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Brooks Macdonald has received all regulatory green lights for its purchase of Lloyds Bank International’s Channel Islands wealth management and funds arm.
The acquisition, first announced on 24 June this year, was carried out by the UK-listed group’s Brooks Macdonald Asset Management (International) entity.
The deal adds about £900 million ($1.197 billion) in international funds under management, and about 1,000 private clients, to the group. It also builds out multi-asset and fixed income capability and extends its international intermediary distribution reach.
On a pro-forma basis, the group's funds under management have risen by around 6.5 per cent to more than £14.5 billion.
“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,” Caroline Connellan, chief executive of Brooks Macdonald, said.