Canaccord Genuity Wealth Management has confirmed its purchase of Brooks Macdonald Asset Management (International) (BMI) in a two-part payment worth almost £51m.
The deal was first announced back in September 2024, with BMI confirming today (24 February) that the assets had been passed over. The purchase has been split into two instalments consisting of an initial £28m payment, while another round of up to £22.85m will be paid in cash over the coming two years post-completion, if certain performance criteria are met. In the RNS notice, Brooks said the sale proceeds will enable it to "focus exclusively on the core UK business and will enhance its ability to capitalise on the structural opportunities with the UK market", as well as "grow organic...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
