brooks Macdonald International to Canaccord Genuity Wealth Management Limited

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."

You can view the full announcement here.