Wealth manager and Chartered Financial Planner Brooks Macdonald has completed the acquisition of Lloyds Bank International’s Channel Islands wealth management and funds business, adding £900m of funds under management and 1,000 private clients.
Brooks Macdonald announced that it would be buying the Channel Islands wealth management and funds business of Lloyds Bank International for £9.63m in June.
The acquisition represents a 6.5% increase in Brooks Macdonald’s funds under management to over £14.5bn.
Brooks Macdonald and Lloyds Banking Group have also come to a mutual referral agreement, under which Brooks Macdonald International will introduce clients where appropriate to Lloyds’ international banking services and Lloyds will reciprocate, introducing international banking clients to the group’s international investment management and Financial Planning services.
Caroline Connellan, CEO of Brooks Macdonald, said: “The acquisition of Lloyds Bank International’s Channel Islands wealth management and funds business is another step forward for Brooks Macdonald in achieving our growth ambitions and driving value creation.
“The move continues the reinvigoration of International under Andrew Shepherd and his team, bringing benefits from greater scale, new capabilities and expanded distribution reach. I am delighted to welcome our new colleagues to Brooks Macdonald."
