Clarke Willmott sells investment management team
Clarke Willmott has sold its wealth management group to Brooks Macdonald Asset Management – a subsidiary of Brooks Macdonald Group – for up to £6m.
An initial consideration of £1.56m will be paid but two additional payments will be paid after completion. The first payment will be made 12 months after the deal is finalised and the second 24 months after.
According to Brooks Macdonald Asset Management the deal is expected to complete in November 2011.
Chris Macdonald, chief executive of the Brooks Macdonald Group, said: "This is a very exciting opportunity for the group. The fit with Clarke Willmott’s investment management staff is good at all levels and we are delighted to be acquiring such a strong team."
The wealth management group will be integrated into and rebranded as Brooks Macdonald Asset Management Limited (BMAM).
Following completion, the eight members of staff from the Clarke Willmott investment management team will transfer to the employment of BMAM.
The acquisition is in line with Brooks Macdonald’s growth strategies of expanding its business by organic investment in its core businesses, acquiring investment management teams and offices, and developing its product and service offering.
