Brooks Macdonald buys Arch Cru fund manager Spearpoint

The deal will see Brooks pay an initial £23.1m for the Jersey and Guernsey-based group, with a deferred consideration of up to £9m, based on the future level of Spearpoint's discretionary funds under management, payable in November 2014. Spearpoint took over management of the Arch Cru range in late 2009, with a mandate to oversee an orderly wind-up of the funds. Brooks will raise £21.5m via a placing of 1,869,566 million ordinary shares at a price of £11.50 per share to fund the acquisition. It said the placing has received "strong support" from existing and new institutional shareholders...