Brooks Macdonald has announced the completion of the acquisition of Lloyds Bank International’s Channel Islands wealth management and funds business by its subsidiary Brooks Macdonald Asset Management.
The transaction was initially announced on 24 June 2020 and has now received all the necessary regulatory permissions. Brooks Macdonald said the acquisition "further transforms the international business", bringing an increase in international funds under management (FUM) of around £900m and an additional 1,000 private clients, as well as a 6.5% increase in the group's pro forma FUM to over £14.5bn. In addition, the two companies intend to conclude a mutual referral agreement, under which Brooks Macdonald International will introduce clients "where appropriate" to Lloyds' internationa...
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