Wealth manager Brooks Macdonald Group is acquiring Canterbury-based Lawrence House Fund Managers Limited in its first acquisition since listing on Aim in 2005.
Lawrence House has about £60m of assets under management, split between one OEIC with three sub funds and a number of bespoke discretionary portfolios.
These will be integrated into Brooks Macdonald Asset Management (BMAM) the group's specialist investment management arm.
BMAM, established in 1991 as a subsidiary of the Brooks Macdonald Group, is a private client asset management firm focused on supporting independent intermediaries in the UK IFA market place.
Lawrence House's sister company, Pharon Independent Financial Advisers Limited, is not part of the deal. The Kent-based IFA is however entering into a strategic alliance with BMAM to provide investment management services for its clients.
As part of the transaction, two members of staff will join the recently opened Tunbridge Wells office of the asset management business. Alan Stokes will join as a fund manager and Carol Evins, as part of the new business development team.
"This is a very exciting opportunity for the Group. Lawrence House has a similar ethos, culture and style of management and thus this is a good fit for us," says Chris Macdonald, chief executive of Brooks Macdonald.
"We gain two highly experienced members of staff with strong skill sets, an exciting Strategic Alliance with Pharon and three OEIC sub funds. The latter will add a further ‘string to our bow' in terms of potential growth," he adds.
"The strategic alliance with Brooks Macdonald is a key part of this strategy and excellent news for our investors and IFA partners," says Mike Sargeant, managing director of Lawrence House and Pharon IFA.
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