Wealth manager and Financial Planner Brooks Macdonald has completed the sale of Brooks Macdonald Asset Management (International) to Canaccord Genuity Wealth.

The firm chose to sell its international operations following a strategic review.

Canaccord has paid an initial consideration of £28m, with a further contingent sum of up to £22.85m payable in cash two years post-completion, subject to performance criteria.

As at 31 December Brooks Macdonald International had £2.3bn in funds under management.

Brooks Macdonald said the sale proceeds will enable it to focus on its core UK business as well as expanding through targeted M&A activities.

Following the sale Brooks Macdonald now has around £15.7bn in funds under management.

Andrew Montague, CEO of Brooks Macdonald, said: “The completion of the sale of BMI to Canaccord firmly establishes Brooks Macdonald as a UK wealth management firm focused on serving clients in the UK. The future of the international market business is in great hands with Canaccord who are well known and already have a strong local presence.”

Brooks expects to see one off transition costs of up to £5m due to the separation of the businesses being sold and transitional costs.

Brooks Macdonald has been striving to recover after being hit by net outflows in 2023 and cutting 10% of staff.

Brooks Macdonald said the cuts from its 512-strong workforce were designed to ensure it is, “set up for success, organised to deliver its strategy and drive growth.”

New CEO Andrea Montague took over the firm from 1 October, during which time the firm has made several acquisitions.

In the past few months it has completed the acquisition of  Chartered Financial Planners LIFT-Financial Group Limited and LIFT-Invest for £45m, Welsh Chartered Financial Planning firm CST Wealth Management for an undisclosed sum and £890m AUA Norwich-based Lucas Fettes Financial Planning.

Brooks Macdonald has also said it is planning to move its share listing from AIM to the London Stock Exchange main market, in a move that the new CEO said would “further enhance” the group’s profile and provide more opportunities for investors to hold the company’s shares.

The company says it does not intend to raise any funds or offer any new shares. The listing of the company's ordinary shares on the main market is expected to take place in March and admission is subject to approval by the FCA of a prospectus.