Brooks Macdonald Group has entered into an agreement to acquire 100% of the issued share capital of Edinburgh-based independent wealth and asset manager Cornelian Asset Managers Group,
Brooks Macdonald separately announced this morning an equity placing to raise gross proceeds of approximately £30m which will be used to fund the cash element of the acquisition. Cornelian has funds under management of a round £1.4bn, managed on a discretionary basis, driven principally by it's multi-asset fund ranges distributed through intermediaries.
Caroline Connellan, Chief Executive of Brooks Macdonald, said: "From the outset of our discussions with Cornelian, we have been struck by the complementary cultures, investment processes and business models of the two firms, with both having a strong focus on clients and intermediaries.
Jeremy Richardson, Chief Executive of Cornelian, added: "Throughout our discussions with Brooks Macdonald, we have been impressed by their strong client focus and growth aspirations. It was important to us to find a company with a similar culture and investment philosophy, and critically one that we were confident would provide the highest levels of service to our clients and intermediary supporters.
"We are very pleased to be joining Brooks Macdonald."