Wealth manager and Financial Planner Brooks Macdonald has acquired Norwich-based Lucas Fettes Financial Planning for an undisclosed amount.

The deal is subject to regulatory approval which the firm expects to receive by the first quarter of 2025.

Lucas Fettes has a long relationship with Brooks Macdonald stretching back almost 30 years, having been one of the first IFAs to outsource part of its investment management to the firm in 1996. It is one of the group’s Top 10 introducers.

Lucas Fettes has around £890m assets under advice (AUA) in total, spread across 1,600 personal clients, plus around £300m assets under influence from more than 300 corporate and employee benefits clients. The business has seen significant growth in AUA in the last five years.

Lucas Fettes will be integrated into Brooks Macdonald’s Direct Wealth business to enhance the group’s Financial Planning capability. It brings a stronger presence in a geographical area where there is opportunity to grow, the company said.

Andrea Montague, chief executive designate and chief financial officer of Brooks Macdonald, said: “Today’s announcement aligns with our redefined strategy to reignite growth, as it will broaden and deepen our client reach. This acquisition will strengthen our Financial Planning capability and enhance our presence in East Anglia.”

Mark Brown, managing director of Lucas Fettes, said: “We have worked with Brooks Macdonald now for more than a quarter of a century and are very pleased to be joining the group. Having carefully considered our future we believe now is the time to become part of a larger organisation with shared values and ambition.”

Brooks Macdonald Group was founded in 1991 and provides wealth management services in the UK. The group began trading on AIM in 2005 and had discretionary FUM of £18bn as of 30 June.

The business has been striving to recover after being hit by net outflows last year and cutting 10% of staff. Last Autumn Brooks Macdonald announced that it would reduce its headcount to cut costs annually by £4m. The firm axed around 55 jobs, about 10% of its workforce, as part of the cost-saving measures.

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.”

Earlier this month it sold its £2.3bn FUM international arm to wealth manager Canaccord Genuity Wealth (International) Holdings Limited for £50.85m.

Current chief executive Andrew Shepherd is retiring and handing over to Andrea Montague from 1 October. The new chief financial officer take over from Andrea Montague will be Katherine Jones. The firm's results for the year ended June revealed a 7% rise in funds under management to £18bn and a 12.5% rise in pre-tax profit to £34.1m.