Brooks Macdonald has revealed several additions to its senior management line-up to incorporate the acquisition of Cornelian Asset Managers, which is on course to complete on Friday.
In a statement on Thursday, the wealth management group said the final part of the deal, which involves the admission of about 450,000 shares to trade on the Aim index, is due to take place at 8am on 28 February.
The statement also revealed how members of Cornelian’s senior team will slot in to the Brooks Macdonald set-up.
Cornelian CEO’s role unclear
Brooks said Cornelian chief executive Jeremy Richardson “will continue to play an important role in the coming months in supporting the transfer of Cornelian clients to Brooks Macdonald”.
But it is unclear what role Richardson will play at the business once the transition has completed. Brooks had not replied to Portfolio Adviser’s questions about his position by the time of publication.
Kilpatrick and Brooks move over as senior investment directors
Cornelian chief investment officer Hector Kilpatrick will join as senior investment director reporting to Brooks group CIO Richard Spencer. Marcus Brooks, director of private clients and charities at Cornelian, will also become a senior investment director, reporting to Brooks head of Scotland office Robin McAdam.
John Jackson, managing director, intermediary business at Cornelian, will become director of products and propositions at Brooks, while Cornelian operations and HR director Regina Jackson will lead the integration with Brooks group chief operating officer Jason Wood.
Brooks Macdonald chief executive Caroline Connellan (pictured) said: “I am delighted to announce that we expect to complete our acquisition of Cornelian tomorrow, having received regulatory approval. Our experience of working with our new colleagues over recent months has reinforced our belief in the complementary nature of the two businesses.
“We look forward to welcoming Cornelian’s clients and intermediaries and ensuring that both firms’ clients benefit from the broader range of products and services of the combined group. The acquisition of Cornelian is a significant step forward in our strategy of delivering sustainable, value-enhancing growth.”
Combined group will have £14.5bn AUM
Brooks revealed in November last year that it had agreed to buy 100% of the share capital of Cornelian in a deal worth £39m with an initial consideration of £31m – of which £22m will be paid in cash and £9m in Brooks shares.
Cornelian has 39 staff including 12 investment professionals. As at 30 September 2019, it had £1.4bn of funds under management (FUM), all managed on a discretionary basis.
Brooks reported discretionary FUM of £13.1bn at the end of last year.
