Brooks Macdonald agrees £10m acquisition of Lloyds wealth business

The deal, which is expected to complete subject to regulatory approval in the fourth quarter of this year, will see Brooks Macdonald purchase 100% of the share capital of Lloyds Investment Fund Managers (LIFM) and its £1bn of discretionary assets. In total, the deal is expected to cost just over £9.6m including £2.5m of regulatory capital, with initial consideration being up to £9.3m.  A contingent cash consideration of around £330,000 will also be payable two years after completion depending upon LIFM meeting certain pre-agreed performance targets relating to the retention of portfol...