Brooks Macdonald has completed the sale of its international arm to Canaccord Genuity Wealth Management.
The deal, originally announced in September, is worth an initial £28m with a further contingent consideration of up to £22.85m, payable in cash for two years post-completion, subject to certain performance criteria being met.
In a stock exchange announcement this morning (24 February), Brooks said the sale will allow the group to focus exclusively on growing its core UK business “organically and through targeted M&A”.
Andrea Montague (pictured), CEO of Brooks Macdonald, said: “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.
“The future of the international market business is in great hands with Canaccord who are well known and already have a strong local presence. I would like to thank BMI clients for the trust they have placed in Brooks Macdonald over the years and wish our former BMI colleagues all the best for the future.”