Brooks Macdonald Asset Management has agreed to purchase the investment management activities of national law firm Clarke Willmott in a deal worth up to £6m.
The deal, subject to legal formalities and client communications, will see Brooks Macdonald pay the Taunton-based law firm £1.56m when the transaction is completed on 31 October. Further consideration will be based on a maximum of 3.25% in total of the relevant discretionary funds under management, with the total being subject to a maximum of £6m. These will be paid upon completion of the deal and in two tranches 12 and 24 months post-completion. Clarke Willmott's in-house investment management team of eight staff, including five investment managers and three support staff, current...
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