The transaction, which was originally announced last September, is part of a continued pattern of M&A in parts of the international wealth management sector.

Canaccord Genuity Wealth (International) has wrapped up its purchase of Brooks Macdonald Asset Management (International), or BMI, paying an initial £28 million ($35.4 million) sum, with a further contingent consideration of up to £22.85 million.

The contingent sum is payable in cash two years after the completion point, based on how the acquired business performs.

The deal was initially announced in September 2024.

Brooks Macdonald said it will use sale proceeds to focus on its core UK business, taking advantage of “structural opportunities” in the UK market and to grow organically as well as through M&A.

With compliance costs and a need for new technology, firms such as Brooks Macdonald are simplifying operations. Regulatory costs, for example, continue to rise from factors such as the UK’s new Consumer Duty regime that came into force at the end of July 2023. 

"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,” Andrea Montague, CEO of Brooks Macdonald, said. 

Brooks Macdonald’s total pro forma funds under management, when its BMI business is excluded, were £15.7 billion ($19.8 billion) at 31 December 2024.

“This acquisition is another step forward in our mission to become the best integrated wealth manager in the region by performance and service,” David Esfandi, CEO of Canaccord Genuity Wealth Management, said. 

BMI provides investment management, financial planning and fund management services through its offices in Jersey, Guernsey, and the Isle of Man.