REG - Brooks Macdonald Grp - Sale of Brooks Macdonald International completed

Brooks MacdonaldAnnouncement

24/02/2025 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250224:nRSX1085Ya&default-theme=true

RNS Number : 1085Y  Brooks Macdonald Group PLC  24 February 2025

Brooks Macdonald Group plc

 

Completes the sale of Brooks Macdonald International

to Canaccord Genuity Wealth Management Limited

24(th) 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
(mailto: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 (mailto: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 (http://www.brooksmacdonald.com) / @BrooksMacdonald

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DISPPUPGPUPAGAP