Brooks Macdonald website
Brooks Macdonald has acquired DPZ Capital Limited, the Jersey based wealth manager, for a fee which could rise as high as £13m.
The deal comprises an initial consideration of £5.7m, made up of £3m in cash and the issue of New Ordinary Shares in the group at a value of £2.7m.
As of March DPZ had £430m of funds, £360m of which were managed on a discretionary basis, £60m of which was managed on an advisory basis and £10m was managed on an execution only basis.
The acquisition will increase Brooks Macdonald Group's international presence significantly, with an increase in discretionary funds under management managed out of the Channel Islands of over 50%.
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Chris Macdonald, chief executive of Brooks Macdonald Group said: "This is a very exciting acquisition for the group in line with our strategy to expand our international division based in Jersey.
"DPZ is a high quality asset management business that has strong investment management and cultural synergies with the Group.
"As well as adding scale to our international business DPZ bring a highly talented investment management team and additional skills to expand our offering."
Darren Zaman, chief executive of DPZ Capital said: "We are very excited to be joining Brooks Macdonald. We believe that by combining with BMI we will become part of the leading investment management business in the Channel Islands and look forward to contributing to a strong and fast-growing international investment business that will bring many benefits to our clients and staff."
