Brooks Macdonald Group has announced it has completed its acquisition of Lloyds Bank International's Channel Islands wealth management and funds business by the Group's subsidiary Brooks Macdonald Asset Management.
The acquisition was initially announced on 24 June 2020.
Based in Jersey, the acquired business will be rebranded as Brooks Macdonald International with "a number" of current Lloyds staff members offered roles to "expand and strengthen" the firm's international capability, ensuring continuity of customer service, the firm said.
The acquisition of Lloyds Bank International's Channel Islands wealth management and funds business is another step forward for Brooks Macdonald."
The transaction further transforms the International business, building on its reinvigoration under Andrew Shepherd and his management team.
Brooks Macdonald said the deal brings "multiple benefits":
- An increase in International funds under management of c.£900m and an additional c.1,000 private clients
- Multi-asset and fixed income fund capability, augmenting International's proposition to clients, advisers and trustees
- An extension of the Group's international intermediary distribution reach
- A c.6.5% increase in the Group's pro forma FuM to over £14.5bn.
Further, the two companies intend to conclude a mutual referral agreement, under which Brooks Macdonald International will introduce clients where appropriate to Lloyds' international banking services and Lloyds will reciprocate, introducing international banking clients to the Group's international investment management and financial planning services.
Caroline Connellan, CEO of Brooks Macdonald, commented: "The acquisition of Lloyds Bank International's Channel Islands wealth management and funds business is another step forward for Brooks Macdonald in achieving our growth ambitions and driving value creation."
"The move continues the reinvigoration of International under Andrew Shepherd and his team, bringing benefits from greater scale, new capabilities and expanded distribution reach. I am delighted to welcome our new colleagues to Brooks Macdonald."