Wealth Manager and Financial Planner Brooks Macdonald has begun the process of moving its share listing from AIM to the London Stock Exchange main market.

Brooks Macdonald announced it would make the change last month, in a move that the new CEO Andrew Montague 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 on 28 March, and admission remains subject to approval by the FCA of a prospectus.

Admission is expected to take place at 8am on 28 March, with the Ordinary Shares cancelled from trading on AIM at the same date and time. The last day for trading the Ordinary Shares on AIM is expected to be 27 March.

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 on 1 October, during which time it 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.

The wealth manager and Financial Planner completed the sale of Brooks Macdonald Asset Management (International) to Canaccord Genuity Wealth last month. The firm also chose to sell its international operations following a strategic review.

Canaccord 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.